Rio de Janeiro – Last year, the Brazilian retail industry saw 108,700 net closures. It was the worst result since record-keeping began, in 2005.
The numbers were made public this Monday (13) by the National Federation of Trade in Goods, Services and Tourism (CNC), which said that although the 2016 result was the poorest since 2005, less stores closed in the second half than in the first one, and this could be an indication that the economy is beginning to recover.
CNC economist Fabio Bentes said 2016 “really was a year to forget. Consumers’ pockets were mostly beaten down on by high inflation, restriction on credit and fear of unemployment, all of which end up compromising installment purchases.”
*Translated by Gabriel Pomerancblum
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