What’s In Store For Retail Sector In 2021? ICICI Direct Previews
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ICICI Direct Report
Marred by store closures and several lockdown restrictions, the retail sector was among the worst hit in CY20.
After a washout in Q1 FY21, gradual opening of stores and surge in pent up demand translated into a sustained improvement in recovery rates.
The revenue recovery trajectory improved from a mere 25% in July to approximately 70% in October.
Online/e-commerce sales were the key catalyst in revenue recovery (~1.5 times of pre-Covid-19 sales) wherein share to overall sales has more than doubled (earlier ~5%).
As per our channel checks, festive season demand has been healthy and the momentum continued to sustain for entire Q3 FY21.
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