India's retail growth stalls at 2% in July 2024, RAI urges strategic boost
19 August 2024, Mumbai
The Retailers Association of India (RAI) has reported a modest 2 per cent growth in the retail sector for July 2024, compared to the same period last year. Despite this, the industry continues to struggle, with many businesses experiencing negative growth on a like-for-like basis.
RAI CEO Kumar Rajagopalan highlighted the ongoing challenges, emphasizing the need for strategic measures to boost consumer demand and ensure sustainable growth.
Regionally, West India led with a 3 per cent increase in sales, followed by South India at 2 per cent, while North and East India each recorded a 1 per cent rise. Among various retail segments, food and grocery saw the highest growth at 6 per cent, with apparel and jewellery both growing by 3 per cent year-on-year.
RAI is urging stakeholders to implement strategies that will revitalize consumer demand and support the long-term development of the retail sector.
