Weak retail sales a cause of concern, flags industry body RAI
Aug 19, 2024
New Delhi [India], August 19 : Weak retail sales across the country are a cause of concern and need immediate strategic interventions, said industry body Retailers Association of India (RAI).
"The retail sector in India is facing challenges as businesses are yet to witness real growth compared to the 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 of the Retailers Association of India (RAI).
The retail business sales in the country are yet to witness double-digit growth, the industry body said on Monday, as it released its 53rd Retail Business Survey.
The association compared region-wise retail sales growth between July 2023 to 2024. The pan-India retail sales growth was recorded at a modest rate of 2 per cent in July 2024 over the corresponding period in the previous year.
The association highlighted in its 53rd Retail Business Survey that retail sales growth in the East and north region of the country stood at 1 per cent. Interestingly, the west region took the lead, growing at a rate of 3 per cent leaving behind the Pan-India retail sales growth of 2 per cent.
"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," the association said in a statement.
Retailers Association of India (RAI) claims represent a unified voice of Indian retailers. RAI works with all the stakeholders for creating the right environment for the growth of the modern retail industry in India.
The association advocates for retail businesses in India. It works with all levels of government and stakeholders to support employment growth and career opportunities in retail, promote and sustain retail investments in communities from coast to coast, and enhance consumer choice and industry competitiveness.
