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ICICI Direct Report
Q2 FY21 has seen the opening up of the economy with phase-wise relaxation on re-opening of standalone retail outlets and malls across the country.
Post lockdown relaxations, stores have reopened gradually. However, operational hours were restricted due to local lockdowns that continued to hamper business operations.
In our retail coverage universe, around 80-90% of stores have resumed operations.
As per our channel checks, while high street stores (standalone) have seen faster recovery (approximately 45-50% of pre-Covid-19 levels), malls continue to be laggards owing to lower footfalls (less than 30%).
Online sales have gained robust traction with sales tracking 100% plus pre-Covid-19 levels, supported by low base.
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