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Retail tills set to ring louder as Independence Day weekend approaches
Sharleen Dsouza Mumbai
Retailers and malls expect shoppers to keep coming out this long weekend, riding on the upbeat mood from Raksha Bandhan. Fashion retailers are projecting high single-digit growth over the Independence Day (I-Day) weekend. In consumer durables, store traffic is already rising as bargain hunters pack outlets.
Fashion and apparel chain Lifestyle expects the Raksha Bandhan momentum to spill over into the coming days, though the company says sales have been strong since April.
'We expect like-for-like sales to grow in high single digits during the upcoming weekend,' Devarajan Iyer, chief executive officer (CEO) of Lifestyle, told Business Standard. He added that the share of discounted stock is lower this season — under 15 per cent, with markdowns in the 20–25 per cent range. Typically, the brand offers up to 50 per cent off during I-Day sales.
Lifestyle will limit its sale to Friday and Saturday, as higher regular-price sales allow it to push fresh stock at full price.
Iyer said the brand has been more selective in ordering and managing inventory, keeping markdowns smaller both in volume and depth compared to past I-Day promotions.
Last year, fashion and apparel retail suffered from weak consumer sentiment. The industry, however, has seen a steady revival since April.
Bespoke menswear label Mohanlal Sons is also targeting a 10 per cent sales increase over last year's I-Day weekend. 'We had extremely weak sales last year. This year, we expect sales to be much better, with up to 50 per cent off on clearance stock and 25 per cent off on fresh arrivals,' said Mayank Mohanlal, partner and CEO of India's oldest retailer.
Ambience Mall is also expecting heavier footfall this weekend, with the retail mood stronger than last year. 'Many brands are offering discounts of up to 50 per cent, some even more. We saw strong crowds last month, and expect sales to rise by 15–17 per cent this weekend,' said Arjun Gehlot, the mall's director.
In consumer durables, Vijay Sales is already seeing I-Day weekend rushes fill stores. 'We expect no change this year. Our existing stores run at full capacity over the weekend, and new outlets are adding incremental sales,' said Nilesh Gupta, managing director of the electronics retailer.
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