The Fisherman’s Cooperative has quietly and industriously been demonstrating some of the best principals of business practice.
For years since its foundation 30 years ago the cooperative has been concentrating on its core product and that product’s presentation.
Like other successful businesses the reputation of the product — a variety of fresh fish caught it waters around Guam — has drawn a regular base of customers. And it’s hard to argue with the quality of the product which represents the finest catches — and a great variety at that — that the waters around the island has to offer.
The organization has now reached that happy point where it needs to expand. Due to the volume of its business the cooperative needs a bigger property.
What many on Guam might have assumed was an industry that saw modest revenues is in fact turning over more than $1 million per annum. It has averaged that amount for nearly 10 years now in a retail space not nearly large enough to hold two 200-pound Marlins side by side.
Likewise learning from its success the cooperative’s aims for expansion are into a bigger retail area.
Realizing that foot traffic from customers is substantial the cooperative will allow others to benefit from that attractive customer pool and will open its future premises to other retail outlets and established businesses.
Extra revenue to pay business expenses — in this case a mortgage — never hurts the budget.
Manny Duenas president of the cooperative had the vision to move the industry forward by creating such an attraction.
Duenas proposes that Guam can compete as a destination where its visitors seek out the finest seafood in the Pacific.
He said the plan is to keep interest going in the industry the product and the local fishermen and to manageably fish the allotted amount of stock in the area before other countries in the region snatch up the catch and significantly eat into Guam’s allotment.
The Guam Economic Development and Commerce Authority and the Hagatna Revitalization and Restoration Authority have agreed to work on cultivating Guam’s capital as a cultural destination. Fishing is definitely a cultural experience here in the Pacific and in the end when the project is completed and there are new opportunities consumers — both residents and visitors alike — will benefit.