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.