Why did many traders at Phu market stop doing business?

Phu Market, the largest central market in Khoai Chau district, once a bustling place for trading, is now in a state of disrepair. Nearly 70% of the kiosks in the main area of the market have closed, many small traders have "hung up their stalls" and temporarily stopped doing business due to poor sales. This situation raises questions about the direction for traditional markets in a period of fierce competition with modern trade.

Nearly 70% of small traders closed their stalls

Arriving at Phu Market around 4pm, which is usually the peak time of the day, the scene in the main area of the market was deserted and empty. There were no cries of goods, no buyers. Some vendors sat looking at their phones, some turned on speakers to sing karaoke, others took the opportunity to exercise in the middle of the market aisle...

Desolate scene, no customers at Phu market (Khoai Chau)

Phu Market was built in 2007 with a scale of 5 floors, each floor is about 2,000m². The first and second floors have about 300 kiosks specializing in selling clothes, shoes, cosmetics... and used to be the busiest place. However, currently only about 100 kiosks are still operating, the remaining about 200 kiosks (accounting for 67% of the total number of kiosks) are closed or vacant.

According to Mr. Dang Van Tuan, Head of Phu Market Management Board: We have supported traders and created favorable conditions for premises. However, the number of visitors to the market has decreased significantly. If this trend continues, the number of closed kiosks may increase.

Although located in the prime location on the first floor, these kiosks are currently vacant.

The small traders who are still in business are mainly elderly people who have invested in renting premises and importing goods, so they are trying to hold on.

Ms. Nguyen Thi Nguyen, a trader who has been with the market since 2007, said: In 18 years of selling clothes at the market, I have never seen sales as bad as they are now. Although I accept to sell at a discount, there are items that only break even, even accept losses to attract customers, but it is still not profitable. Having invested in renting a stall and importing goods, I still try to sell to recover capital.

Why do traders leave the market?

According to Mr. Dang Van Tuan, the main reason why many small traders “abandoned the market” was due to the sharp decrease in purchasing power after the Covid-19 pandemic and the rapid development of e-commerce. Customers coming to the market are getting fewer and fewer, some stalls have no buyers for a whole week. Meanwhile, young people prefer to shop online because it is fast, convenient, and has many designs.

The entire row of kiosks inside Phu market is closed...

Slow sales and losses force many small businesses to close their kiosks.

Ms. Ngo Thi Huyen, a small trader, shared: I couldn't sell any products for 3 days but still had to pay electricity and tax, so I sent the products to someone next door to sell for me, while I went to work for a company to earn a stable income.

Currently, there are dozens of small traders who choose to work part-time and return to the market on weekends to sell or sell online. However, most of the small traders at the market are middle-aged, unfamiliar with technology, and lack digital marketing skills, making it difficult to expand their sales channels.

Ms. Hoang Thi Thuy, a long-time trader, said: Every year, at this time of mid-summer, clothing items sell very well. But this year, there is a backlog of goods and sales are sluggish. I have rented 2 kiosks and have imported goods, so I still try to stay at the market, even though there are days when I can't sell anything.

Although the Market Management Board has made efforts to improve infrastructure and support small traders, in reality, people’s consumption habits have changed. The market space is not convenient, the goods are not competitive in terms of design and price, the sales force is aging… are factors that make traditional markets become inferior.

Nowadays, few people go to Phu market to shop...

Phu Market used to be the busiest shopping center in Khoai Chau district, a bustling trading place for local people. However, in the context of changing markets, retaining traders and attracting customers is a big challenge.

The situation at Phu Market is not an isolated one but a common reality in many traditional markets in the province. To improve the situation, traders want more trade promotion activities, support for online sales, and renovation of the market space to better suit modern consumption trends...

Huong Giang

Source: https://baohungyen.vn/vi-sao-nhieu-tieu-thuong-tai-cho-phu-ngung-kinh-doanh-3181784.html