Retailers Desert Market As Customers Shy Away

Ludhiana Newsline:

The global meltdown seems to have left retailers out in the cold as the markets show signs of a downturn.

With prospective customers shying away, retailers have been forced to postpone new ventures.

A 20-25 per cent reduction in rent and an alarmingly large number of vacant shops around the tricity also point to the advent of a commercial slump.

Real estate experts say all calculations of multi-national companies, including the international brands, have gone awry leaving every one looking for cheaper options or staring at closure. “To beat competition, companies rented showrooms in Sector 17 at a price three to four times higher than the prevailing rate just six months ago.

Now, these same companies have started renegotiating rentals with owners seeking reduction in rates,” said real estate consultant Mangat Rai Baboota.

Several major international brands have even gone to the extent of relocating their outlets to cheaper locations.
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