'Bangabazar fire burns over Tk 1,000cr investments into ashes'

The devastating fire at the Bangabazar Shopping Complex may have burnt more than Tk 1,000 crore worth of investment into ashes, said the president of the Bangladesh Dokan Malik Samity, the apex trade body of shop owners.

 "The situation here is worse. All the stores in the tin-shed market have been burnt to ashes," said Md Helal Uddin, president of the Bangladesh Dokan Malik Samity, from the spot.

There were around 2,500 shops in the market, one of the popular clothing markets in the capital for retailers and wholesalers. The shop owners had invested heavily to profit from the biggest shopping festival ahead of Eid ul Fitr.

Photo: Rashed Shumon

All sorts of clothes, including saris, shirts, pants and salwar kameezes, were sold there. Shoppers invested hundreds of crores of taka, Helal Uddin said.

In his guestimate, the amount of losses would be more than Tk 1,000 crore because of the fire, which had broken out this morning.

Photo: Rashed Shumon

No estimate from the shop owners in Bangabazar is yet available.

The Daily Star talked to nine shop owners who said they had invested from as low as Tk 1 crore to as high as Tk 5 crore in the stores.

No casualties were reported in the fire that tore through the iconic market and was brought under control after more than six hours.