Malls see 77% degrowth in 1st half of June, consumer sentiment low

by mehekkaoberoi
  • Malls witnessed 77 per cent degrowth while high street retail showed a decline of 61 per cent in business in the first half of June, as compared to the same period last year, with consumer sentiment remaining low even after lockdown relaxations, according to a report.
  • As per the survey conducted by the Retailers Association of India (RAI) with participation of more than 100 big and small retailers, it was found that lockdown relaxations did not benefit retailers as there was no significant surge in their business.
  • After lockdown guidelines were relaxed in early June, most states permitted malls and high street retailers to reopen after a gap of more than 70 days.
  • However, it was found that consumer sentiment continues to be at a low.
  •  This is consistent with findings of a recent consumer survey by RAI which revealed that 4 out of 5 Indian consumers would reduce shopping expenditure post the lockdown,” the retailers’ body said in a statement.
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