Renowned Kiddies’ fashion brand – Ruff n Tumble – has announced the closure of its Apo Mall store in Abuja, signaling the shrinking disposable income of its patrons, and signposts that the economy is shrinking.
While the company did not state the exact reason for the closure of the outlet, which opened over a decade ago, reports suggest that it might not be unconnected with the country’s current economic downturn, which has forced many businesses to close shop, and dispatch their workers into the unemployment market.
“This is not terrible news, but our Apo Mall store in Abuja will be shut down. We apologize for the inconvenience. Visit our other stores for your shopping needs,” the company said in a message to its customers.
Many multinationals have recently left Nigeria citing the current foreign exchange crunch and the devaluation of the Naira as reasons. Such companies include Surest Foam Limited, Mufex, Framan Industries, MZM Continental, Nipol Industries, Moak Industries, Stone Industries, Procter and Gamble, Sanofi-Aventis, and Equinor.
Even Bolt Food discontinued food delivery due to economic challenges, while Jubilee Syringe Manufacturing declared temporary redundancy due to unforeseen business challenges.
Reports further revealed that the recent escalation of inflation has significantly shifted citizens’ spending habits.
In its latest report, the National Bureau of Statistics (NBS) stated that inflation has increased to 33.69 per cent, the highest peak since March 1996. This confirms that the cost of essential items continues to soar, and many residents are facing increased financial strain, forcing them to make difficult choices and adjustments in their daily lives.
Ruff ‘n’ Tumble is an indigenous kids’ fashion brand specialising in children’s clothing, shoes, and accessories.
The company’s decision to shut down its Apo Mall operations is another example of the harsh realities faced by companies navigating turbulent economic times.
