The Fiji Retailers Association has confirmed that a number of small businesses in Vanua Levu and Viti Levu have closed due to low consumer spending.
Association President Himmat Lodhia said people are now spending more on essential items leading to the closure of small shops.
He has also confirmed that some of the shop owners cannot even afford to pay their rent. He said that consumer spending is reducing day by day.
According to Lodhia, with the inflation rate now standing at 7.4 percent, the worst is yet to come.
Small Businesses Close
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