Retail shop opened under bank programme

 THE National Development Bank has opened another retail outlet under a government business programme initiative.

The clothing shop, Style Stret, was officially opened yesterday in downtown, Port Moresby by the Minister of Trade and Commerce Richard Maru.

Style Stret is the third shop to be launched by NDB’s subsidiary, NDB Investment Ltd under the SME Stret Pasin Retail Business Incubation programme following the recent opening of the GO Shopping shop at Hohola and another Stret Style shop in Goroka.

NDB chairman Moses Liu said Stret Style was the first franchise brand that would be used set up other shops throughout the country in an aim to increase PNG owned businesses.

”It is our plan to expand this operation next year, however this year we will open another 10 shops throughout PNG as a pilot project so that we can provide the opportunities to young Papua New Guineans who have the entrepreneurial spirit. 

“We’ll have the brand and a similar setup will be replicated throughout PNG and we’ll engage young couples to run these shops so that we can provide employment for each of these shops with about 10 employees who will be employed under this scheme.

“Therefore the Government has setup this programme, the business incubation programme for NDB to its subsidiary NDB investments to run this programme so that we give locals opportunities to become business people.”

Liu said the establishment costs of a Style Stret shop would cost K500,000, with each shop expected to make K2 million in sales and profits of K200,000 annually.