Association notes downturn in retail sales

May 12, 2024 12:46 pm

The Suva Retailers Association has noted a slight downturn in retail sales since last month.

Association President Jitesh Patel has highlighted the challenges faced by retailers amidst escalating tensions in various regions worldwide.

Patel says the delicate balance between supply chains and consumer demand has been disrupted by the ripple effects of global conflicts.

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He states they are focusing on fostering resilience and adaptation within the local business community.

“We have been seeing like last month or so there’s a little downturn. Hardships are there but we’re hoping for recovery quickly.”

Patel adds that the freight rates are almost pre-pandemic levels, which is a positive sign.

Meanwhile, Assistant Finance Minister Esrom Immanuel says the ripple effects of global conflicts is expected to be felt until next year.

He adds that growth is also affected and depends on the global economy; however, the government remains committed to fostering sustainable and inclusive growth.