NEW DELHI: Despite malls opening up, the retail industry hardly has a reason to rejoice as the fear of contracting COVID-19 has keept shoppers away from hanging out. According to the findings of a survey of over 100 large and small retailers, conducted by by Retailers’ Association of India (RAI) in June, malls have seen a 77 per cent de-growth in June, when compared to a year ago period.
Another reason was also because malls remain shut in some parts of the nation. During the last fortnight of June, overall sales were down down 67 per cent year-on-year, with high street retail also showing a 62 per cent fall in business despite being allowed to open across India, the survey noted.
“Although the quantum of de-growth marginally reduced in June, the first quarter of FY21 continued to witness de-growth of 74 per cent. 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,” Kumar Rajagopalan, CEO, Retailers Association of India, said.
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.
An earlier consumer sentiment survey by RAI had revealed that more than 60 per cent of the consumers will wait up to 90 days before shopping, keeping in mind expenditure and safety factors. This has resulted in a slow growth for the retail sector throughout June. The sentiment got reflected in categories like QSR and restaurants, followed by beauty, wellness, and personal care as well as the apparel, clothing and jewellery segment.