(MENAFN) Retail shops within various areas in the Lebanese capital of Beirut closed their doors since last year, revealed head of Beirut Traders Association Nicolas Chammas.
Shutting down those retail shops raised grave concerns given that trade is a significant economic sector in Lebanon, the association chief emphasized.
"Our sales have dropped by 40 percent while our profits have also been reduced by 80 percent," the chief affirmed.
Chammas noted that "the sector constitutes one third of the economy and it provides job opportunities for 27 percent of the labor force."
He further added that hundreds of factories also shut their doors since 2018 to indicate the seriousness of the condition.