{"id":6549,"date":"2024-07-28T22:02:00","date_gmt":"2024-07-28T16:32:00","guid":{"rendered":"https:\/\/www.thirdeyesight.in\/?p=6549"},"modified":"2024-08-05T22:11:33","modified_gmt":"2024-08-05T16:41:33","slug":"consumption-slowdown-is-forcing-retailers-to-scale-back-shut-shop-in-unprofitable-markets","status":"publish","type":"post","link":"https:\/\/myechoproject.com\/TES\/consumption-slowdown-is-forcing-retailers-to-scale-back-shut-shop-in-unprofitable-markets\/","title":{"rendered":"Consumption slowdown is forcing retailers to scale back &amp; shut shop in unprofitable markets"},"content":{"rendered":"\n<p class=\"wp-block-paragraph\"><em>Writankar Mukherjee, Economic Times <br>Kolkata, 28 July 2024 <\/em><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Top retail chains such as Reliance Retail, Shoppers Stop and Spencer\u2019s Retail are facing a prolonged slowdown in consumption, pushing them to exit unprofitable markets, raise debt and control costs.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">India\u2019s largest retailer Reliance Retail shuttered 249 stores in the three months ended June. The company is also going slow on expansion, opening 331 new stores in the quarter compared to 470-800 stores opened every quarter in FY22, FY23 and FY24. The closures mean the retail business of Reliance Industries made 82 net new store additions last quarter&#8211;the lowest in 15 quarters.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Spencer\u2019s Retail has decided to completely exit North and South India markets by closing 49 stores in the National Capital Region (NCR), Andhra Pradesh and Telangana. The step will erase Rs 490 crore of annual revenue, but the company is hopeful it will improve profitability.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Shoppers Stop chief executive officer Kavindra Mishra told investors last week that it may have to defer a few store openings this fiscal due to regulatory and other issues. The company will also borrow Rs 100 crore for expansion with demand remaining soft.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Meanwhile, V-Mart Retail has closed 22 stores in the first six months of 2024, as per its latest investor presentation. <\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>\u201cPruning underperforming locations is a natural reaction during times of demand stress,\u201d said Devangshu Dutta, CEO of retail sector consulting firm Third Eyesight.<\/strong><\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>Pure Economics<\/strong><\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>\u201cDemand forecasting can never be perfect due to a lag between demand assessment and supply. Retailers now try to do away with underperforming stores at the bottom of the pile quickly. Earlier there were prestige issues in shutting down stores, but now it&#8217;s acceptable industry practice and pure economics,\u201d said Third Eyesight\u2019s Dutta.<\/strong><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Analysts say most retailers expanded rapidly after the pandemic, banking on pent-up demand and revenge shopping at the time. With demand turning sluggish, the industry is now being forced to take various steps to sustain operations. At Reliance Retail, net profit rose by a modest 4.6% from a year earlier in the June quarter to Rs 2,549 crore while revenue grew 6.6% to Rs 66,260 crore. It was the slowest pace of revenue growth and came after a 9.8% increase in Q4FY24. Net profit and revenue from operations fell sequentially in the June quarter.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Spencer\u2019s Retail CEO Anuj Singh told analysts on Thursday the 49 stores it is closing make up nearly 22% of revenue, but also Rs 56 crore of losses at the regional Ebitda level in North and South India. \u201cThey were a drag on the balance sheet. We will now focus on Uttar Pradesh and the East where there is a sizable consumption opportunity with a 250 million population,\u201d he added.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Singh said the store rationalisation exercise and about 35% headcount reduction at corporate offices will reduce overheads from 8% operating cost to 6.3% of total sales. \u201cWe now expect to achieve Ebitda breakeven by March 2025 which will give us the option to raise capital,\u201d he said.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Mishra at Shoppers Stop said demand remained subdued last quarter due to fewer wedding dates, long election season with polling dates on weekend, heatwaves, and high level of cumulative inflation. All these factors combined hit growth and volume recovery, except in value fashion and beauty.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>More stores shut than opened<\/strong><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">In fact, the sustained demand slowdown saw chains like Pantaloons, Spencer&#8217;s Retail and Nature\u2019s Basket close more stores than they opened last fiscal. Retailers like V-Mart Retail, W, Aurelia and Titan Eye+ had a higher rate of store closures than openings in the March quarter.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><em>(Published in <a href=\"https:\/\/economictimes.indiatimes.com\/industry\/services\/retail\/chain-reaction-sluggish-demand-takes-toll-on-retail-operations\/articleshow\/112070742.cms\" target=\"_blank\" rel=\"noreferrer noopener nofollow\">Economic Times<\/a>)<\/em> <\/p>\n","protected":false},"excerpt":{"rendered":"<p>Top retail chains like Reliance Retail, Shoppers Stop, and Spencer&#8217;s are closing underperforming stores due to prolonged consumption slowdown. Reliance closed 249 stores, Spencer&#8217;s exited North and South India. Companies are focusing on rationalizing networks and controlling costs to sustain operations amid weak demand and external challenges like heatwaves and elections.<\/p>\n","protected":false},"author":1,"featured_media":6550,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"content-type":"","footnotes":""},"categories":[25,708,27,212,249,746,215,631,33,625,668,60,36,3,270,43,44,46,48],"tags":[685,812,513,537,181,597,665,32,214,216,59,191,69,166,70,404,785,376,471,659,65,396,567,370,371,378,406,751,574,397,384,398,543,488,594,662,681,810,811],"class_list":["post-6549","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-apparel","category-beauty-personal-care","category-branding","category-consumer","category-e-commerce","category-fmcg","category-food-grocery","category-food-service-restaurants","category-footwear","category-health-wellness","category-home-products","category-india","category-lifestyle-fashion","category-press-quotes","category-real-estate-2","category-retail","category-soft-goods","category-strategy","category-textiles","tag-aditya-birla-group","tag-aurelia","tag-chainstores","tag-convenience-stores","tag-demand-fragmentation","tag-demand-peak","tag-department-store","tag-fashion","tag-food","tag-food-grocery","tag-india","tag-indian-market","tag-indian-retail-sector","tag-modern-retail","tag-organised-retail","tag-pantaloons","tag-profitability","tag-real-estate","tag-reliance","tag-reliance-retail","tag-retail","tag-same-store-growth","tag-shoppers-stop","tag-shopping","tag-shopping-centres","tag-shopping-malls","tag-spencers","tag-spencers-retail-and-starquick","tag-store","tag-store-efficiency","tag-store-operations","tag-store-productivity","tag-stores","tag-supermarkets","tag-superstores","tag-tata-group","tag-titan","tag-vmart","tag-w"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v28.3 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Consumption slowdown is forcing retailers to scale back &amp; 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