A business set up to offer consumers low-cost products is to close next month owing to a fall in demand.

Fresh Ltd opened on Queen Street in 2022 under the motto “Fresh where low prices are the law …” and aimed to sell goods for the lowest amount possible.

It was selling everything from knives and body soap to floor cleaning products and plates, for between $2 and $6. Some products, such as body washes, were selling for $9 less than the same product in a larger, more established local store.

At the time, owner Sharrieff Wales said he had been met with some disbelief by people asking how he kept prices so low. “I am just trying to get Bermudians the break they so desperately need.”

However, confirming that it was now closing, Mr Wales said: “We need volume in terms of sales and we’re just not getting it.

“I don't want to sound negative, but people have been crying out for stuff at reasonable prices, but give it to them and they don’t come.”

Mr Wales said he struggled to understand exactly why demand had fallen but said he believed that the low prices at Fresh forced other retailers to drop their prices, resulting in a fall in the number of people using his store.

“I honestly cannot quite wrap my head around it. Our grocery items were 35 per cent lower than other stores, they were even cheaper than my own convenience stores,” said Mr Wales.

He also runs the Champs Variety stores, which are unaffected. “They are going strong,” he added.

While difficulty parking on Queen Street could have been a factor, Mr Wales said people’s shopping habits could also have been an issue.

“I can give you the best example ..... I brought in some toys and my price was literally half the price of the Phoenix Store.

“But they didn't move. So it begs the question, do people just go to where they prefer to go?”

Brand loyalty could also have affected the business, said Mr Wales who said he brought in a well-known Canadian cleaner “just as good” as other cleaners but “people did not recognise it”.

“So they go and pay $9 or $10 for something else instead of the Canadian product which sells for $3 or $4.”

Mr Wales said the shop would close on September 15 and added: “People will complain that there is nowhere cheap to shop.”

He employs five people at Fresh and he said he was looking to see if he could offer them alternative employment at his other stores. “I feel bad I can't keep the store open to keep people employed,” he said.

A Fresh social-media post said: “Be sure to come in and grab your favourite items before we close our doors.

“We want to extend our deepest gratitude to everyone who supported us throughout our journey. Your loyalty and encouragement meant the world to us.

“This is not a goodbye, but a new chapter. We will continue to focus on our other ventures in Bermuda. Thank you for being a part of Fresh Limited.”