2,000 retail units pulled down the curtain in the first half of 2022

By: Trademagazin Date: 2022. 11. 19. 18:20

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The players in the retail trade have to deal with more and more difficulties, as a result, shops are closing one after another. According to the KSH, in the first half of 2022, more than 2,000 convenience stores pulled down their shutters, so the number of stores – for the first time this year – fell below 110,000.

There have never been so few convenience stores in the country

Due to the labor shortage and the 20% increase in the minimum wage, wage costs have increased, procurement prices are reaching new highs, which they try to pass on to customers, so now food prices in Hungary have risen by more than 40%. There is no example of such a rapid price increase in any EU country – reports Portfolio based on KSH data.

The situation is further complicated by the fact that price caps mainly put small shops in a difficult situation, since they sell fewer products (so the price cap loss should be spread over fewer products), while they are anyway more expensive than multinational companies. The sector is also affected by the special taxes imposed by the government, although this mostly affects the larger chains.