Retailers witness 67 per cent fall in sales during June 15-30: RAI survey
New Delhi, July 8 (KNN) Retailers witnessed 67 per cent decline in business during June 15-30 compared to the corresponding period last year, said 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% degrowth (y-o-y) on account of not being allowed to open uniformly across the country, high street retail showed degrowth of 62% (y-o-y) in business despite being allowed to open across India,'' the retailers body said in a statement.
Commenting on the current state of retail despite the best efforts of the Central government to open retail, Kumar Rajagopalan, CEO, Retailers Association of India, said, “Although the quantum of degrowth marginally reduced in June 2020, the first quarter of FY21 continued to witness degrowth of -74%. 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,” he added.
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.
Region wise, 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.
With Unlock 2.0 on the cards in the next few days and several sectors opening up, retail can hope for a revival of consumption and signs of recovery at least in the second quarter of the year, RAI said.