The Indian retail industry's business is on the threshold of full recovery as it achieved 93 per cent of the pre-COVID sales in February, according to a report by the Retailers Association of India (RAI), which said segments like consumer durables and quick service restaurants (QSR) have shown positive growth of 15 per cent and 18 per cent respectively in February.
"The quantum of de-growth in retail sales has reduced as most segments in retail have started to show significant improvement," it said.The Indian retail industry's business is on the threshold of full recovery as it achieved 93 per cent of the pre-COVID sales in February, according to a report by the Retailers Association of India, which said segments like consumer durables and quick service restaurants have shown positive growth of 15 per cent and 18 per cent respectively in February.#
RAI chief executive officer Kumar Rajagopalan said retailers are hopeful of achieving pre-pandemic levels of business in the first six months of 2021.
Categories like footwear, beauty, wellness and personal care, sports goods and food and grocery are showing steady month-on-month recovery.
The 13th edition of RAI’s Retail Business Survey indicates sales in February 2021 were at minus 7 per cent of last year's sales on an year on year (YoY) comparison and at minus 18 per cent in the third quarter of this fiscal (Q3 FY21) on an YoY comparison, it said.
Recovery across regions is showing steady improvement, with eastern India indicating positive growth of 2 per cent in the month of February.
"Southern and Northern India have recovered better with sales nearing pre-COVID-19 levels at minus 6 per cent and minus 9 per cent respectively (YoY), while western India has progressed slower at minus 16 per cent on a YoY comparison in the month of February 2021," it 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," he added.
After the pandemic, it has now become imperative for every retailer to adopt ''phygital'' in various ways -- be it social media, messaging platforms, or digital shopping, in addition to their normal channels to align themselves with the changing consumer mindsets of the next normal, he noted.
Although COVID-19 vaccinations have started, the pandemic situation may take some more time to completely settle. RAI believes that recovery will need unconventional solutions and government support, the report said. PTI KRH ABM ABM
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