New Delhi: Various retailers and malls such as DLF Retail, Tata Cliq, Fabindia and Croma have laid out the red carpet for consumers, and are over-stocking across categories-apparel, electronics, appliances and household goods- ahead of the rollout of Goods and Services Tax ( GST) on Monday, executives said.
"We are expecting a big jump in sales and both mall operators and retailers are ready to handle the rush. The GST cut combined with the festive season will give a significant push to sales," said Harsh V Bansal, co-founder of Unity Group, which operates over half a dozen malls in Delhi and Punjab.
Over the weekend, online beauty, fashion and lifestyle retailers Tata Cliq and Myntra sent out mailers to consumers announcing new stocks and discounts of up to 80% on footwear, casual clothing and household goods. Myntra said it is introducing over 2,000 products across apparel and footwear. Bharath Kumar, senior director, revenue and growth, Myntra, said: "This year, consumers will be able to choose from over 4 million styles... we expect millions of shoppers to participate."
Offline retailers have dressed up stores in anticipation of 15-20% higher sales over last festive season.
Anshu Tandon, president of Delhi's upscale Khan Market, said retailers have stocked in excess in expectation of robust demand from Monday, which coincides with the start of the festive season. He, however, cautioned that it remains to be seen if the sales momentum sustains beyond the initial two weeks.
According to revised GST slabs, apparel and footwear priced up to ₹2,500 will be taxed at 5%. Till now, GST on apparel and footwear priced up to ₹1,000 was 5% and above that was 12%.
Analysts said the revised slabs would benefit branded fashion players like Trent, Vishal Mega Mart and Shoppers Stop, among others.
Industry body Retailers Association of India said growth momentum may cross 10% year-on-year over the next month.
"We are expecting a big jump in sales and both mall operators and retailers are ready to handle the rush. The GST cut combined with the festive season will give a significant push to sales," said Harsh V Bansal, co-founder of Unity Group, which operates over half a dozen malls in Delhi and Punjab.
Over the weekend, online beauty, fashion and lifestyle retailers Tata Cliq and Myntra sent out mailers to consumers announcing new stocks and discounts of up to 80% on footwear, casual clothing and household goods. Myntra said it is introducing over 2,000 products across apparel and footwear. Bharath Kumar, senior director, revenue and growth, Myntra, said: "This year, consumers will be able to choose from over 4 million styles... we expect millions of shoppers to participate."
Offline retailers have dressed up stores in anticipation of 15-20% higher sales over last festive season.
Anshu Tandon, president of Delhi's upscale Khan Market, said retailers have stocked in excess in expectation of robust demand from Monday, which coincides with the start of the festive season. He, however, cautioned that it remains to be seen if the sales momentum sustains beyond the initial two weeks.
According to revised GST slabs, apparel and footwear priced up to ₹2,500 will be taxed at 5%. Till now, GST on apparel and footwear priced up to ₹1,000 was 5% and above that was 12%.
Analysts said the revised slabs would benefit branded fashion players like Trent, Vishal Mega Mart and Shoppers Stop, among others.
Industry body Retailers Association of India said growth momentum may cross 10% year-on-year over the next month.
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