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Trinidad And Tobago Economic Review 2018 -2019

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Overview

Provisional estimates of economic activity in Trinidad and Tobago (T&T) point to a turnaround, with growth estimated at 1.9% in 2018. The reinvigoration was largely underpinned by recovery in the manufacturing sector (mainly energy and energy-related). Headline inflation slowed. Sustained fiscal consolidation efforts resulted in a smaller fiscal deficit. Net public debt contracted as a percentage of gross domestic product (GDP). Commercial bank credit to the private sector continued to grow.

The Central Bank of Trinidad and Tobago (CBTT) raised the repo rate by 25 basis points to 5.0% in June. Transactions with the rest of the world resulted in an external current account surplus; but the gross reserves recorded further contraction.

Economic outlook is cautiously upbeat. Output growth is projected to tick up to 2.0% in 2019; and the improvement in fiscal conditions is expected to be sustained.

However, risks to the outlook are mainly tilted to the downside.

Key Developments in 2018

According to the Central Statistical Office (CSO), GDP is estimated to have expanded by 1.9% in 2018. Preliminary data show that manufacturing was the lead growth sector. Following two consecutive years of contraction, manufacturing expanded by 7.3%. Production of petroleum and chemical products recorded the strongest growth (9.0%) in the sector.

The other notable increase came from the manufacturing of food, beverages and tobacco, which expanded by 5.6%. The reversal was a consequence of increased production and slightly higher average global prices for petroleum products in 2018. The non-energy sector recorded a marginal uptick of 0.1%.

Data to September 2018 indicate that headline inflation (period average) was contained at 1.0% year-on-year. In September, food inflation was zero, after declining for the first time in seven years in August (-0.1%). Core inflation rose by 1.4% in September, from 0.8% in April, reflecting increased costs of home ownership and higher prices for fast food meals.

Over the same review period, the Producer Prices Index fell by 0.9%, following a slightly steeper fall in June, lending further support to the low inflationary environment at the retail level.

Weak economic conditions compromised employment performance prior to 2018. No data is yet available for 2018. Data for 2017 point to an increase in the unemployment rate to 4.4% in the fourth quarter, from 3.6% in the corresponding period of 2016.

Ongoing fiscal consolidation efforts led to improved fiscal balances. Preliminary estimates indicate that the overall deficit reached 4.0% of GDP in fiscal year (FY) 2018, compared with 9.1% in FY 2017, while the primary deficit narrowed to 1.2% of GDP from 6.0% over the same period.

The Government achieved an overall reduction in expenditure of 1.7%, with cuts across most categories ‒ most notably, an 8.2% decrease in wages and salaries, and a 5.9% reduction in transfers and subsidies.

Meanwhile, total revenues increased by 17.8%, mainly based on the introduction of a 35.0% tax bracket for commercial banks; increased receipts from oil companies; and goods and services taxes. Most of the deficit was financed domestically.

Net public sector debt was estimated at 62.2% of GDP at the end of FY 2018, down from 62.7% a year earlier. The improvement in the debt position is consistent with better fiscal outturns, and the resulting reduction in borrowing requirements for FY 2018.

Monetary conditions tightened somewhat during the course of 2018. Citing a positive economic outturn during the first half of the year, as well as credit growth, low inflation and higher external interest rates, CBTT raised the repo rate by 25 basis points to 5.0% in June. The median prime lending rate also increased by 25 basis points to 9.3%.

Outcomes in the financial sector were mixed in 2018. Provisional data as at October indicate that net credit from the banking system continued its upward trend, although nonperforming loans (NPLs) also increased.

Lending to the private sector grew by 3.4% on account of an expansion in credit extended to businesses, and relatively buoyant consumer lending throughout the year. The ratio of gross NPLs to total loans, still one of the lowest in the Region, rose to 3.3% from 2.9% at the end of 2017. The reported capital adequacy ratio remained relatively stable at 24.3%.

Net official international reserves, although still well above the standard three-month threshold, continued to decline in 2018. Compared with the end of 2017, reserves fell by 9.5% to US$7.6 billion at the end of 2018, the equivalent of eight months of imports. Data to June show that there was a marked improvement in the external current account surplus, which climbed to 17.2% of GDP from 7.4% of GDP in 2017. This outturn was aided by a combination of higher exports and slightly lower imports.

Outlook

The economic outlook for T&T is one of cautious optimism. Real GDP is projected to grow by 2.0% in 2019. Despite the restructuring at Petrotrin, the energy sector is expected to drive growth, particularly in light of increased natural gas output as the Angelin project comes on stream. The performance of the energy sector will likely result in positive spillover effects into the non-˗energy sector.

In the near-term, fiscal and debt conditions will continue to improve as energy-related revenues strengthen, and efforts to contain expenditures are maintained. Credit growth is likely to rise, creating positive feedback loops to economic activity. Increased output from the energy sector is expected to also lead to improvements in the external current account and foreign reserve positions.

However, with the energy industry still dominant, the country is vulnerable to a downturn in energy prices.

Source Caribbean Development Bank Regional Economic Summary 2018

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Jamaica Records US$2.4B in Earnings From 2.3 Million Visitor Arrivals Since Start of 2025

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Jamaica has welcomed approximately 2.3 million visitors since the start of 2025, generating US$2.4 billion in earnings.

This was disclosed by Tourism Minister, Hon. Edmund Bartlett, who further reported that the industry grew by two per cent in the first quarter of the year, contributing to a one per cent increase in Jamaica’s overall economic performance during the period.

“After Hurricane Beryl and all the disruptions – travel advisories, political and geopolitical issues – we are back on the growth path, and that’s going to continue,” Mr. Bartlett said, highlighting the sector’s resilience and renewed momentum despite challenges faced in 2024.

He was speaking during the opening ceremony for the 11th ‘Christmas in July’ trade show at The Jamaica Pegasus hotel in New Kingston on Thursday (July 10).

Meanwhile, Mr. Bartlett anticipates a significant increase in tourism earnings for the current quarter, compared to the corresponding period last year, which is attributable to the sector’s strong rebound from the disruptions caused by Hurricane Beryl.

“I’m worried about how big the growth is going to look for this quarter because… you’re comparing a Beryl period to now, a normal period. But that’s how growth goes, because you’re measuring against another period. The good news is that you’re back to where you were in 2023,” he stated.

Meanwhile, Mr. Bartlett encouraged the 180 exhibitors showcasing a wide range of Jamaican-made products to capitalise on the sector’s growth.

He noted that Jamaica’s nearly three million stopover arrivals have created a robust market demand that local entrepreneurs are urged to tap into.

“A new demand has been created for goods and services that must be supplied by you; and if it is not supplied by you, it is going to have to be imported. If it is imported, then we are going to have what we call leakage. That is to say, the [earnings] that [have] come from tourism will leave by the same plane that brings the visitors or the same ship that brings the cruise passenger. We want the money to stay here,” he added.

The two-day ‘Christmas in July’ trade show, which ended on Friday (July 11), provided an opportunity for local producers and creatives to showcase their work and products, while networking with potential consumers from the tourism sector, corporate Jamaica, and international organisations.

The event is an initiative of the Tourism Linkages Network, a division of the Tourism

By: VANESSA JAMES, JIS

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Unilever’s Ice Cream Breakup: Why the World’s Biggest Ice Cream Maker Is Spinning Off Its Sweetest Business

In the Caribbean, consumers are unlikely to see immediate changes. Magnum, Cornetto, and Ben & Jerry’s will still be on shelves. But behind the scenes, distribution contracts, manufacturing strategies, and regional employment structures may evolve. For Unilever, it is one more step towards becoming a leaner consumer goods giant, one that believes future growth lies not in ice cream freezers but in personal care aisles and health cabinets.

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Unilever’s decision to separate its global ice cream business marks a turning point for the British-Dutch consumer goods giant, ending a long chapter defined by household brands like Magnum, Ben & Jerry’s, and Wall’s. For Caribbean markets, including Jamaica and Trinidad where Unilever’s ice cream presence has been part of local summers for decades, the announcement signals more than just a corporate restructuring – it reveals how major multinationals are rethinking their portfolios in an era where margins matter as much as market share.

Unilever’s ice cream roots run deep. The company became the world’s largest ice cream maker through a series of acquisitions starting with Wall’s in the UK in 1922, then later adding iconic names like Ben & Jerry’s in 2000 for $326 million, and Magnum’s global expansion through the 1990s and 2000s. Ice cream was once seen as a reliable cash cow, buoyed by strong branding and premiumisation strategies that turned chocolate-coated sticks into €3 indulgences.

But the market has shifted. Ice cream remains a seasonal business, with strong summer peaks but low winter sales in Europe and North America. It is also capital-intensive, requiring cold chain infrastructure from factory to freezer, unlike Unilever’s personal care and home care products that sit easily on any shelf. While indulgence has driven growth in emerging markets, competitive pressures from local brands and private labels have squeezed margins.

Globally, the decision to separate ice cream was driven by financial discipline. Unilever’s management, under pressure from shareholders after years of underperformance, has been streamlining its business model. CEO Hein Schumacher, appointed in 2023, has prioritised sharper strategic focus and operational efficiency. Ice cream, with its complex supply chain and different retail dynamics, increasingly looked like an outlier in a portfolio that is otherwise shifting towards high-margin beauty, personal care, and health products.

In markets like the Caribbean, this separation could create both uncertainty and opportunity. Ice cream production, distribution, and marketing are deeply integrated into local Unilever operations. A new standalone ice cream entity, if it replicates moves seen in Europe or Asia, could seek local partnerships, contract manufacturing, or even divestments to agile regional players better able to manage distribution economics. This is not theoretical: in 2018, Nestlé sold its US ice cream business to Froneri, a joint venture with R&R Ice Cream, in a move that allowed it to keep brand rights while outsourcing operations to a specialist. Similar models may emerge for Unilever’s brands in smaller markets.

in 2018, Nestlé sold its US ice cream business to Froneri, a joint venture with R&R Ice Cream, in a move that allowed it to keep brand rights while outsourcing operations to a specialist. Similar models may emerge for Unilever’s brands in smaller markets.

Daniela Bucaro Chairman Unilever Caribbean Limited

For Unilever, the separation clears the path to focus on growth categories where it can maintain pricing power. It aligns with the broader FMCG trend of portfolio concentration. PepsiCo shed Tropicana and Naked juice brands in 2021 to focus on snacks and beverages with stronger profitability. Johnson & Johnson spun off its consumer health division into Kenvue in 2023. The logic is simple: investors reward companies that know what they want to be.

What remains to be seen is how the new ice cream entity, projected to be a €7 billion business, will navigate independent life. Without Unilever’s scale, brand investment may tighten, or it could become a more aggressive player, free from the bureaucracy of a sprawling multinational. Private equity interest is a possibility, though managing seasonality and complex cold chain operations will require operational expertise as much as financial engineering.

In the Caribbean, consumers are unlikely to see immediate changes. Magnum, Cornetto, and Ben & Jerry’s will still be on shelves. But behind the scenes, distribution contracts, manufacturing strategies, and regional employment structures may evolve. For Unilever, it is one more step towards becoming a leaner consumer goods giant, one that believes future growth lies not in ice cream freezers but in personal care aisles and health cabinets.

The separation is expected to be completed by the end of 2025. For now, Unilever’s corporate kitchen is busy carving out its sweetest business. The challenge ahead will be ensuring both companies can thrive – one scooping profits from beauty and wellness, the other proving that, even as a standalone, ice cream remains a timeless indulgence the world will never give up.

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Jamaica Market Entry via Acquisition: Uber Eats’ Potential Playbook

“An Uber Eats acquisition would be a seismic shift for Jamaica’s food delivery market—creating opportunities for founders and consumers, but risking local economic leakage, higher merchant fees, and reduced entrepreneurial diversity.”

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Photo: Dara Khosrowshahi is the CEO of Uber, where he has managed the company’s business in more than 70 countries around the world since 2017. Dara was previously CEO of Expedia, which he grew into one of the world’s largest online travel companies.

Why Uber Eats Might Acquire Instead of Build

Speed to Market: Buying QuickCart, 7Krave, or 876Get immediately grants local market share, existing user bases, merchant networks, driver fleets, and operational know-how.

Reduced Regulatory Friction: Local platforms already hold food safety, driver, and business licenses, reducing Uber’s compliance hurdles.

Brand Integration: Uber could rebrand or integrate these services into its global app, expanding usage from Jamaican residents to tourists familiar with Uber Eats abroad.

Implications for Each Stakeholder Group

  1. Founders & Investors (QuickCart, 7Krave, 876Get)

Upside:

Significant exit opportunity, likely in USD, providing liquidity for founders and early investors.

Possibility of retained leadership roles under Uber with wider Caribbean or LATAM responsibilities.

Risks:

Founders may lose autonomy and original company vision.

Possible earn-out clauses tying payout to future performance under Uber control.

  1. Employees & Riders

Upside:

Access to Uber’s training, operational standards, and global HR resources.

Broader career opportunities within Uber’s regional operations.

Risks:

Potential redundancies in overlapping roles (tech, operations, marketing).

Cultural dissonance as startup teams integrate into a corporate multinational environment.

Drivers/riders may see fee structure changes or platform commission increases to align with Uber’s global model.

  1. Restaurants & Merchants

Upside:

Access to Uber Eats’ massive global user base, including tourists seeking familiar apps.

Potential tech upgrades for order management, tracking, and analytics.

Risks:

Higher commission rates. Uber Eats globally charges 20–30%, while local platforms sometimes negotiate lower fees to retain merchants.

Reduced flexibility in merchant-platform negotiations.

Smaller restaurants could be squeezed if Uber prioritizes global fast food chains (e.g., KFC, Burger King) over local eateries for promotional visibility.

  1. Jamaican Consumers

Upside:

Familiarity with the Uber Eats app interface for returning Jamaicans and tourists.

Possible promotions, discounts, and free delivery offers typical of market entry campaigns.

Risks:

Potential price increases in the medium term if competition diminishes post-acquisition.

Loss of local branding and cultural nuances in app UX and marketing.

  1. The Jamaican Economy

Upside:

Inflow of foreign capital from acquisition payments.

Possible regional hub development if Uber centralizes Caribbean operations in Kingston or Montego Bay.

Risks:

Increased economic leakage: higher share of revenue remitted to Uber’s US headquarters rather than circulating locally.

Reduced competitive diversity if a single global player dominates food delivery.

Lower tax take if Uber structures revenues offshore versus local Jamaican platforms paying full GCT and corporate taxes.

  1. Government & Regulators

Policy Considerations

Competition Law: Does the acquisition create a near-monopoly in food delivery?

Taxation: Ensuring Uber Eats’ revenue is properly taxed locally, not just commissions passed to foreign parent companies.

Employment Protections: Assessing implications for riders/drivers in terms of contracts, benefits, and worker classification under a global platform.

Strategic Alternatives for Local Players

If acquisition talks begin, local platforms could:

Form a Defensive Alliance or Merger:

Combine QuickCart, 7Krave, and 876Get into a single “Jamaica Eats” superapp with combined merchant base, user network, and operational synergies to resist Uber’s entry.

Seek Regional Expansion:

Move into other Caribbean islands before Uber does, becoming an acquisition target at higher valuations or remaining the dominant regional player.

Enhance Differentiation:

Deepen loyalty programs, integrate Jamaican culture and brand identity, and provide services Uber Eats does not (errands, bills payments, direct merchant ordering).

Businessuite Final Take

“An Uber Eats acquisition would be a seismic shift for Jamaica’s food delivery market—creating opportunities for founders and consumers, but risking local economic leakage, higher merchant fees, and reduced entrepreneurial diversity.”

The government, regulators, and local platform founders must weigh short-term gains versus long-term sovereignty in the digital economy. As Uber Eats’ quiet “coming soon” notice warns, Jamaican innovation, consolidation, and policy readiness must accelerate now to keep the country’s food delivery ecosystem competitive, inclusive, and locally owned.

Jamaica, Is Uber Eats Coming Soon?

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Jamaica, Is Uber Eats Coming Soon?

Local platforms aren’t just incumbents—they’re innovators with diversified offerings, profitability, and brand loyalty. If they move fast—improving UX, expanding services, and forging local partnerships—they can front run Uber Eats, closing the window on foreign intrusion.

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Uber Eats: A Warning Sign?
The Uber Eats “coming soon” message on its site in Jamaica could hint at potential disruption to local delivery operators—just as Uber Rides shook up the traditional taxi industry using unregulated services. Will Uber Eats follow that model, or can local players fight back?

Meet Local Contenders

QuickCart

 

 

 

 

 

 

• Founded in 2016 (originally as QuickPlate), now serves ~40,000 users and has processed over US $1M in revenue
• Delivers food, groceries, meds, electronics, OTC and more across Kingston, Montego Bay, Portmore
• Monetizes through merchant commissions and delivery fees; claims unit-level profitability and steady growth

7Krave

 

 

 

 

 

 

• A dominant contender with 200+ restaurant partners (including KFC and Pizza Hut) and 4.6-star app rating from over 15,000 reviews
• Offers both restaurant delivery and “7KraveMart” grocery service.
• Grew from humble beginnings—10 restaurants, one driver—to hundreds of delivery bearers and ~400,000 customers island-wide

876Get

 

 

 

 

 

 

• An “ecommerce ecosystem” offering food, groceries, pharmacy, courier, and errand services island wide with multiple app interfaces (customer, merchant, driver)
• Combines real-time tracking, order updates, and broad coverage beyond just food .

Strengths of the Local Players

1. Deep Local Insight
They understand Jamaica’s logistics, road conditions, crime patterns, and consumer preferences—issues Uber Eats will need time to navigate

2. Diversified Service Offerings
QuickCart and 876Get go beyond food—into groceries, meds, electronics—creating resilience in fluctuating demand cycles

3. Community Trust & Loyalty
With apps rated 4.6 stars and glowing user feedback, platforms like 7Krave enjoy strong local brand reputation

4. Unit-Level Profitability
QuickCart’s reported solid margins per order position it well for scale without external subsidies

Strategies to Defend and Grow Market Share

1. Strengthen Local Partnerships
• Partner with more restaurants and retailers to secure exclusives before Uber Eats arrives.
• Work with local banks or telcos to integrate easy mobile payments, driving stickiness.

2. Enhance Customer Experience
• Launch loyalty programs and subscription plans (e.g., monthly delivery passes).
• Adopt advanced UX improvements—both QuickCart and 7Krave are investing in better app experiences
3. Broaden Service Bundles
• Build holistic offerings: eat + grocery + meds + courier + errand through a unified app—something Uber Eats doesn’t yet offer.
• 876Get’s multi-service model is a blueprint for resilience

4. Leverage Local Marketing
• Emphasize “locally owned and built” messaging, tapping into national pride as a differentiator.
• Sponsor community events or partner with local influencers.
5. Invest in Logistics Infrastructure
• Build a driver network with proper vetting, training, insurance—positioning around safety and reliability.
• Use real-time data and dynamic routing to optimize deliveries—something lacking among informal courier services.

Policy Levers & Support Role
Government can accelerate local success by:
• Offering grants or low-rate loans to support digital infrastructure and app upgrades.
• Ensuring parity regulations—Uber Eats must follow same licensing and health standards as local platforms.
• Collaborating with local apps to ensure small eateries and retailers are included before foreign platforms launch.
• Investigating economic impact—keeping more revenue onshore rather than flowing out via platform fees.

Final Take: Close the Door First
Local platforms aren’t just incumbents—they’re innovators with diversified offerings, profitability, and brand loyalty. If they move fast—improving UX, expanding services, and forging local partnerships—they can front run Uber Eats, closing the window on foreign intrusion.

But time is limited. With Uber’s global model looming, QuickCart, 7Krave, and 876Get must double down now—cementing their position as Jamaica’s trusted, home grown food and delivery ecosystem.

Jamaica Market Entry via Acquisition: Uber Eats’ Potential Playbook

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Scores of Entrepreneurs Display Jamaican-Made Products at ‘Christmas in July’ Trade Show

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Owner of Danielle Olivia Co., Danielle Wilson-Riley (right), describes her various candle fragrances to Minister of Tourism, Hon. Edmund Bartlett (second left), at the opening of the 11th staging of the ‘Christmas in July’ trade show, held at The Jamaica Pegasus hotel in New Kingston on Thursday (July 10). Also listening (from left) are Executive Director of the Tourism Enhancement Fund (TEF), Dr. Carey Wallace, and President of the Jamaica Hotel and Tourist Association (JHTA), Christopher Jarrett.
Scores of Entrepreneurs Display Jamaican-Made Products at ‘Christmas in July’ Trade Show
Photo: Michael Sloley

One hundred and eighty entrepreneurs and small-business owners have been given the opportunity to display a wide range of Jamaican-made products at the 11th staging of the ‘Christmas in July’ trade show.

The two-day event, which is being held on July 10 and 11, provides an avenue for local producers and creatives to showcase their wares, while networking with potential consumers from the tourism sector, government agencies, corporate Jamaica, embassies and international organisations.

The exhibition is an initiative of the Tourism Linkages Network of the Tourism Enhancement Fund (TEF), in partnership with the Jamaica Business Development Corporation (JBDC), Jamaica Manufacturers and Exporters Association (JMEA), Jamaica Promotions Corporation (JAMPRO), Jamaica Hotel and Tourist Association (JHTA) and the Private Sector Organisation of Jamaica (PSOJ).

During the exhibition’s opening ceremony, held at The Jamaica Pegasus hotel in New Kingston, on Thursday (July 10), Tourism Minister, Hon. Edmund Bartlett, highlighted the significance of the trade show and its impact on local small businesses.

“Over the past decade, this initiative has reshaped how we value local production, Jamaican craftsmanship, and the power of strategic collaboration. Christmas in July is more than a trade show… it is a living symbol of our commitment to ensure that tourism works for all Jamaicans and not just a few,” Mr. Bartlett said.

The Minister informed that since the Christmas in July trade show came into existence in 2014, more than $1 billion of business has been transacted between small-business owners and hotels.

Additionally, he pointed to the growth potential of the small enterprises and the need to put in place the policy framework to assist in driving the development of these businesses.

“So, there were three key pillars that we developed to enable this. One was for training and the development of our small players, the second was financing… and thirdly, marketing,” the Minister said.

For the Christmas in July trade show, participants are assessed and given feedback, prior to the event, on their products, including packaging to assist in brand development. Financing is also available through entities such as the National Export-Import Bank of Jamaica (EX-IM Bank), while marketing is facilitated at the exhibition.

“And so, all of you who are here, the 180 of you and the others who have been part of this over the years… it is not just an exhibition; it is embodying our guiding mantra that you must thrive at all times,” Mr. Bartlett said.

Meanwhile, Minister of Industry, Investment and Commerce, Senator the Hon. Aubyn Hill, described the trade show as a “powerful event” due to the numerous connections that can be made in one space.

He underscored the importance of exports, noting that it is only by tapping into international markets that Jamaica can achieve national wealth.

“This is a serious economic initiative, a direct link between Jamaican producers and corporate Jamaica, the tourism industry, foreign embassies, international buyers, and export markets,” Senator Hill said.

Meanwhile, one participant, Chief Executive Officer (CEO) of Body by Roxanne and Company Limited, Kemisha Oates, expressed gratitude for the opportunities that were presented to her through the Christmas in July trade show.

She noted that the event allows small business owners to connect with a range of buyers that they would not have access to on their own.

“The Tourism Enhancement Fund doesn’t just open doors; they build bridges. Through their various matchmaking initiatives between local suppliers and the hospitality industry, I have secured partnerships with premier hotels that align beautifully with my brand. Thanks to the opportunities provided by them, my products are now a part of the guest experience at 19 hotels and counting, and resorts across the island,” said Ms. Oates, who is participating in the trade show for the fourth time.

Items on display were under the categories of spa and aromatherapy, décor and fine arts, fashion and accessories, souvenirs, and food.

By: Vanessa James, JIS

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