Mumbai, August 19, 2024: According to the 53rd Retail Business Survey, which was just released by the Retailers Association of India, the retail sector would rise by a moderate 2% in July 2024 compared to the same month the previous year. It explains the patterns that dominate distinct retail markets across the nation. On a like-for-like basis, double-digit growth in retail enterprises is still lacking.
“Retailers in India are encountering difficulties as they have not experienced significant increase in comparison to the previous year. It is concerning that the majority of merchants claim to be seeing negative growth on a like-for-like basis. According to Kumar Rajagopalan, CEO of the Retailers Association of India (RAI), “this highlights the need for strategic interventions to boost consumer demand and drive sustainable growth across the industry.”
The poll found that sales grew at the fastest rate in West India (3% growth), South India (2% growth), and North and East India (1% each). Compared to July 2023, the retail categories with the most growth were food and grocery, growing by 6%, and clothes and jewelry, growing by 3%.
About RAI:
Retailers Association of India (RAI) is the 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. It is a strong advocate for retailing in India and works with all levels of government and stakeholders to support employment growth and career opportunities in retail.
