New Delhi: Fewer than half of respondents of a global survey said that retail sales had recovered to 75% of pre- pandemic levels.
The CBRE Asia Pacific Research flash survey of 205 retail clients highlights that 52% of the respondents from India expect sales to return to pre-pandemic levels in more than six months.
The survey was conducted between September 21 and October 20, 2020 to gauge the retail industry response and recovery to the COVID-19.
The survey shows that retail activity continues to normalise.
“Stores have largely reopened but two thirds of respondents believe it will take six months or more to see a full recovery of sales,” the report said.
The survey also points out that domestic consumption is driving the sales recovery. Mainland China, Taiwan and Japan have seen a relatively stronger rebound compared to other markets. Tourist-oriented locations will take longer to recover.
Another wave of infections is continued to be major concerns forretailersas 72% of the respondent agreed to it. Other major concerns are loss l of sales, slow pace of sales recovery and supply chain disruption.
“When considering contractual agreements with landlords, occupiers should give considerable thought to specific statements or conditions enabling them to trigger force majeure clauses,” the survey said.
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