ABSTRACT
On August 14, 2020, BS Nagesh, Chairman, Shoppers Stop, addressed the stock analysts at the earnings call for the first quarter of 2020–21. Recounting the challenges faced by the company due to the Covid-19 pandemic, he said:
Covid regulations continue to hamper opening up the stores, inconsistent, erratic, irregular calls taken by local authorities, sometimes makers open the store, close the store, change the timing. And therefore, there has been inconsistency. Above all, malls and large stores in a few states are closed during the weekend due to government regulations and restrictions. Not only the government restrictions and regulations, but even the consumer behavior has changed. And in the last two months, we have been operating stores, we experienced the following change in behavior: There is significant decline in the footfall, about 92% in June gradually improving to 70% decline as of now. 1
