Summary

In this conversation, Chris Kirkconnell, VP of operations at Kirk Freeport, shares insights into the history of the Kirkconnell family, the evolution of luxury goods in the Cayman Islands, and the dynamics between local and tourist sales. He discusses the challenges of supply and demand in the luxury watch market, particularly with brands like Rolex, and how global events like COVID-19 have impacted the industry. Chris emphasizes the importance of building relationships in luxury retail and highlights the resilience of the Cayman economy. He also shares exciting future projects in Georgetown.

Takeaways

• The Kirkconnell family has a rich history in the Cayman Islands.
• Luxury goods began to flourish in the late 1960s and early 1970s.
• Local business has become increasingly important to luxury retailers.
• Rolex remains a top brand in the luxury watch market.
• Demand for luxury watches has surged globally.
• COVID-19 significantly disrupted supply chains in the luxury sector.
• Building strong relationships with clients is crucial in luxury retail.
• The Cayman economy is diverse and resilient, not solely reliant on tourism.
• The recent renovation of the Cartier store was a success despite challenges.
• Exciting new projects are being developed in Georgetown to enhance the shopping experience.