It’s a booming Diwali for retail biggies
By FashionUnited
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Shoppers
Industry is attributing the revival in consumer sentiment to economic reforms announced by the government in recent weeks. This included allowing up to 51 per cent FDI in supermarket chains and 100 per cent FDI in single-brand retail followed by positive movement at the stock market.
While there was a constant feeling that the consumers shop only during the discount period owing to high inflation and low buying sentiment, the current trend has also shown that there has been a sudden change in consumer behaviour for the last one month. Even conversion rate is better, signifying only serious shoppers are in the market. Retailers are seeing average billing size going up by 18 to 20 per cent. Shoe and apparel retailer Woodland, for instance registered more than Rs 4 crore sales on Sunday across its 350-plus stores in the country. Its sales in the 15 days preceding Diwali were 38 per cent more than last year at Rs 29 crores. Reliance Brands, which markets premium apparel brands such as Diesel, Kenneth Cole, Ermenegildo Zegna, Timberland, Paul & Shark and Superdry in the country, too recorded high incremental sales. After a delighting Diwali, no wonder, retailers are buoyant about the seasons ahead…