Corporate Expansion in Barbados

The 1900s led for an era of corporate expansion in Barbados. Many of Barbados largest and most successful companies began to expand over seas within the Caribbean and north to Canada. Companies had a variety of reasons for looking to expand and this varied with each individual company. Foreign companies began to move out of the Caribbean which allowed Barbadian companies to move in and replace them. Advances in technology allowed for companies to export goods to a larger area which allowed for expansion. The creation of manufacturing sectors within companies led to expansion and supplying products to companies in neighboring countries. The partnering of local companies with large international companies from Europe, Asia, and North America allowed the Barbadian companies to expand in other regions. Local reputation seems to have been a major factor in allowing companies to expand while supporting their economic interests. Companies that will be examined include Barbados Mutual Life Assurance Society, BICO, Collins Pharmacy, DaCosta, Simpson Motors, Goddard Enterprises Limited, and Everson R. Elcock and Co Limited. Barbadian companies expanded into the region during the 20th century to grow their companies which created economic success. First, the retreat of foreign companies moving out of the region will be examined.

Before Caribbean insurance companies began to expand, this field was first dominated by British and Canadian insurance companies. The Barbados Mutual Life Assurance Society had expanded from Barbados in the past, however it was with aid from the withdrawal of foreign companies that they received their largest expansion. During the 1970s, Canadian companies like Sun Life and many others began to pull out of the Car...

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...ciety was able to benefit from the withdrawal of foreign companies, while BICO and Barbados Shipping and Trading benefitted from advancements in technology. Goddard’s, Everson R. Elcock, Simpson Motors, DaCosta and Company, and Collins Pharmacy all benefitted from a good local reputation and being leaders in the fields of manufacturing and exportation of goods. Overall, these companies have continued to have success into the 21st century and expanded their businesses further up to North America. An example of this is Goddard’s partnership with Schneider’s, a Canadian company based in Guelph, Ontario.33 This continued corporate expansion demonstrates the competitiveness and maturity of Barbadian companies on the North and South American economic views. Without corporate expansion during the 20th century Barbadian companies would not be as developed as they are today.