The Retailers Association of India (RAI) reported a modest 2 per cent growth in retail business for August 2024 compared to the same period last year. Despite positive economic conditions, many retailers recorded negative growth on a like-for-like basis, and double-digit growth remains elusive.
Kumar Rajagopalan, CEO of RAI, emphasized that retail performance in August was weak, with many retailers experiencing negative growth. However, he expressed optimism that the upcoming festive season could lead to positive growth, given the overall positive economic outlook.
Regionally, North and South India posted 3 per cent growth each, while East and West India lagged at 1 per cent. Among retail categories, food and grocery outperformed others with a 7 per cent rise, followed by jewellery at 5 per cent.
RAI has urged stakeholders to adopt strategies that boost consumer demand, paving the way for long-term growth in the sector.
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