Bagfuls of hope!
Retailers raise a toast as shoppers return to stores, banishing memories of the diwali slump, writes Garima Sharma.india Updated: Dec 30, 2008 10:14 IST
The Christmas-New Year’s Eve period has done for recession-hit retail what the big Diwali sales failed to do. With the stock market showing signs of recovery, people are trooping back to stores and a significant percentage of the footfalls is translating to sales. Across stores, the jump in sales this month has been 20-25 per cent.
Confirming the trend, R Satyajit, COO of Allen Solly, says, “This month has been far better than what the scene was during Diwali. We’ve seen at least a 20 per cent hike. In fact, the sales [now] have crossed last year’s figures. While people are gradually coming out of depression, the wedding season has also been a major boost.” “We’ve had a double-digit growth as compared to Diwali,” says Tushar Goculdas, director (marketing), adidas India. The display windows do not scream ‘SALE’ but once inside, you find offers and discounts in most stores. As a result, shoppers are going home loaded with goodies.
Ruchita Sharma, director of communications for the Spa Group, which has brought Rosenthal tableware to India, says, “Buoyancy is back in the market,” pointing to a double-digit growth in décor sales. The gloom, it seems, is lifting.