Impact of COVID19 on Indian Retail

A survey conducted by Retailers Association of India highlights how retail industry is coping up with COVID 19 crisis…

Indian retail industry has more than 15 million retailers, small and big, traditional, and modern trade. Retail employs 40-50 million Indians directly of which modern trade employs more than 6 million Indians equaling to almost 12 percent of the total Retail consumption of the country. Retail contributes to approx. 40 percent of India’s Consumption and 10 percent to India’s GDP.

The lockdown to prevent the spread of Coronavirus in the country has greatly affected retail business. Most stores, except stores selling essential food & grocery, have been shut across the country. Garments (including saris), electronics, mobile phones, furniture, hardware, etc. almost all stores are closed. non-grocery/food retailers are reporting 80 percent to 100 percent reduction in sales. Even retailers of essential items are facing losses as they aren’t allowed to sell non-essential items, which would bring them higher margins.