Kolkata’s historic New Market, a once-bustling hub for budget shoppers, is experiencing a significant decline in foot traffic as protests and unrest grip the city. The red-brick Gothic-style marketplace, known for its diverse offerings from garments to gourmet foods, is unusually quiet just a month before Durga Puja, West Bengal’s biggest festival.
The downturn in business is attributed to the ongoing protests following the alleged rape and murder of a postgraduate doctor at RG Kar Medical College. This has led to widespread demonstrations and disruptions across Kolkata. Retailers report a sharp drop in sales, with some shops experiencing sales reductions of up to 90% compared to the same period last year.
Similar trends are observed in other popular shopping areas like Gariahat, where major saree shops are seeing sparse customer activity. Malls across the city, including South City and Acropolis, are also reporting decreased footfall and lower sales due to the unrest and traffic disruptions caused by the protests.
The impact extends to the F&B sector, with eateries and restaurants in Park Street and other areas suffering from reduced patronage and lower sales. Despite the current downturn, some industry insiders remain hopeful that business will improve as Durga Puja approaches, with expectations that corporate sponsorship for the festival will help revive the economic activity.
The Durga Puja festival, which plays a critical role in Kolkata’s economy, is expected to generate significant business, with the creative industries around it valued at over Rs 32,000 crore. The festival’s economic impact is substantial, providing livelihoods for hundreds of thousands and contributing significantly to the region’s financial ecosystem.
