Shop owners at Heritage Mall, located in Dugbe, Ibadan, are raising concerns about the current economic situation in the country, which they say is severely impacting their businesses. The mall, known for its diverse range of stores, has seen a noticeable decline in customer patronage as the economic crisis deepens.
At Phill Computer Zone, a gadget store within the mall, Miss Oluwabusayo has witnessed firsthand the effects of the downturn. She explained that the shop’s rent is over a million naira, a figure that has become increasingly difficult to meet due to the drop in sales. “The current economy has reduced the level of patronage we get from our customers,” she said. “With the high cost of rent and fewer customers walking through our doors, it’s becoming harder to keep up.”
Similarly, at Sport Spot, a sports store owned by Alhaja Bisola, the situation is no different. Alhaja Bisola noted that the price of jerseys, which used to be 7,000 naira, has more than doubled to 15,000 naira due to inflation and increased import costs. “The patronage has become so low,” she lamented. “Even the fuel scarcity is affecting us, as people are not coming out in large numbers to the mall like before.”
Glory Print and Boutique, another business within the mall, has also been feeling the pinch. The store, which offers both fashion items and printing services, is struggling to cope with the reduced foot traffic. A representative from the store shared that the decline in customer visits has been significant, and the business is only managing to stay afloat through online sales. “It’s been a struggle keeping up with this current economic situation,” they admitted.
The economic challenges faced by these businesses reflect a broader issue affecting many across the country. Rising costs, inflation, and fuel shortages are combining to create a perfect storm that threatens the livelihoods of small business owners and their employees. As Heritage Mall continues to experience reduced patronage, its shop owners are left hoping for an improvement in the economic climate to revive their fortunes.
Report by JEDIDAH OGIDI for Ibadancity ANNOUNCER.
