Iconic Shantinagar shopping complex closes over heavy losses

The Shop Owners' Association officially shut down the commercial portion of the 20-storey building on October 1, 2026, after unpaid electricity bills exceeded Tk 50 lakh and service charge collections collapsed.

Traders and association officials attributed the gradual collapse of the shopping center—which opened in 1998—to four primary factors: multi-year road blockages during the construction of the Shantinagar flyover, business disruptions during the COVID-19 pandemic, the exodus of reputed retailers, and fraudulent practices by dishonest vendors who sold imitation goods from Jinjira and Chawkbazar as imported items.

At its peak, the mall housed 198 shops across three floors selling clothing, footwear, cosmetics, and jewelry, along with a top-floor food court. However, by the time of its closure in October, only 20 to 25 outlets remained operational.

A banner hanging at the main entrance confirmed that the shopping complex has been closed since October 1, 2026. Only a few perimeter ground-floor eateries and street-facing brand outlets remain open under a temporary arrangement to cover minimal security and management overheads.

Bakibillah Osmani, General Secretary of the Karnafuli Garden City Shop Owners' Association, stated that all shop owners unanimously agreed to close the mall and are currently negotiating with multiple corporate entities, hospitals, diagnostic centers, and banks to sell or lease the commercial property.

The upper residential floors of the 20-storey tower remain fully separate and unaffected by the closure of the shopping complex.