Retail

Indian retailers see 67% sales drop from Jun 15 to 30: RAI

08 Jul '20

2 min read

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Indian retailers witnessed a 67 per cent decline in business during June 15-30 compared to the corresponding period last year, according to a survey on more than 100 big and small retailers by the Retailers Association of India (RAI), which found there has been no significant growth in business for retailers even during the second half of June.

"During the same time frame, malls witnessed 77 per cent degrowth (year on year) on account of not being allowed to open uniformly across the country, high street retail showed degrowth of 62 per cent in business despite being allowed to open across India," RAI said in a statement.

RAI said that in June, large size retailers (sales of over ₹300 crore) witnessed a degrowth of 59 per cent and small retailers (less than ₹300 crore sales) witnessed a decline of 69 per cent. Region-wise, the western part with a 74 per cent drop and the northern zone with a 71 per cent decline continued to suffer the most, while the eastern and the southern zones witnessed a 62 per cent fall in sales each.

"Although the quantum of degrowth marginally reduced in June 2020, the first quarter of FY21 continued to witness degrowth of 74%," according to RAI chief executive officer Kumar Rajagopalan.

The figures depict a grim situation for not just retailers but the entire economy as retail is the backbone of consumption, he added.

"The need of the hour is concerted efforts by all stakeholders. While retailers are doing their bit by following stringent hygiene practices, the policymakers too need to ensure uniform opening of all kinds of retail across the country," Rajagopalan added.

Fibre2Fashion News Desk (DS)

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