The retail sector in India is taking a step back after the coronavirus pandemic. In FY22, the list of lifestyle and retail companies in India changed the position of FY21 and employed more than 1,80,000 employees, according to a report by Economic Times. This trend is expected to continue in FY23.
“A lot of investment is happening in the retail sector. Companies are looking to use this new money to invest in more lines, and some startups are looking to add more specialty stores. , “Rituparna Chakraborty. The director of HR firm TeamLease told ET.
FY21 has seen increased discontinuance and less investment by retailers due to reduced sales behind the locks. The report stated that the number of employees in eight of the largest stores in India increased by 57 percent 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 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 reduce its workforce.
First Published: Mon, August 01 2022. 16:31 IST
