Shops in north going to the wall

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Shops in north going to the wall
 © In-Cyprus 2018
A total of 1,500 shops closed down in the north in 2016, while another 145 closed down in the first two and a half months of 2017.

The figures were announced by the Turkish Cypriot chamber of shopkeepers and artisans. The chamber estimates that 70% of the shops that have closed down belonged to people who have been in the sector for more than 5 years.

According to Turkish Cypriot newspaper Havadis, the head of the chamber Mahmut Kanber said that the crisis in the market has hit the small shopkeepers as sales have dropped by 30%.

“The shopkeepers which are still conducting business are being crushed under the weight of the debt towards financial institutions in some cases towards loan sharks,” said Kanber.

Kanber stressed that the administration needs to take measures urgently, suggesting that income and expenditures should be calculated in the same currency.

Kanber also said that people have stopped buying with cash and are using their credit cards for...

Shops in north going to the wall

The contents of this article including any associated images are © In-Cyprus 2018
Views & opinions expressed in this article are those of the author and/or In-Cyprus .

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