Retail shops across India might not open even after lockdown is lifted! There is no money to pay high rents due to muted sales, with customers coming only to purchase essential goods. In congested areas it is very difficult to maintain distance, so, the traders have decided to close down despite restrictions being relaxed.
More than 60% of retail outlets in major markets including Colaba, Nariman Point and Andheri in Mumbai and Khan Market, Connaught Place and Sadar Bazar in New Delhi are occupied by tenants, traders said. Many have defaulted on rent, they said.
Rent for a 1,000 square-foot would be not less that Rs 5 lakh a month in Khan Market and Rs 3 lakh in Breach Candy area, said Praveen Khandelwal, secretary general of the Confederation of All India Traders. “At least 20% of Indian retailers’ business will collapse and they will wind up businesses.
He said that 10% of other traders who rely on 20% traders will collapse. Shopkeepers of Delhi old markets pay at least Rs 4-5 lakh a month are scared said Sanjay Bhargava, President of Chandni Chowk, Sarv Vyaapaar Mandal.
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