Retailers Association of India Highlights Weak Retail Sales and Calls for Strategic Interventions
The Retailers Association of India (RAI) has expressed concern over weak retail sales across the country, noting that most retailers are experiencing negative growth. RAI’s 53rd Retail Business Survey revealed a modest 2% growth in pan-India retail sales for July 2024 compared to the previous year. The West region led with a 3% growth, while the East and North regions saw only 1% growth. RAI emphasizes the need for strategies to boost consumer demand and ensure sustainable growth in the retail sector.
Key Findings from RAI’s 53rd Retail Business Survey
| Region | Growth Rate |
|---|---|
| Pan-India | 2% |
| West | 3% |
| East and North | 1% |
Kumar Rajagopalan, CEO of RAI, stated, “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.”
RAI works with all stakeholders to create the right environment for the growth of the modern retail industry in India. The association advocates for retail businesses, supports employment growth, promotes retail investments, and enhances consumer choice and industry competitiveness.
Doubts Revealed
Retailers Association of India (RAI) -: RAI is a group that represents all the shop owners and businesses in India. They work to help these businesses grow and solve their problems.
retail sales -: Retail sales are the total amount of money people spend when they buy things from shops and stores.
negative growth -: Negative growth means that the amount of money people are spending in shops is going down instead of going up.
53rd Retail Business Survey -: This is a report made by RAI where they check how well shops are doing. The number 53 means this is the 53rd time they have done this report.
pan-India -: Pan-India means all over India, from north to south and east to west.
strategies -: Strategies are plans or ideas to solve a problem or make something better.
consumer demand -: Consumer demand is how much people want to buy things. If demand is high, people are buying a lot; if it’s low, they are buying less.
sustainable growth -: Sustainable growth means growing in a way that can continue for a long time without causing problems.
