Karachi, June 7, 2023 – Shopkeepers in Karachi have reported a significant decline in customer numbers due to the alarming levels of inflation.
A delegation from the Saddar Cooperative Market approached the Karachi Chamber of Commerce and Industry (KCCI) seeking assistance in addressing the sluggish business activities and the resulting decline in sales.
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The delegation expressed deep concerns over the deteriorating business environment, emphasizing that the government needs to take effective measures to combat inflation in the upcoming budget. The soaring prices have severely affected the purchasing power of the common man, resulting in a sharp decrease in customer footfall. President of the Cooperative Market Association, Waqar Ghori, highlighted the urgency of saving the economy and businesses from collapse. He warned that without prompt action, many shopkeepers would be forced to shut down their businesses, leading to widespread unemployment and exacerbating the challenges faced by the already struggling economy and the public.
During the meeting, the delegation also sought KCCI’s assistance in resolving the parking issue outside the cooperative market in Saddar. They reported that the traffic police department was swiftly lifting customers’ motorcycles, discouraging them from visiting the market for shopping and adversely affecting local businesses. The exorbitant electricity tariffs, which have significantly increased, were cited as another factor negatively impacting the shopkeepers’ ability to break even.
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The delegation members expressed their appreciation to the KCCI leadership for their commendable role in securing compensation for the shopkeepers whose shops were ravaged by a fire on November 14, 2021.
President of KCCI, Mohammed Tariq Yousuf, acknowledged the challenging economic conditions and assured the delegation that the government was making efforts to mitigate the impact. He mentioned recent improvements, such as the resumption of opening letters of credit (LCs) for essential items and commodities that had been suspended for several months. Yousuf remained cautiously optimistic about the situation, stating that further improvements would take time, possibly five to six more months. He affirmed that the KCCI had been consistently urging the government to provide relief to the public through reduced tariffs, taxes, and duties.
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President Yousuf also promised to address the parking issue with the relevant authorities to ensure leniency from traffic police officials in the Cooperative Market area, at least until Eid ul Azha (Islamic festival), in order to encourage customers to shop without fear. He reiterated that the KCCI is always available to assist small traders and shopkeepers, directing them to the Special Committee for Small Traders headed by Majeed Memon, which is dedicated to resolving their concerns related to law and order, taxation, electricity, gas, water, taxation, and customs.
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Shopkeepers of the Cooperative Market were urged to promptly bring any issues they face to the attention of the Karachi Chamber, assuring them that the KCCI would make every effort to amicably resolve their concerns.
