Retailers witnessed 67 per cent decline in business during June 15-30 compared to the corresponding period last year, according to a survey by Retailers Association of India (RAI). In its latest business survey conducted on more than 100 big and small retailers, RAI said 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 Rs 300 crore) witnessed a degrowth of 59 per cent and small retailers ( less than Rs 300 crore sales) witnessed a decline of 69 per cent. Regionwise, West with a 74 per cent drop and North with 71 per cent decline continued to suffer the most, while East and South witnessed 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 per cent,” RAI CEO Kumar Rajagopalan said. 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 said. Last month, the government eased most of the restrictions of lockdown with ”Unlock 1.0”.