Impact of COVID-19 on Retail Trade in Rangpur District of Bangladesh

Abstract

COVID-19 has impoverished 2.45 crore Bangladeshis. This new group of poor people makes up 14.75 percent of the nation's population. It has been found that the number of new poor people is higher in urban areas than in rural areas. The world economy and the economy of Bangladesh are all under the threat of COVID-19. The number of hungry people in the world is increasing every day. The number of unemployed people is also growing. The wind is getting heavier with the screams of hungry people. The world is becoming rich with the suffering of unemployed people. The impact of COVID-19 has threatened Bangladesh and the global SME sector. At this time, small traders lost their capital and lost their way. The retail business is a lifeline for a large number of people. So, the lives and livelihoods of many people depend on this business. So, this sector needs more care, and research is required. The study aimed to determine the financial condition of the retail industry in Rangpur district in Bangladesh after COVID-19. The study is empirical. To develop the study, primary, as well as secondary data were collected. There are 19,669 wholesale, retail, and repair motor vehicles and motorcycles in the Rangpur district of Bangladesh. Only the retail trade businesses out of 19,669 establishments are the population of this study. One hundred ten retail trades are selected through a convenience sampling method. The quantitative and qualitative data were collected from the sample through a well-structured questionnaire. The secondary data was also collected from the daily newspaper, economic news, related journals, books, official statistics, published brochures, prospects, and websites. Computer-aided statistics were used to analyze and show the data. The study found a high impact of COVID-19 on retail trade. Data analysis has found that the number of workers in the retail trade has decreased significantly due to the effects of COVID-19. Most companies have laid off workers. Research has revealed that retail traders have lost a lot of capital due to the impact of COVID-19. At the same time, their liabilities and debts increased. During this period, the sales revenue/ income of the retail business decreased drastically. Finally, the study concluded that this sector expects various government and private cooperation. A state can stand by them in multiple ways, including providing low-cost loans and incentives.