Sale season flounders
TO ASK how the winter season's sales are faring this year is to provoke among shopkeepers and their clients endless complaints and bitter criticism of the government's economic policies, and, of course, the foreign exchange rate.
Traditionally, seasonal sales offered middle and low-income families the opportunity to buy their needs, particularly of ready-made garments, at reasonable prices. At the same time, the discounts helped shops liquidate inventory. But for many people this year, the sales seem to have lost their charm.
"The Egyptian family's budget has been eroded over the past few years," said Ibrahim Fadi, who owns a clothes shop in Heliopolis. Fadi, who has been in business since 1984, still remembers the good old days. "That was not long ago. Only six years back, my business was thriving and I was quite satisfied," he said.
Most people bought new garments in the first week of February, before the Big Bairam, Fadi said. But sales have declined since the second school term began.
"It is better to save for the children's private lessons than go shopping," said a 50- year-old mother of three.
Retailers have underlined local as well as global reasons contributing to the decline in sales.
The purchasing power in the Egyptian market is at its lowest for a number of reasons.
"The state of nearing war has taken its toll on the tourist sector in Egypt. Consequently, many other sectors have been negatively affected -- the services sector to name one," said Ibrahim Hassan, who works in tourism.
The floatation of the Egyptian Pound and its subsequent depreciation have raised the prices of most household commodities by approximately 30 per cent during the past few weeks.
"Prices have gone out of control. Egyptian families have to limit their needs and make do without many things or they will not be able to go on," Fadi said. "The government has to maintain some control over prices."
