MUMBAI/BEIJING (Oct 9): Down the street from Mumbai’s grand colonial-era Royal Opera House, Deepak Gurnaney sits in his small electronics shop in front of rows of flat screen TVs flashing Hindi-soap operas, while his four staff play with their phones. There are no customers.
The 68-year-old used to need a machine to count the cash brought in by the business his father founded, and a warehouse nearby to keep enough stock. With business down 25% the past two years, he’s got rid of both.
“The car market is down, this market is down, that market is down, so people see that and think they should not spend,” he says. “Retail trade being the way it is, I cannot encourage anyone in my family to join this business. I will be the last generation.”