Retailers across India are anticipating robust sales performance over the Independence Day weekend, driven by buoyant consumer sentiment and higher discounted inventory. According to reports from Business Standard, retail chain Lifestyle expects double-digit topline growth, similar to what it achieved through previous end-of-season sales. Devarajan Iyer, CEO of Lifestyle, stated that the retailer expects single-digit like-for-like (LFL) growth with revenue growth being higher due to strong consumer sentiment and encouraging footfalls showing double-digit growth. The multi-brand retailer plans to liquidate stock by offering discounts up to 50% across various brands, with some brands opting to discount 50-60% of their inventory.
Ethnicwear brand Biba also anticipates strong LFL growth this weekend, with Siddharth Bindra, managing director at Biba Apparel, expressing optimism about the weekend's performance. As reported by Business Standard, Vijay Sales expects value growth of 25% over the weekend, though volume growth is projected to remain in single-digits. Nilesh Gupta, managing director at Vijay Sales, noted that footfalls at stores during such weekends are already at peak levels every year, which impacts volume growth. Consumer electronics retailers expect customers to crowd stores searching for deals on products ranging from washing machines to mobile phones, with all categories seeing strong demand as discounts reach as steep as 60%.
Quest Mall in Kolkata has already witnessed strong consumer response, with Chief Executive Officer Mukesh Kumar reporting that footfalls had increased by 30% week-on-week on Friday. According to Business Standard, Kumar indicated that footfalls could be higher by 20-25% compared to the same period last year, though discounts remain similar to what brands typically run during Independence Day weekend. Government incentives like the income tax rebate announced last year have contributed to the strong demand, putting more money in customers' hands and driving overall retail performance across the sector.
