Indian retail sales tumble
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Indian retail sales fell by 67 percent year on year in the last two weeks of June, according to a Retailers Association of India (RAI) survey reported.
Mall retailers recorded an even sharper drop of 77 percent over the same fortnight, largely due to some remaining closed throughout the territory. High street retail, currently reopened for business throughout the country declined by 62 percent.
While the scale of the decline reduced marginally in June, for the full June quarter, the fall was 74 percent.
RAI CEO Kumar Rajagopalan aid the figures depict a grim situation for not just retailers but the entire economy, as retail is the backbone of consumption.
“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.”
A previous RAI survey revealed that more than 60 percent of customers are waiting up to 90 days after lockdown restrictions are lifted before going shopping, for both financial and safety reasons.
Questions & Answers
Q.Why were mall retailers hit harder than high street shops in the last two weeks of June?
Why were mall retailers hit harder than high street shops in the last two weeks of June?
Mall retailers saw a larger decline partly because some of them remained closed across the territory. In contrast, high street retail had reopened throughout the country during the same period, leading to a smaller but still significant drop.
Q.What is the primary reason given for the significant drop in overall Indian retail sales during the full June quarter?
What is the primary reason given for the significant drop in overall Indian retail sales during the full June quarter?
The article states that the full June quarter saw a 74 percent fall, following a 67 percent year-on-year decline in the last two weeks of June. This widespread downturn highlights a grim situation for both retailers and the broader economy.
Q.What do customers anticipate doing after lockdown restrictions are lifted, according to a previous survey?
What do customers anticipate doing after lockdown restrictions are lifted, according to a previous survey?
A previous survey indicated that over 60 percent of customers plan to wait up to 90 days before going shopping. This delay is attributed to both financial concerns and safety reasons after the lockdown measures are eased.
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