Under the title: “A quarter of the commercial stores are closed permanently ..” temporary “closings threaten the retail sector. Elda Al-Ghussein wrote in” Al-Akhbar “newspaper: A quarter of the commercial stores in Beirut and the regions closed their doors since the beginning of the current year. Until the end of 2020 it is expected that a third of these stores will remain It is only open due to the lira exchange rate crisis, the scarcity of the dollar, and the declining purchasing power of Lebanese and residents.A number of retail stores in Lebanon recently announced the “temporary” closure until the conditions are adjusted, especially the exchange rate of the dollar, which may make the closure “permanent”, because there are no indicators of the desired “adjustment”. Among the companies that stopped selling, Mike Sport, which announced its refusal to “engage in the informal buying and selling game of the dollar and determine our prices for goods and goods on this basis, which requires the closure of all our branches temporarily.” Other companies, including Marie France, which stopped selling at all of its branches until “the situation has improved,” also did a refusal “to price our goods at the market price”. On the other hand, many companies set a date today to close their stores and branches, in solidarity with each other, because it is our “last chance to survive”, while other companies postponed the date to the end of this year, such as “Adidas”, which announced “the suspension of direct management of its stores in Lebanon and the closure of its offices.” From the end of 2020, due to the economic challenges. “
These closings are not far from the global crisis that hit the retail sector in light of the closure due to the Corona virus, and its sales have declined significantly in Britain and the United States, for example. But in Lebanon, in addition to the three-month closing, the purchasing power of consumers witnessed a significant decline, coinciding with the depreciation of the lira against the dollar. “From the end of 2011 until October 2019, sales decreased by an average of 40% … Between last October and March 2020, the rate of sales decline was about 70%,” the head of the Beirut Traders Association, Nicolas Shamas, told Al-Akhbar.