In the first fortnight of June compared to a year ago, malls business has fallen by 77 per cent. That is, their business has been reduced to about 23 per cent than before.
After the lockdown, malls have been opened in the phase of Unlock-1, but their business is not even one-fourth of what it was before. This information has been given in a survey of Retailers Association of India. According to the survey, in the first fortnight of June compared to a year ago, malls business has fallen by 77 per cent. That is, their business is less than 25 per cent earlier, about 23 per cent.
Market conditions are not good
It is not that business is reduced only by malls shops. During this period, the business of retailers of the markets has also fallen by 61 per cent. Experts say that despite the softening in the lockdown, the sentiment of consumers is quite down. Because of this, people are avoiding shopping.
According to the news agency PTI, this survey has said that the softening given in the lockdown is not benefiting the retail traders, because their business is not getting any significant growth.
Significantly, at the beginning of June, the government had declared unlock-1 while giving softening in lockdown. Most of the states had also allowed malls and retail shops of big markets to open after about 70 days.
Customer sentiment weak
Retailers Association of India said in a statement, ‘It was found that the sentiment of consumers has remained weak. In a recent consumer survey, it has been seen that even after lockdown, 4 out of every 5 Indians have cut their shopping expenses.
According to the RAI, in terms of spending on quick-service restaurants, there has been a 70 per cent drop in clothing, 69 per cent decline in clothes and apparel, 65 per cent decline in watches, jewellery and other personal accessories. People are avoiding purchasing anything from outside because of this epidemic time or COVID- 19
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