According to reports, the market leader “Casas Bahia†and “Ponto Frio†have cut 11,000.
Fabio Bentes, an economist at the National Business Coalition (CNC) in Brazil, predicts that low consumer confidence will mainly affect sales of higher-value goods, making this year's retail business the worst performer since 2000. According to the Brazilian Bureau of Geography and Statistics (IBGE), sales from this year to September were 7.4% lower than the same period last year and 6% in 12 months.
According to Guilherme Assis, a retail market analyst, the general public will not be tempted to buy home appliances and furniture, consumer confidence and fear of unemployment, making people more cautious.
Benders said that the number of stores closed this year to September was about twice that of the whole year of 2014, and about 4,317 home appliances and furniture stores nationwide closed.
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