Food and grocery retail rises by 6%

The Retailers Association of India (RAI) reported a 6% growth in food and grocery sales for 2024 compared to the previous year, as the retail sector in India grew by 2%.  Regional differences were seen as West India experienced the highest sales growth at 3%, followed by South India at 2%, with North and East India each showing a 1% rise.

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The retail sector in India experienced modest growth of 2% in 2024 compared to the previous year, as revealed by the Retailers Association of India (RAI) in its 53rd Retail Business Survey. This growth, however, was uneven across regions and retail categories. West India led with a 3% increase in sales, followed by South India at 2%, and North and East India at 1% each. Notably, the food and grocery segment showed the most robust performance, with a significant 6% growth, highlighting its crucial role in driving the overall sector’s performance. Apparel and jewelry also contributed positively, recording a 3% rise compared to July 2023.

Despite these gains, the report underscored that the retail industry has yet to reach double-digit growth on a like-for-like basis, signaling underlying challenges. Kumar Rajagopalan, CEO of RAI, expressed concern over the sector’s struggles, noting that many retailers continue to report negative growth on a like-for-like basis. He stressed the importance of strategic interventions to stimulate consumer demand and ensure sustainable growth, particularly in key sectors like food and grocery, which have shown resilience. The RAI also urged all stakeholders to implement strategies that will not only invigorate consumer demand but also support the long-term development and stability of the retail industry.