Malls in India record 80% sales rebound in June-July
13th August 2021, Mumbai:
Prominent malls across India reported a sharper rebound in June-July this year compared to the same months last year with sales reaching 70-80 per cent of pre- pandemic levels. Nirupa Shankar, Executive Director, Brigade Group says, footfalls in current unlock is double that of unlock one.
The average daily footfall in current reopening of malls since early July has doubled to about 10,000 daily in each of the group’s malls compared to the first June 2020 unlock, she adds. Current sales recovery is almost 90 per cent of pre-COVID levels, while last year, recovery during the June-July months was less than 40 per cent of pre-pandemic levels.
Categories including consumer electronics, Athleisure and restaurants with open sitting areas have witnessed fast recovery rates. The ongoing end-of-the-season sales of 50-70 per cent discounts by brands are helping malls rake up businesses. Yet, shopping centre industry continues to lose about Rs 40,000 crore in monthly business as malls in Maharashtra including Mumbai remain shut, says the Retailers Association of India. The industry’s complete recovery will depend on the upcoming festive season that traditionally accounts for 30-40 per cent of retailers’ annual businesses, it adds
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