Key Points
Demand for lifestyle products, apparel and shoes is still subdued in smaller towns due to overall inflation, forcing a few retailers to scale down store opening guidance in tier-2 and tier-3 markets..
"There's definitely more supply in value retail space in tier-2, tier-3 towns compared to the pre-Covid days," Lalit Agarwal, chairman of hypermarket chain V-Mart, told analysts..
Most apparel and lifestyle retailers increased prices across categories over the past year, especially after cotton prices surged due to higher shipment costs and rupee depreciation..
Sales of lifestyle, apparel and discretionary products moderated for the second consecutive month to 6% in April due to a high base a year ago..
While retail sales grew in strong double digits consistently over the past year, the growth slowed down to 6% in both March and April, according to the Retailers Association of India (RAI), indicating slowest sales expansion in more than 14 months...
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