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More business and trade shops close in Beirut

30-4-2019

The head of Beirut’s Traders’ Association, Nicola Shamas, warned on April 25 of the grave situation in all sectors, which is now threatening national industry and trade in the whole country, pointing to the alarming number of closed establishments and shops since more than a year. Based on available data from concerned market committees, Shamas said, the closed shops recorded so far are: 40 shops in Ashrafieh (representing nearly 10% of the total), 50 shops in Rmeil, Jeitawi, Mar Mkhail and Jemayze (13%), 30 shops in Hamra (5%), 25 shops in Barbour (5%), in addition to 12 shops in Mar Elias (4%), 18 shops in Corniche Mazraa/Nweiri locality and 12 in Mseitbeh area. Shamas stressed that the harsh reality is jeopardizing the remaining surviving establishments if not dealt with rigorously. One of the urgent measures that need to be taken is shutting down illegal shops, curbing the phenomenon of smuggling and suspending all court procedures by banks against commercial institutions. In a related development, Al Akhbar newspaper cited owners of shops in Mar Elias Souk who complained that all their marketing promotions to attract customers have failed, including large discounts and special offers on their items. (An Nahar, Al Akhbar, April 26, 30, 2019)

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