Wednesday, October 26, 2011

Diwali bash! Retailers feel pinch of growth slowdown

It's been a year of slow growth for retailers. Apparel retailers have clocked just 10% growth, against last year's 30%. Consumer durable retailers are averaging a growth of just 15%, reports CNBC-TV18's Nikita Rana.

It all began with a double whammy early in the year -- high cotton prices, and a 10% excise duty on apparel forced garment manufacturers to hike garment prices by 10-12%. This stopped consumers from reaching for their wallets. So except for the July- August discount sale period which went well for most retailers, sales targets over the rest of the year have barely been met.

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