Europa Star: How’s business?
Hamudi Waked: 2008 was great and it was our best year since we opened the La Hora store. In 2009, all retailers went down because of the crisis and H1N1. This year we are up 40 per cent vs. 2009, but our goal is to achieve at least the sales figures from 2008 and hopefully more. We have opened a new store which is bigger and carries only high-end brands. It is phase two of our mission, which is to upgrade and separate our medium and fashion brands from our high-end ones.
We opened the first La Hora store in Panama five years ago. It was very hard at the beginning since all brands were already working with retailers and we had no brands and no know-how. We started knocking on doors and attending conventions; and we started taking big and prestige brands that were very strong in Asia, the Middle East and Europe but were not well known in our region. So with passion, motivation and great help and support from our suppliers, we started the marketing campaigns for each brand. The first brands we took were: Hublot, Blancpain, Glashütte,Breitling and Corum. Today we have an independent watch department that takes care of the purchasing, another department that is strictly marketing and PR and now we have more experienced people in the stores.
One thing that we have learned over the years is that in order to succeed in this business you need a great staff before getting the great brands, as buying and placing the products in the store is easy. We are a sell-out oriented company and we only want to work with brands that have a watch philosophy and that want to really support their retailers.

ES: How has business changed in recent years?
HW: Now you have more retailers, good but also bad. The problem is that the bad ones go to conventions and exhibitions and promise things they cannot deliver. In addition, brands are now demanding a great deal in every way. When you start with complex and high-end brands, you are truly entering another level.

ES: What is the secret of your success?
HW: Humbleness, dedication, determination.

ES: What is your relationship like with other retailers?
HW: Well it’s a complex matter as all retailers compete with each other for the brands but we have respect for one another.

ES: What do you like about your job?
HW: I’m able to meet lots of great people and I like to learn a lot from them. I hate being stuck in long meetings and I like to make very good use of my time.

ES: What is the biggest challenge facing your store right now?
HW: Our biggest challenge is to perform and to be able to show brands who trusted in us that they made the right decision.

ES: What is the biggest challenge facing the watch industry right now?
HW: There are too many brands and the final consumer is, ultimately, the same. It’s a real fight out there.

ES: Who is your customer?
HW: Panamanians, Colombians, Mexicans, Venezuelans, and now we are receiving lots of tourists and business people from the south. Also, we have had sales from Europeans.

ES: How important is customer service?
HW: It’s vital to our success.

ES: Do you do repairs at your store?
HW: In almost all cases we send repairs back to the factory. Our objective is to have an after sales service centre with a watchmaker within the next six months.

ES: How do you do training?
HW: We send our sales team and managers to the factories and in some cases, the brands come and train us in Panama.

ES: How important is security?
HW: Very. In our store we have 16 cameras and security guards at the door. For us it is important that the client feels secure. Our store has been robbed and it was a very upsetting day. Since that day we have more cameras, more controls, more guards, more procedures and more protocols.

ES: Are you optimistic about the future?
HW: Yes, absolutely, very optimistic. I think 2010 will finish very positively and 2011 will be a strong year. Demand today is high and supply low so both brands and retailers can make more profit.

ES: What does time mean to you?
HW: For me, it is the way you organize your life. It’s key that you give 200 per cent at work but also give 300 per cent to your family.

Many thanks to the people at La Hora and Grupo WISA for their time and candour.

Source: Europa Star December - January 2011 Magazine Issue