Mumbai, August 19, 2024: Retailers Association of India just released its 53rd Retail Business Survey, which pegs the retail sector’s growth at a modest 2% in July 2024 over the corresponding period in the previous year. It explains the trends that rule various retail segments in different parts of the country. Retail business are yet to show double digit growth. on a like for like basis.
“The retail sector in India is facing challenges as businesses are yet to witness real growth compared to previous year. Most of the retailers are stating that they have negative growth on a like-for-like basis, which is a cause for concern. This underlines the need for strategic interventions to boost consumer demand and drive sustainable growth across the industry,” said Kumar Rajagopalan, CEO, Retailers Association of India (RAI).
According to the survey, West India saw the most sales growth at 3%, followed by South India at 2%, while North and East India showed an increase of 1% each. Of the different retail categories, food and grocery registered the highest growth of 6%, followed by 3% in apparel and jewellery compared to July 2023.
RAI calls for the implementation of strategies to invigorate consumer demand and foster the long-term development of the retail industry by all its stakeholders.
