(CBS DETROIT)-It was just recently announced that inflation of goods is at its highest in 40 years, now this big increase is having a major impact on small businesses in Detroit.
“For the last 2 years it’s been challenging you know as far as the pandemic we really, really worked extremely hard to get through the pandemic,” said Deron Washington, Owner of Shops On Top Department Store in Eastern Market.READ MORE: Here Is The Top 'Should I...' Question Googled In Michigan In 2021, AT&T Reports
Washington says now he’s facing another challenge. He admits business has increased in 2021, but so has something else.
“I’ve experienced anything from 10-25% more cost on my merchandise, so inflation I see it for sure first hand,” Washington said.
Like millions Washington feeling the recent inflation pinch.
Last week it was announced prices of goods climbed 6.8% in November compared with 2020, making it the largest rise in 40 years.READ MORE: GM Secures Tax Abatement For Proposed $1.3B Orion Assembly Plant Investment
Washington and his wife Tina, have been in the Detroit fashion industry since 1990 and is in disbelief about this hike, but says this.
“My goal is to not give it to my customer, so I said to myself that I make sure that I take a less profit going into this end of the year,” said Washington.
As the Washington’s prepare for their busiest season, they will continue what they credit as giving them longevity and that’s great customer care and no matter what happens with inflation in the future, he says he’ll continue to take a hit financial as long as the customer doesn’t suffer.
“We determined to win in this city and bring something nice to the city of Detroit,” Washington said.
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