Businesses staring at losses this Ramzan too

Rise in coronavirus cases has slowed down sales, say traders

Businesses took a hit last Ramzan on account of the COVID-19 lockdown. With the restrictions being eased in the past few months, the trading community was hopeful of a resurgence in business activity, and was looking forward to making up for losses. But with the second wave hitting hard, prospects now seem grim. Those part of the business community said that in the last 15 days of Ramzan, business, especially for those in the retail segment, picks up. While the first week of Ramzan generally doesn’t yield much in terms of footfall, eventually translating into sales, it is the last fortnight, especially last daha (10 days), which is crucial. “After the lockdown last year, the market had picked up really well till late February this year. But as soon as March came about, and an increase in COVID-19 cases was noticed, there was a drastic slowdown. There is an unbelievable drop in revenues by up to 70%,” says Esa Mohammed, who runs a chain of popular clothing stores, and has interests in real estate as well.