OM Holdings International (OTCMKTS:OMHI) Opens its First Neighborhood OneMart Store
OM Holdings International Inc. (OTCMKTS:OMHI) has opened its first neighborhood OneMart store in Baughers Bay, British Virgin Islands. The design and location was specifically chosen to reflect OneMart’s “People’s Store” concept. The store is situated near residential areas and aligns with the company strategy and vision to meet customers’ needs in their communities. It will also promote the delivery app “DoGetGo”.
Market Stats
On Thursday, OMHI stock ended flat at $0.31 with 1.5K shares, compared to its average volume of 5.1K shares. The stock moved within a range of $0.2599 – 0.3100 after opening trading at $0.2599.
OM Holdings International Opens New Store with Reimagined Format
Mark Vanterpool, President, and Chairman of OM Holdings International, Inc., has commented that the expansion of OneMart new stores has continued regardless of several delays. They faced logistical and equipment manufacturing problems, while the Covid-19 pandemic made it tougher to source equipment for supermarkets. This issue has been resolved by accessing auctions of existing equipment.
As of now, the company is focused on opening eight new OneMart stores, throughout the British Virgin Islands, over the next couple of years. The goal is to develop a robust network of stores across the British Virgin Islands, which will become Amazon-like hubs. Thus, delivery times of essentials via the DoGetGo Super App will be much quicker.
The company has also provided an update that the East End Fat Hogs Bay superstore is scheduled to open in the Q3 of 2022. As new stores open, the company will be benefited from economies of scale, thus boosting profit margins as a result of its purchasing power.
Key Quote
Mark Vanterpool, President, and Chairman of OM Holdings International, Inc., stated, “OneMart new stores expansion continues despite delays. Asdue to logistical and equipment manufacturing issues. During the COVID-19 Pandemic, sourcing equipment for supermarkets has been challenging. However, we successfully solved this by accessing auctions of existing equipment.”
