Protests take a bite out of retail, F&B businesses ahead of Durga Puja
Business Standard|September 07, 2024
It's a scene unfamiliar to New Market.
ISHITA AYAN DUTT & SHARLEEN D'SOUZA
Protests take a bite out of retail, F&B businesses ahead of Durga Puja

The flow of customers at this giant shopping arcade from the colonial era has dwindled to a trickle. Shop owners are idling, and cars breeze along nearby Lindsay Street, otherwise a torment for commuters.

The red-brick, Gothicstyle marketplace, formerly known as Sir Stuart Hogg Market in central Kolkata, dates back to 1874. It has long been a treasure trove for budget-friendly shoppers, even as swanky outlets have sprouted across the city.

From readymade to unstitched garments, flashy costume jewellery to silver classics, and gourmet food items to fish- it's a paradise for compulsive and impulsive buyers alike. But with just a month to go for Durga Puja, West Bengal's biggest festival, the narrow alleys lined with shops are sparsely populated.

"I don't know the reason, but people are not coming to the market," said a salesperson at a saree and lehenga store.

A black banner seeking 'justice' from the West Bengal Junior Doctors' Front at the market's entrance paints the picture of a city engulfed by protests.

Kolkata has been on the boil. Since the alleged rape and murder of a postgraduate trainee doctor at the state-owned RG Kar Medical College and Hospital, the city has risen to demand 'justice' for the victim with demonstrations, graffiti, street plays, and more. Opposition parties are playing catch-up.

At the receiving end are retail and food & beverages (F&B) businesses, especially with Durga Puja round the corner.

"This is peak time for puja sales. Daily sales should have hit ₹50,000 by now. Instead, they are languishing at ₹5,000, with stocks piling up," rues the owner of a children's garment shop at New Market.

Another fabric retailer in Kolkata said: "People who buy fabrics usually keep a buffer of one and a half to two months. The festive season looks like a washout."

Esta historia es de la edición September 07, 2024 de Business Standard.

Comience su prueba gratuita de Magzter GOLD de 7 días para acceder a miles de historias premium seleccionadas y a más de 9,000 revistas y periódicos.

Esta historia es de la edición September 07, 2024 de Business Standard.

Comience su prueba gratuita de Magzter GOLD de 7 días para acceder a miles de historias premium seleccionadas y a más de 9,000 revistas y periódicos.

MÁS HISTORIAS DE BUSINESS STANDARDVer todo
Business Standard

A singular life in plural India

In India today it is difficult to imagine a period of uninterrupted communal harmony, with reports of lynching, hate speech and bigotry surfacing with rising frequency.

time-read
3 minutos  |
December 21, 2024
11 dead in fire after LPG tanker crashes into vehicles on Jaipur-Ajmer highway
Business Standard

11 dead in fire after LPG tanker crashes into vehicles on Jaipur-Ajmer highway

An LPG tanker collided with a truck on Friday, sparking a massive fireball that turned a stretch of the Jaipur-Ajmer highway into an inferno in which 11 people were killed and 37 vehicles engulfed in flames.

time-read
1 min  |
December 21, 2024
FMCG firms roll out tailored offerings for golden years
Business Standard

FMCG firms roll out tailored offerings for golden years

Affluent and health conscious, mature consumers are becoming selective about what they buy. Businesses are stepping up to meet their needs

time-read
2 minutos  |
December 21, 2024
SPHERES OF INFLUENCE
Business Standard

SPHERES OF INFLUENCE

New districts are being announced more because of demands by influential groups than empirical studies, usually in the buildup to elections

time-read
4 minutos  |
December 21, 2024
Accenture Q1 showing a shot in arm for IT stocks
Business Standard

Accenture Q1 showing a shot in arm for IT stocks

Strong US economy bodes well for Indian IT firms, say analysts

time-read
2 minutos  |
December 21, 2024
Sun Pharma: Down, but not out
Business Standard

Sun Pharma: Down, but not out

Despite short-term blip, pharma major remains favourite among investors

time-read
3 minutos  |
December 21, 2024
Business Standard

Mirae Asset MF's AUM crosses ₹2 trn mark

Mirae Asset Investment Managers (India) on Friday announced that its mutual fund (MF) assets under management (AUM) has crossed the ₹2 trillion mark on the back of 54 per cent compound annual growth rate (CAGR) in the past five years.

time-read
1 min  |
December 21, 2024
Business Standard

PIL in HC seeks action against Amfi for 'misleading' ads

A public interest litigation (PIL) has been filed in the Bombay High Court seeking directions to Securities and Exchange Board of India (Sebi) to revoke the permissions granted to mutual fund body Association of Mutual Funds in India (Amfi) for \"misleading\" and \"deceptive\" advertisement campaigns under the investor education and protection measures.

time-read
1 min  |
December 21, 2024
IPO frenzy: Six issues fully subscribed; IGI at 13% premium on listing day
Business Standard

IPO frenzy: Six issues fully subscribed; IGI at 13% premium on listing day

The initial public offerings (IPOs) of DAM Capital Advisors, Sanathan Textiles, Concord Enviro Systems, Mamata Machinery and Transrail Lighting, whose issues are on their penultimate day, were subscribed between 1.24 and 37.75 times.

time-read
1 min  |
December 21, 2024
Debt funds to deliver best show in 4 yrs
Business Standard

Debt funds to deliver best show in 4 yrs

Strong performance attributed to bond index inclusion and fiscal prudence, say experts

time-read
3 minutos  |
December 21, 2024