With lockdown easing across most cities in India, 80-95% of stores have opened across retailers. However, recovery levels in June vary sharply, with grocery sales (DMart) at 80- 90% of pre-Covid levels. QSR sales are at 50-70% of pre-Covid for June, with JUBI at 60-70% vs 50-60% for WLDL, aided by higher delivery salience. Apparel players are most impacted, with Shoppers Stop at 30- 40% levels vs 45-50% at start-June, as pent-up demand peters out.
