Businesses in 42 markets count billions in losses in one day

Businesses at some 42 shopping malls in the capital’s New Market area had to remain shut on Saturday as a fire broke out in the Dhaka New Super Market in the early hours of the day. 

Some traders took an attempt to resume their business in the evening, but saw no remarkable sales as vehicular movement was suspended on the entry roads. The traders said they could not do any significant business on the day and their accumulated losses amounted to roughly several billion taka. 

According to the Bangladesh Shop Owners Association, the roads from Science Lab to Nilkhet and Bata Signal to Gausia Market were closed until evening to help douse the fire. Several thousand shops in nearby 42 markets remained shuttered throughout the time. 

The area serves as the largest retail business hub of clothing in the country, with a daily turnover of roughly Tk 4 billion during peak seasons like Eid.

Helal Uddin, president of the Bangladesh Shop Owners Association, said although only one market had caught fire, the other markets of the area had to remain closed throughout the day, causing traders a loss of roughly Tk 4 billion in a single day. 

He added, "Every day is a significant business opportunity for traders ahead of Eid. In such a time, the fire incident in the shopping mall appeared to be very painful for the traders. They will have to struggle a lot to make up for this loss."

In conversation with several traders, it was learned that there are around 450 shops in the New Market, and the number will be approximately 500 with the temporary shops. The average daily turnover in each of the shops is said to be roughly Tk 100,000 before Eid. 

Therefore, the traders here have been deprived of more than Tk 50 million in sales on Saturday.

There are around 2000 shops, including the jewellery outlets, in Chandni Chowk and Gausia markets, and their average daily turnover is around Tk 1 billion in total.

Nizam Uddin, president of the Chandni Chowk traders association, told Prothom Alo, "There are over a thousand shops in our market. During this time of Eid, these shops do business of approximately Tk 500 million, and the customer turnout rises several times."

However, the Dhaka New Super Market has more than 1200 shops and a significant number of them have been gutted in the fire. The actual extent of damage or loss could not be ascertained from any government or private organization.

Here, a one-day closure generally amounts to approximately Tk 250 million in losses.

Apart from this, around 3500 shops in Noor Jahan Market, Dhanmondi Hawkers Market, Nehar Bhavan Shopping Centre, Globe Super Market, Badruddoja Super Market, Noor Mansion Shopping Centre, Ismail Mansion Market, Suvastu Aroma Center Shopping Mall, Eastern Mallika, and Chandrima Market were closed on Saturday. The bookstores of Nilkhet were also closed.

The traders said businesses in 42 markets of the area suffered an accumulated loss of around Tk 2.5 billion due to the closure. However, the shop owners association claimed the figure to be not less than 4 billion.

Dewan Aminul Islam, president of the Dhaka New Market Traders Association, said the merchants are prepared to resume their business from Sunday.

The Bangladesh Shop Owners Association has also expressed hope that all other markets will be able to open on Sunday, except the burnt one.