Nowadays, people go to big shopping malls or supermarket to purchase their essential needs. This has resulted in the shutting down or small businesses. In my opinion, this development has many demerits as it would increase the rate of unemployment and crimes and also lead to a stunted economy.
To begin with, many owners of small enterprises would be rendered jobless if this trend is encouraged. They would have no other means of income and as a result, some may become depressed while others may resort to committing crimes such as armed robbery in order to make ends meet. To elucidate on this, the Global Economic and Financial Crimes Commission (GEFCC) chairman released an article in 2021 stating that, countries which supports local businesses record the least amount of theft, vandalism and related crimes.
Additionally, small and medium shop owners contribute significantly to a nation’s gross domestic profit, by breaching the gap between wholesalers and final consumers. Also, the presence of local markets is more convenient for people than traveling long distances and encourages people to spend more. This in turn, contributes to the total revenue generated in the country. For instance, Nigeria recorded a 150% increase in the national income after 3 months of legalizing about 200 small businesses. The reverse would be the case if these businesses fold and the overall profit of the nation will be reduced or remain stagnant.
In conclusion, people traveling to large supermarkets and neglecting the local shops around them is a negative development as it can render individuals jobless, increase the frequency of vices and reduce the nation’s growth rate