Dhaka's Shopping Malls Are Losing Their Shine. What Is Really Happening to the City's Retail Economy?
Something unusual is happening in Dhaka's retail market. Shopping complexes that once attracted thousands of customers are struggling to keep their businesses alive. From Karnaphuli Garden City in Kakrail to Eastern Plaza, Rapa Plaza, Sezan Point, Hosaf Tower, Fortune Shopping Mall, Twin Tower and several others, concerns about declining business are becoming increasingly difficult to ignore. Karnaphuli Garden City's closure is particularly alarming. A complex that once housed 198 shops reportedly had only 25 operational before shutting down. Meanwhile, businesses in other established shopping destinations are expressing concerns about declining sales, fewer customers and uncertain futures. But is this simply a shopping mall crisis? I don't think so. It reflects something much bigger happening within Bangladesh's economy. 1. People are spending differently because their purchasing power has changed. Inflation has made everyday life more expensive. Groceries, housi...
