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Dhaka, October 26: Karnafuli Garden City Shopping Complex, once one of the capital’s prominent shopping destinations, has been closed permanently following years of declining business, a shortage of customers and mounting financial losses.
Located at the Shantinagar-Kakrail intersection, the shopping complex was officially closed on October 1 by its shop owners’ association.
Opened in 1998, the complex occupied the lower floors of a 20-storey building and initially housed 198 shops selling clothing, footwear, cosmetics, jewellery and other products. A food court was also part of the complex.
However, only around 20 to 25 shops remained operational before the closure, according to traders.
Business owners attributed the decline to several factors, including prolonged road disruptions during the construction of the Shantinagar flyover, the Covid-19 pandemic, the departure of established retailers and allegations that some traders sold low-quality products as imported goods.
The growing popularity of online shopping and competition from larger shopping malls also contributed to the complex’s declining appeal.
The financial situation worsened as service charge collections fell and outstanding electricity bills exceeded Tk 50 lakh, leaving the owners struggling to cover operating expenses.
The shop owners have collectively decided to sell the commercial property and are holding discussions with several prospective buyers, including hospitals, banks and corporate organisations.
However, no final agreement has been reached, according to the association.
A few shops and food outlets near the main entrance remain open temporarily to help cover basic management and security expenses.
The residential apartments on the upper floors of the building are separate from the shopping complex and are not affected by the closure.