 "Lifestyle & grocery retailers reverse FY21 trend, hire over 180,000 people")
The retail sector in India is bouncing back after the slow period of the coronavirus pandemic. In FY22, the listed lifestyle and grocery retail companies in India reversed the trend of FY21 and hired over 1,80,000 employees, according to an Economic Times report. The trend is expected to continue in FY23.
"Significant investments are happening in the retail sector. Companies are looking to use this fresh capital to shore up hiring across multiple verticals, with some startups looking to add more physical stores too," Rituparna Chakraborty. executive director of HR firm TeamLease was quoted as saying by ET.
FY21 saw widespread layoffs and minimal hiring by the retail brands due to declining sales on the back of lockdowns. The report stated that the total number of employees in eight of the top retailers in India went up 57 per cent to 4,90,000 in FY22. The list includes companies like Reliance Retail, Shoppers Stop, Trent, Raymond, Bata, Titan, Avenue Supermarts, and Page Industries.
Reliance Retail hired the most number of people in FY22, adding 1,61,000 people. In the quarter ending June 2022 (Q1FY23), the company hired 17,000 new people. Shoppers Stop was the only company to decrease its staff strength.
These businesses are also likely to raise the demand for retail space in the country. In the top 8 retail companies listed above, a retail space of 16.7 million square feet is expected to be added between FY21 and FY24, according to a report by ICICI Securities.
"The sector is likely to witness 12-13 per cent year-on-year revenue growth in FY23, with an increase in operating profit margins by 150 bps to 8.2 per cent," a report by ICRA said.
The listed retailers and quick-service restaurant chains opened over 3,000 stores across India in FY22, averaging about nine stores per day, double the figure in FY21.
One subscription. Two world-class reads.
Already subscribed? Log in
Subscribe to read the full story →Subscribe to Business Standard digital and get complimentary access to The New York Times
Quarterly Starter
₹900
3 Months
₹300/Month
SAVE 25%
Smart Essential
₹2,700
1 Year
₹225/Month
Save 46%
Super Saver
₹3,900
2 Years
₹162/Month
Subscribe
Renews automatically, cancel anytime
Here’s what’s included in our digital subscription plans
Access to Exclusive Premium Stories Online
Over 30 behind the paywall stories daily, handpicked by our editors for subscribers
Complimentary Access to The New York Times
News, Games, Cooking, Audio, Wirecutter & The Athletic
Business Standard Epaper
Digital replica of our daily newspaper — with options to read, save, and share
Curated Newsletters
Insights on markets, finance, politics, tech, and more delivered to your inbox
Market Analysis & Investment Insights
In-depth market analysis & insights with access to The Smart Investor
Archives
Repository of articles and publications dating back to 1997
Ad-free Reading
Uninterrupted reading experience with no advertisements
Seamless Access Across All Devices
Access Business Standard across devices — mobile, tablet, or PC, via web or app
SAVE 25%