In recent years, many small local shops have closed because customers travel to large shopping centres or malls to do their shopping. Is this a positive or a negative development?

It has been observed that people are preferring high-end stores as compared to the regional shops being operated by small business owners. In my opinion, it has an adverse effect on the economy and the community as a whole.

This

essay will

further

elaborate on the negative aspects of small shops being shut down due to the inclination towards shopping malls. To start with, the closure of

such

enterprises will result in detrimental effects on the nation's financials there will be a surge in the rate of unemployment as these outlets support workers and are linked to small-time artisans and handcrafters that will put pressure on the country's well-being making necessary goods expensive.

For example

, in a study conducted by Harward University, the closure of small businesses during the Covid era has wiped out $100 trillion from the world’s economy.

This

has

also

resulted in a 5% rise in unemployment rates around the globe.

Furthermore

, these small ventures are linked to other tiny establishments

hence

winding-up of one may result in the closure of many others causing a domino effect and creating an imbalance in the demand and supply cycle.

For instance

, if local cloth stores are shutting down there will be lesser demand for fabric affecting the fabric industry and simultaneously hitting hard the cotton farmers.

Moreover

, the money spent in these expensive and brand-conscious shopping centres does not stay in India since most of the stores are of foreign brands and

thus

resulting in the depreciation of Indian currency. To illustrate, in the sale season arranged by high-end centres there can be noticed a very restricted fall in the value of the Indian currency as the money obtained in India is sent back to their respective countries. To conclude, there is definitely a negative impact on the lives of many along with the economy as a whole

hence

ample amount of support need to be provided to these regional shops as they are supporting other businesses and

also

the financial health of the system.