Federation of Pakistan Chambers of Commerce and Industry (FPCCI) Regional Chairman and Vice President Zaki Aijaz Tuesday called upon the government to reconsider its decision to enforce early market closures and formulate business policies through meaningful consultation with all relevant stakeholders, ensuring that the concerns of the business community are adequately addressed.
\nHe expressed these views in a media briefing here at at FPCCI Regional Office. FPCCI General Body Member and Chairman of the Oil Marketing Association Tariq Mahmood, Patron-in-Chief of the Chain Stores Association Rana Tariq Mehboob, Chairman Wasif Sikandar Butt, Chairman of Pakistan Footwear Manufacturers Association Hassan Javed, and other prominent business leaders were also present.
\nThe business leaders observed that government\u2019s decision to close markets early was placing businesses under severe financial pressure, disrupting commercial activities and threatening the livelihoods of millions of people associated with the retail and allied sectors. They added, government should revisit the decision and develop a sustainable policy framework in consultation with representatives of business community and other relevant stakeholders.
\nThey further highlighted that Pakistan has an electricity generation capacity of approximately 48,000 megawatts, whereas current consumption stands at around 14,000 megawatts. A growing number of electricity consumers are shifting towards solar energy and battery storage solutions. In view of this changing consumption pattern, they urged the government to charge electricity consumed during peak hours, from 6:00 PM to 10:00 PM, at the same tariff applicable to normal units.
\nAccording to a new study conducted by renowned research organization IPSOS, Zaki Aijaz said, restrictions on the operating hours of shops and commercial centres across Pakistan are creating significant financial challenges for businesses and contributing to a substantial decline in sales. The restrictions are also making shopping increasingly inconvenient and difficult for consumers.
\nThe IPSOS study highlights that shortened business hours have adversely affected shopkeepers\u2019 revenues, profitability and overall commercial activities, while simultaneously creating considerable inconvenience for consumers.
\nThe comprehensive study covered all four provinces and Islamabad, incorporating interviews with 1,046 consumers and 300 shopkeepers from 53 shopping malls and commercial markets. It also included 25 in-depth interviews with representatives of trade associations, manufacturers, retail brands and government officials. Furthermore, the study examined and compared market operating-hour policies in 15 countries to assess international practices.
\nHe said, the research also reveals that businesses have been compelled to restructure their operations to cope with restricted trading hours. According to the findings, 73 percent of shopkeepers have started opening their businesses earlier, 34 percent have either introduced or expanded online sales, while 12 percent have reported reducing their workforce.
\nThese operational adjustments have further intensified financial pressures on businesses, making it increasingly difficult for them to cover operating expenses, sustain profitability and retain employees.
\nConsumers, meanwhile, are also experiencing significant inconvenience as a result of early market closures. The IPSOS research found that 53 percent of consumers now find it difficult to allocate time for shopping, while 37 percent reported a deterioration in their overall shopping experience. In contrast, only 23 percent of consumers indicated that their shopping experience had improved.
\nThe findings underscore the need for a comprehensive review of the existing market closure policy, taking into account its economic implications, the sustainability of businesses, employment opportunities and consumer convenience. Meaningful engagement with all relevant stakeholders is essential to developing a balanced policy that protects commercial interests while addressing the government\u2019s broader objectives.<\/p>\n","protected":false},"excerpt":{"rendered":"
Federation of Pakistan Chambers of Commerce and Industry (FPCCI) Regional Chairman and Vice President Zaki Aijaz Tuesday called upon the government to reconsider its decision to enforce early market closures and formulate business policies through meaningful consultation with all relevant stakeholders, ensuring that the concerns of the business community are adequately addressed. He expressed these …<\/p>\n","protected":false},"author":4,"featured_media":85535,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"class_list":["post-105756","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-business"],"_links":{"self":[{"href":"https:\/\/nabanews.pk\/en\/wp-json\/wp\/v2\/posts\/105756","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/nabanews.pk\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/nabanews.pk\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/nabanews.pk\/en\/wp-json\/wp\/v2\/users\/4"}],"replies":[{"embeddable":true,"href":"https:\/\/nabanews.pk\/en\/wp-json\/wp\/v2\/comments?post=105756"}],"version-history":[{"count":1,"href":"https:\/\/nabanews.pk\/en\/wp-json\/wp\/v2\/posts\/105756\/revisions"}],"predecessor-version":[{"id":105769,"href":"https:\/\/nabanews.pk\/en\/wp-json\/wp\/v2\/posts\/105756\/revisions\/105769"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/nabanews.pk\/en\/wp-json\/wp\/v2\/media\/85535"}],"wp:attachment":[{"href":"https:\/\/nabanews.pk\/en\/wp-json\/wp\/v2\/media?parent=105756"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/nabanews.pk\/en\/wp-json\/wp\/v2\/categories?post=105756"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/nabanews.pk\/en\/wp-json\/wp\/v2\/tags?post=105756"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}