Almost 40% of Small Shops and Markets Close in Northern Cyprus

The Turkish Cypriot Chamber of Shopkeepers and Artisans (KTEZO) has raised serious concerns, reporting that nearly 40% of small and medium-sized markets and retail outlets in Northern Cyprus have shut down.

According to KTEZO, a recent study revealed what it described as “a tragic situation, beyond dramatic” regarding shops selling essential goods and unlicensed beverage vendors.

In the past two years, inspections were carried out at 226 markets and unlicensed businesses in the Nicosia region—90 of them have since closed.

The Chamber also pointed to the “uncontrolled growth of hypermarkets and retail chains” as a major factor creating unfair conditions that are squeezing small businesses out of the market.

Adding to the crisis are soaring prices and a steep decline in tax revenues. Recent data shows tax income has dropped to just 60% of the projected amount, leaving a significant 40% budget shortfall.