Businesses in Guyana may very well have done better than their Guyanese counterparts in New York. Most New York City-based Guyanese merchants are not pleased with business sales during the just concluded holiday season after reviewing their sales and profits. This was the opinion obtained from conversations and interviews with Guyanese business persons relating to their revenues during the recent holiday season.
Businesses did not do well all year and merchants had hoped that they would do sufficiently well to recover losses suffered earlier. However, sales were disappointing and most businesses, except in clothing, continue to suffer.  Also, NY Guyanese real estate suffered as transactions and approval of loans have been down limiting home ownership and resulting in a swell among the unemployed. The number of Guyanese agents in real estate is down and several real estate agents have turned to driving taxis to earn a living. There has been an increase in unemployment in the communities.  And although foreclosures are down, Guyanese continue to lose their homes for failure to meet mortgage payments.  Too many have suffered nervous breakdowns for losing their homes.  Altogether, it was another bad year for the immigrant Guyanese communities in various parts of the city where they are settled.
Except for bars, restaurants and night clubs and some clothing and gift stores, the Guyanese business communities in Richmond Hill, Jamaica and Flatbush have seen a decline in revenues. This will result in layoff of staff in coming weeks. Although the bustling business corridor on Liberty, Church, Nostrand and Flatbush Avenues were filled with people strolling up and down and going into stores during the holiday season, merchants complained business has been slow for them. The festive window displays attract visitors but no sales. The businesses did not do as well as last year at a time when the economy was supposed to be picking up.  It is slow all around for all  businesses even in the food areas, bakeries, restaurants, vegetable stores, and live meat markets.
Several businesses on Liberty have closed over the last year.  New Businesses have replaced old ones.  Rents are very high on Liberty and only keeps getting higher driving businesses out of the area when leases are up.  Merchants in Flatbush, the hub of Afro-Caribbean activities, have also seen higher rents which have affected profits and even saw some businesses going out of operation. In visits on Liberty and Flatbush, merchants say visits to stores by patrons have not translated into booming holiday sales as they had hoped.
It is noted that everyone, consumers and business owners, suffered this holiday season.  The economy has been struggling and customers were holding on to their wallets and purses very tightly, not spending at will as in the past.  Many people walked out of stores empty handed – comparing prices for the best deal or just windowshopped.  Too many Guyanese lost jobs and with people being out of work, that put a damper on sales. The seasonal deals and discounts on items attracted some sales but not enough to make merchants go happily smiling to the bank or retaining staff or increasing inventory. There were deals, sales and discounts and still the number of takers is small. Even leftover items with huge discounts did not have much takers. Even winter coats were not going fast and the unusually warm weather for the time of the year made sales even more difficult.  Merchants noted that the holiday season hot items were cell phones and electronics, portable DVDs and digital cameras.  Seasonal party dresses and evening wear still fill the racks for there are only a limited number of takers.  Boots are going well.
Toys and Christmas ornaments went down well. Homes were well decorated in some areas to rave reviews with some Guyanese homes being attractions to onlookers. Curtains, bedding items and blankets also went well.  Some merchants said they are not sure whether it will be feast or famine for their families and staff in the coming months.  One merchant told this reporter, “People don’t have money to shop like before.  Cost of doing business is higher and salaries are not going up.  So people are not
spending.  They prefer to hold on to what they have and use them a little longer hoping their wallets will improve.  It looks as if people will save more this year than spend.  This is not good for the economy”.
Although people were not confident in spending a lot of money during the holiday season, they remain upbeat about their future hoping the economy will turn around soon so they can spend more to enjoy a better standard of living.