Homevideos Newsretail News

    V-Mart says COVID second wave to hit first quarter business; will see 40-45% impact

    videos | IST

    V-Mart says COVID second wave to hit first quarter business; will see 40-45% impact

    Mini

    V-Mart Retail has had a large impact due to the second wave of the COVID-19, said Lalit Agarwal, CMD of the retail major on Thursday. He said that 25 percent of stores are not operational and the company could lose at least 40-45 percent of business in Q1.

    V-Mart Retail has had a large impact due to the second wave of the COVID-19, said Lalit Agarwal, CMD of the retail major on Thursday. He said that 25 percent of stores are not operational and the company could lose at least 40-45 percent of business in Q1.
    “We have almost 25 percent of the stores which are non-operational right now which falls into the lockdown zone. We still have not created scenarios, but we feel that in this particular quarter we will lose at least 40-45 percent of our business. Next quarter we expect things to get better, but overall in the year I fear that we may lose around 10-15 percent of business if this continues,” he told CNBC-TV18.
    He said that retailers had stocked up on inventory after a good performance in March. However, now they don’t need such high inventory as there is a reduction in footfalls and sales.
    “We are sitting on inventory. March number was looking good and every retailer wanted to stock up at that moment of time. But as of now we are seeing lower footfalls, sales and don’t require so much inventory. This was a very important month for retailers and this quarter would have been a great quarter if this would not have happened,” he said.
    Currently, only tier-I and tier-II towns are the most impacted, he added.
    “Tier-III and tier-IV have not seen that kind of brunt. Tier-III and tier-IV still we are getting a lot of footfalls,” he said.
    Watch the video for more
    next story

      Market Movers

      View All
      CompanyPriceChng%Chng