In a recent business survey conducted by the retail trade association of the country, Retailers Association of India (RAI), it was found that retailers saw a huge 67 per cent decline in business during 15-30 June compared to the corresponding period of last year.
The survey was conducted on over 100 big and small retailers, and RAI concluded in the results that 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, and high street retail showed degrowth of 62 per cent in business despite being allowed to open across India,” RAI shared.
The survey report further stated that in the month of June, large size retailers (sales of over Rs. 300 crore) faced a decline of 59 per cent, whereas small retailers (sales less than Rs. 300 crore) noticed a fall of 69 per cent.
Breaking down the results region-wise, RAI shared that while West and North witnessed a 74 per cent and 71 per cent decline, respectively, East and South saw a 62 per cent fall each.
“Although the quantum of degrowth marginally reduced in June 2020, the first quarter of FY 2021 continued to witness degrowth of 74 per cent,” said Kumar Rajagopalan, CEO, RAI, adding that these figures have adversely impacted the entire economy since retail is the backbone of consumption.
