According to a report, the retail industry business is on the verge of a full recovery in February, as it achieved 93% of pre-COVID sales in February.
Segments such as Consumer Durables and Quick Service Restaurant (QSR) showed growth of 15% and 18% respectively in February 2021, the Retailers Association of India (RAI) report said.
“The amount of de-growth in retailing has come down as retail has seen significant improvements in most segments,” it said. Categories such as footwear, beauty, wellness and personal care, sports goods and food and grocery are showing consistent month-on-month recovery.
The 13th edition of the Retail Business Survey by the Retailers Association of India (RAI) indicated sales in February 2021, which was -7% of last year’s sales, compared to year-over-year (yoy) and Q3F2121 had -18%. On a YoY comparison, “it said.
Reforms in the region were showing steady improvement, with East India showing a 2% growth in February. He said, “Southern and Northern India have recovered better with sales of pre-COVID -19 levels at -6% and -9% respectively (yoy), while Western India has slowed down to -16% Has progressed, ”it said.
RAI CEO Kumar Rajagopalan said retailers were expected to achieve pre-epidemic levels of trade in the first six months of 2021. “We hope that uncertainty about the increasing cases of COVID-19 in some states will not cast a shadow on the pace of development with the roll-out of the vaccine,” he said.
In the aftermath of the epidemic, it has become imperative for retailers to adopt ‘physical’ – be it social media, messaging platforms, or digital shopping, in addition to their usual channels, to acclimate themselves to the changing consumer mentality. The RAI said the recovery would require unconventional solutions and government support.
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