Retailers including Shoppers Stop, Lifestyle and VMart bet on a flurry of wedding days in second half of this fiscal
Shoppers Stop, Reliance Retail, Lifestyle and VMart bet on a flurry of nuptial celebrations in the second half of this fiscal to reverse their tepid sales growth and boost demand.
There will be about 47 auspicious wedding dates in the second half, three times more than 14 in the first half, they reason. “We are looking at a very strong festive campaign, and weddings will be very, very big as we have somewhere around 50-odd (auspicious) days,” Kavindra Mishra, managing director of Shoppers Stop, said during its first quarter earnings call on Friday. “We believe we have got the right kind of merchandise to be a wedding destination,” he said.
In FY24, year-on-year retail sales growth rate declined every month, reflecting weak consumer sentiment across segments such as apparel, footwear, and quick service restaurants (QSR).
Last year’s comparatively slower 4-7% growth rate has sustained this year as well.
Treading with Caution on Inventory
May and June saw 3% and 5% rise in sales growth, respectively, Retailers Association of India (RAI) said based on a survey of top 100 retailers. “April and May were tough, but we have started seeing some recovery in June onwards,” said Devarajan Iyer, chief executive of department store chain Lifestyle International.
“Consumers are back and there are signs of recovery in the July-September quarter. Q3FY25 is expected to be stronger due to the advancement of the festive season and a number of weddings. We are seeing growth at the store level and overall double-digit growth (in
