INSUBCONTINENT EXCLUSIVE:
The BofAML report said about 70 per cent of retailers suggested revenues were lower year-on-year.The festival of Diwali is supposed to
herald country's biggest shopping season of the year
Purchases did happen, but not a lot, according to a Bank of America Merrill Lynch report.More than 90 per cent of storekeepers indicated
footfalls were lower than the last year's festival period, according to the report, based on analysts' visits to more than 120 retail
outlets in the financial capital of Mumbai in the week leading to Diwali, the country's equivalent to Christmas."Despite the festive
season, we observed several empty shelves and early store closures," said Sanjay Mookim, an equity strategist at the bank
"Mumbai is not India, and our sample is arguably small
Yet, we think our conversations help create a useful reference for recent festive season demand trends."India is witnessing a sharp slowdown
due to waning consumption and businesses had pinned their hopes on Diwali for a revival in sales
Purchasing managers surveys on manufacturing and services activity for October indicate that demand in the economy is still pretty
Many retailers reported they were losing out to online sales and branded stores in popular malls.Get Breaking news, live coverage, and
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