Economy

‘Retailers witnessing stronger recovery trends’

Our Bureau | Updated on March 16, 2021

Sales back at 93 per cent of pre-pandemic levels in February : Survey

Retailers in the country are hopeful of getting back to the pre-covid levels in the first six months of 2021.

According to findings of a survey released by Retailers Association of India (RAI), sales at retail outlets have seen recovery trends and have reached 93 per of pre-pandemic levels in February.

The survey indicates that sales in February were at -7 per cent of last year’s levels year-on-year and at -18 per cent in the December quarter of FY20-21 compared to same period last fiscal.

Consumer Durables & Quick Service Restaurant categories have shown positive growth of 15 per cent and 18 per cent (Y-o-Y) respectively in the month of February 2021.

“Categories like Footwear, Beauty, Wellness & Personal Care, Sports Goods and Food & Grocery are showing steady month-on-month recovery on a Y-o-Y comparison, signalling growth from the month of March 2021,” the statement added.

Kumar Rajagopalan, CEO, Retailers Association of India (RAI), said, “It is heartening to see recovery across categories. We hope that the uncertainty regarding the rising cases of COVID-19 in a few states will not cast its shadow on the growth momentum with the rollout of the vaccine.”

According to the survey, Eastern India witnessed positive growth of 2 per cent in the month of February. Southern & Northern India also saw recovery trends with sales nearing pre-COVID-19 levels at -6 per cent and -9 per cent respectively (Y-o-Y), while Western India has progressed slower at -16 per cent on a Y-o-Y comparison in the month of February 2021.

Retailers are hopeful of achieving pre-pandemic levels of business in the first six months of the year 2021, RAI added.

The industry body of retailers pointed that, all efforts are required to boost the local economy and help revive retail, saving millions of job and has even urged the government to prioritise COVID-19 vaccination for frontline retail workers.

 

Published on March 16, 2021

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