Curfews and restrictions on public activities in cities such as Mumbai, alongside localised lockdowns in various Indian states, including Delhi, have already cut revenues for organised retail countrywide in half over the last month, according to the Shopping Centres Association of India (SCAI) as reported by the Press Trust of India.
India’s organised retail, which still only makes up 18 percent of the country’s total retail sector, was growing fast pre-pandemic, particularly in first-tier cities, and had recovered close to 90 percent of its business in March, the SCAI said in a statement.
Almost 50 percent of the average monthly revenue of organised retail nationwide of 15,000 crore rupees ($2 billion) was “slashed” last month it said, as state governments imposed restrictions to stop the spread of the virus.
On Monday, India reported 273,810 new cases of the virus around the country, a new record. In response, Delhi will begin a week-long lockdown tonight.