Sales in West India showed the highest increase at 3%, followed by South India at 2%, while North and East India each experienced a 1% rise
Bengaluru: Retail sales in July 2024 showed a gain of 2% as compared to the sales levels during the same period in July 2023, revealed Retailers Association of India (RAI) in the latest edition of its Retail Business Survey.
Among various retail categories, food and grocery saw the highest growth at 6%, followed by 3% in apparel and jewelry, and 2% in footwear and beauty, compared to July 2023.
Quick service restaurants (QSR) and consumer durables and electronics showed the least growth, both at 1%. Furniture and sports goods saw declines, with sales decreasing by 2% and 1% respectively, compared to July last year.
“The retail sector in India is facing challenges as businesses are yet to witness real growth compared to previous year,” said Kumar Rajagopalan, chief executive officer of RAI.
“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,” he added.
Retail businesses across regions reported sales growth compared to July 2023, with West India leading with a 3% increase, followed by South India at 2%, while North and East India each saw a 1% rise.
RAI is the apex body of retailers in India and works with all the stakeholders to create the right environment for the growth of the modern retail industry in India.
