India 9 November 2016: ‘Post the Government announcement (Narendra Modi- Prime Minister of India) last night we witnessed long queues outside jewellery shops till 12am due to the ongoing wedding shopping season. Yesterday, we did witness an increase in footfalls by 10% -15% in the evening. Today, however all retail shops have declined to accept 500 and 100 rupee notes which is why the footfalls have remained steady since most of our customers use cards for transactions during shopping. Also, banks are shut today and many customers do not have sufficient 100 rupee notes. For the next 2-3 days the footfalls might remain in the mid levels which we expect to increase once situation is normal and people have access to cash, ATM and banks. We see this has a temporary phenomenon and going forward with the wedding shopping season kick starting we expect the footfalls to increase. It’s just that customers are taking time to manage their routine.’
Quote from Viviana Mall on the recent development on 500 and 1000 rupee notes ban
India 9 November 2016: ‘Post the Government announcement (Narendra Modi- Prime Minister of India) last night we witnessed long queues outside jewellery shops till 12am due to the ongoing wedding shopping season. Yesterday, we did witness an increase in footfalls by 10% -15% in the evening. Today, however all retail shops have declined to accept 500 and 100 rupee notes which is why the footfalls have remained steady since most of our customers use cards for transactions during shopping. Also, banks are shut today and many customers do not have sufficient 100 rupee notes. For the next 2-3 days the footfalls might remain in the mid levels which we expect to increase once situation is normal and people have access to cash, ATM and banks. We see this has a temporary phenomenon and going forward with the wedding shopping season kick starting we expect the footfalls to increase. It’s just that customers are taking time to manage their routine.’