Retail sector in central Venezuela’s Valencia registered a 20% drop in sales during the first quarter of 2024

Retail sector in central Venezuela’s Valencia registered a 20% drop in sales during the first quarter of 2024

 

According to estimates from the Valencia Chamber of Commerce, all retail sales fell around 20% during the first quarter of 2024, compared to the same period in 2023.

By Correspondent lapatilla.com





The President of Valencia’s Chamber of Commerce, Ernesto Abbas, indicated that although there is a wide range of offers in products and services, the purchasing power of Venezuelans is very low.

He highlighted that to keep establishments operational and continue to guarantee jobs, retailers have employed strategies to attract more customers and increase sales. Among these stand out the establishment of in store commercial credit systems, subscription sales, and the use of some mobile applications that allow the consumer to buy on credit.

 

Retail sector in central Venezuela’s Valencia registered a 20% drop in sales during the first quarter of 2024

 

However, Abbas highlighted that these instruments “are not enough for Venezuelans to commit to payments, if they do not have the income to be able to afford them.”

He pointed out that during Holy Week no major commercial activity was observed in the capital of Carabobo, except for some recreation sites and food establishments that did register customers.

“We saw closed establishments that surely calculated how much they could sell against the expenses they were going to have for being open and decided to close. In this sense, the balance was not very positive,” he stated.

 

Retail sector in central Venezuela’s Valencia registered a 20% drop in sales during the first quarter of 2024

 

Electrical power outages

The President of the Valencia Chamber of Commerce also stated that cuts in the supply of electricity are a constant hassle that affects the development of normal commercial activity.

He explained that by not having an electric load management schedule, retailers and services have no possibility of making a schedule to serve customers.

“The power cuts in Carabobo distort commerce and companies by not being able to serve the public because they cannot print invoices and do not have the minimum conditions to provide service,” he said.