The closure of Trimingham?s is a ?stark reminder of the ever-changing world in which we live?, Premier Alex Scott said yesterday.

But while Bermudians are mourning the closing of one door, he added, the country must remember ?the greatest tribute we can pay to such a pioneer of the industry is to build on the foundation they have lain?.

As for concerns that the property where the uniquely Bermudian retail empire stands has been put into the hands of foreigners, Mr. Scott said control will still be in the hands of Bermudians.

The Bank of Bermuda is ?not a foreign bank?, he said. ?It is a Bermudian company? ? though he agreed the company itself is 100 percent owned by HSBC, the global banking giant.

However, Trimingham?s itself also had some foreign involvement, he said, as do many other companies on the Island.

Bermudians need not fear losing Bermuda to companies such as HSBC, he added. Instead, they should embrace the opportunities presented to work almost anywhere on the globe.

?Bermuda cannot exist in splendid isolation. We are part of this world.

?We can?t say we are successful, and we are closing the doors. We?ve always had non-Bermudians here but Bermudians do very well, thank you very much, economically. We hold our own.

?Trimingham?s has succumbed, but others may rise up. That is the ebb and flow of a successful economy.

?We have bright young people, a capable population. Bermudians have proved to be very capable at protecting what is theirs.?

The premier added that the 200-odd Trimingham?s employees who are facing unemployment as a result of the store?s demise remain his main concern.

?The Government, through the Ministry of Finance and the Ministry of Labour, Home Affairs and Public Safety, has clearly communicated the role it will play in addressing the needs of those affected by this circumstance,? he said.

?We have pledged our support and we will deliver it.

?Already, Government has liased with the personnel department of Trimingham?s and acquired the necessary information to close the relevant work permit categories, provide training and assistance where needed, and find employment opportunities where they exist.

?The professionalism with which those who have served this community through their stewardship in Trimingham?s deserves no less.?

After a meeting with bank executives yesterday, Mr. Scott said he has been informed that local entrepreneurs have already approached the bank with ideas for the Trimingham?s property ? proposals which the bank has suggested it would support.

Rumours of a Bloomingdale?s or Wal-Mart-type entity being erected in Trimingham?s place were ?very, very premature? for Government to comment on, he said, especially in the light of local opportunities.

Government must be ?very judicious? regarding any zoning changes to the property, he said in response to concerns the bank will simply turn the property into another international business centre.

The financial sector is fluid, he said, however Government must vigilantly monitor the marketplace.

?This is what sustainable development is about. We are planning so there will not be an over-abundance in one area and a lack in another.

?The past 24 hours have changed the landscape of our Island home. It is barely conceivable that we will no longer have the immediate choice of Trimingham?s to provide our retail needs.

?There are some members of the community who grew up with a visit to Trimingham?s as a part of a Saturday routine.

?In our society, Trimingham?s was an omnipresent reminder of quality. Over one and a half centuries in business is not something that we would or should let go unnoticed.

?Trimingham?s will soon close its doors. However, when one door closes, another door opens.?