This includes big chains such as Reliance Retail, Future Group, the multiple lifestyle formats under Arvind Lifestyle such as US Polo Assn, Sephora, Arrow, Calvin Klein and Tommy Hilfiger, Lifestyle, Spencer’s Retail, Nature’s Basket amongst others. None of these retailers commented.
The order allows stamping, putting stickers and online printing of new retail prices on unsold pre-packaged commodities manufactured, packed or imported prior to the revision of goods and services tax (GST). The companies have been given time for re-labelling of new retail prices by September 30.
The downgrade, Fitch said, reflects the heightened risk to FRL's liquidity position.
The short-term impact of the coronavirus pandemic on retailers in the country will be severe, but retail sales recovery period for India is expected to kick-start from the first week of May subject to the lockdown not being extended further
The countrywide lockdown has helped neighbourhood grocery stores to make a comeback in metro cities.
Nambiar joins the 650-odd store retail major with over 30 year experience in Hindustan Unilever India and Colgate. He was earlier with Colgate in his last assignment where he was the president for Asia-Pacific region and was also the chairman for Indian operations. He takes over the responsibility from Sumeet Narang who is the founder and managing director at Samara Capital.
Residents drop their order lists and Spencer’s delivers the next day. Online grocer Grofers has started servicing residential societies in Gurgaon, Mumbai and Bengaluru with a limited number of essential products. Cash and carry operators Metro and Walmart India, too, have either piloted or are planning bulk supplies to RWAs.
The country is under a three-week lockdown starting March 25 and the number of cases infected with the virus is rising steadily. The RBI had announced a moratorium under which borrowers of all the term loans were given a breather from repayments for three months.
Residents say such bulk deliveries by retailers are helping them at a time when the country is undergoing a 21-day lockdown to stem the spread of the coronavirus outbreak.
The Indian retail sector comprising 70 million small medium and big traders employing 450 million people, does a monthly business of around $70 billion, estimates CAIT. The body said the retail sector is the worst hit.
The RBI announced that all lenders can freeze repayments on term loans outstanding March 1 and suspend interest payments on working capital facilities for three months. While accumulated interest can be paid later, the loans won't be in default. However, this isn't enough, said RAI.
Big Bazaar has scheduled ground duty to all its senior managers and CXOs to ensure the last-mile operation is on and to fill for store staff shortage. Spencer’s Retail and Nature’s Basket have set up a virtual war room where the company’s senior team and store-level staff hold coordination meetings twice every day.
While notifications from the Centre are clear, the interpretation is different in each state.
While the government has allowed delivery of all essential goods including food, pharmaceuticals and medical equipment through e-commerce, many players have complained of their delivery staff being hassled by police.
E-grocers BigBasket and Grofers, ecommerce firms Amazon and Flipkart, as well as B2B platforms Jumbotail and Udaan cautioned consumers and kirana stores to expect delayed deliveries as they deal with operational upheaval caused by the restriction on manufacturing and movement of goods, and people.
Hygiene brand advertising dislodged all other categories amidst the Covid-19 pandemic, latest all-India data by television measurement tracker.
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