Despite recent historic inflation, local business owner will not raise prices – CBS Detroit
(CBS DETROIT) – It was recently announced that commodity inflation is at its highest level in 40 years, now this sharp increase is having a major impact on small businesses in Detroit.
âOver the past 2 years it’s been a challenge, you know, when it comes to the pandemic, we’ve really, really worked extremely hard to get through the pandemic,â said Deron Washington, owner of the Shops On Top department store. in the oriental market.
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Washington now says it faces another challenge. He admits that business grew in 2021, but so does something else.
âI have experienced something 10-25% more expensive on my merchandise, so inflation I am definitely seeing firsthand,â Washington said.
Like millions of people, Washington is feeling the recent pinch in inflation.
Last week, it was announced that commodity prices rose 6.8% in November from 2020, making it the biggest increase in 40 years.
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Washington and his wife Tina have been in the Detroit fashion industry since 1990 and are in disbelief about this hike, but say this.
âMy goal is not to give it to my client, so I thought to myself that I would make less profit at this end of the year,â Washington said.
As the Washington prepare for their busiest season they will continue what they attribute to their longevity and that is great customer service and no matter what happens with inflation in the future, he says. ‘he will continue to suffer a financial blow as long as the client does not suffer.
“We are determined to win in this city and bring something good to the city of Detroit,” Washington said.
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