Prof. Augustus Nuwagaba has revealed why big stores and other corporate companies are closing shops. Prof. Nuwagaba puts the blame on tycoons’ shopping behaviors; most of them, he says sleep with colossal sums of money under their roofs, but when it comes to shopping they go to toninyila. This is because nobody will follow them in toninyila to see how big the trolleys are.
“The seemingly high economic growth figures do not reflect the reality on the ground. Instead the highly romanticized growth is concentrated in a few corrupt public officials and their individual accomplices who engage in primitive accumulation of wealth through embezzlement of public funds, yet the demand for most goods is inelastic,” explains Prof. Nuwagaba
“One may have sh10 billion but still their family will purchase 2kgs of sugar a week just like a person with sh100,000. Therefore what sustains businesses such as Shoprite and Game is many people with sh100,000 in their pockets and not one person with sh10 billion,” he concludes.
