Customer footfall and sales figures continued to plummet, with traders based out of a majority of the Capital’s prominent markets downing shutters for the second consecutive day here. Representatives of prominent market associations claimed an estimated 80 per cent of the city’s registered shops were closed for business on Friday.
Possible strike
A combination of cash-strapped shoppers, misinformation about possible raids by officials from an array of enforcement agencies and lack of supplies by wholesale dealers who want the existing backlog of credit cleared before fresh supply, affected markets across Karol Bagh, Kashmere Gate, Amar Colony, Khan Market, Connaught Place and Kamla Nagar, among several others.
Brijesh Goyal, the convenor of the Chamber of Trade and Industry, a national body that works for the interests of small businessmen and traders, said with commercial activity expected to remain affected by the cash crunch, an indefinite strike was “more than a possibility” and could be announced early next week.
No fresh supply
“Eighty per cent of Kashmere Gate motor spare parts market was shut on Friday. Retailers were not able to go about normal business as neither they nor their customers had cash in small denominations. Also, wholesalers refused fresh supply of good from factories till previous dues are cleared,” said Mr. Goyal.
Sanjay Bhargava, the general secretary of the Chandni Chowk Sarv Vyapar Mandal, said only half the shops in Dariba Kalan, adjacent to the main road running through the middle of the bustling north Delhi market, were open.
“Inside shops, which deal in wholesale goods, were closed because of cash crunch. Those on the main road did negligible business. For instance, my shop saw only six to eight customers on Friday as opposed to at least 100 customers usually. There are less people with plastic money in this part of town and since Tuesday, fewer people with enough cash to go out shopping,” he added.
Central Delhi’s Khan Market, according to Khan Market Association president Sanjiv Mehra, was deserted till noon. He added that cash transactions dipped from 75 per cent on Thursday to 85 per cent on Friday.
No visitors till noon
“Khan Market is usually infamous for lack of parking, but lack of liquid cash in the average customer’s hands over the last two days ensured there was plenty of parking here on Friday. Which also meant no visitors till noon. Business was in bad shape till September-end as it is and just when it had begun to pick up around the marriage season, it slumped further,” he complained.
Atul Bhargava, the president of the New Delhi Traders’ Association, said business was down by nearly 50 per cent. “Only transactions with plastic money are being executed. Everyone — from the average shopper to a trader — have been affected due to lack of liquidity over the last three days. It doesn’t seem as if business will pick up any time soon,” he said.
Business was in
bad shape till September-end as it is and just when it had begun to pick up around the marriage season, it slumped further
