Reliance Retail & Titan Slash Workforce Amid Retail Slowdown

In a significant blow to the retail industry, major players like Reliance Retail, Titan, Raymond, Page, Spencers have slashed a staggering 52,000 jobs in FY24. This represents a 17% decline in their combined workforce as the sector grapples with weakening consumer demand and a slowdown in store expansions. Inflation, rising interest rates, and job losses in other sectors, such as startups and IT, have further dampened spending on non-essential items since Diwali 2022. Despite the cuts, some retailers like Shoppers Stop and Trent continue to expand, but the overall impact on the retail workforce is profound.