Retailers see green shoots of business recovery: RAI survey

New Delhi, Nov 11 (KNN) Retailers have started to see the green shoots of recovery with a steady month-on-month improvement for businesses, said a survey by the Retailers Association of India (RAI).

According to the survey, the business declined by 37 per cent during October as compared to the corresponding period last year.

The 9th edition of the Retail Business Survey indicates a steady month-on-month recovery with sales at - 31 per cent (Y-o-Y) in the month of October 2020 from, -50 per cent (Y-o-Y) in Q2FY21 and -78 per cent (Y-o-Y) in Q1FY21.

Commenting on the survey report, Kumar Rajagopalan, CEO, RAI said, “We are beginning to see green shoots of recovery with a steady month-on-month improvement for businesses.  However, we are yet to catch up to last year’s levels. Further improvement in business will depend upon how the pandemic situation further plays out and how fast the businesses can go towards recovery.”

Categories such as Consumer Durables & Electronics have recovered with positive sales growth on a Y-o-Y comparison, survey said.

The survey further indicated that in October, large size retailers (sales of over Rs 300 crore) witnessed de-growth of 16-43 per cent and small retailers (less than Rs 300 crore sales) witnessed a decline of 30-43 per cent.