Around 100 crore loss per day due to shutters down

As the procedure for demolition of the seven-storey Chennai Silks building, now a charred skeleton of burnt concrete pillars and fallen roofs, is underway, employees of the outlets around the edifice sat outside the shuttered establishments, waiting for news on the proceedings. Kumaran, an employee at a popular textile showroom, whose jewellery outlet, located adjacent to the ill fated building, was shut, said, "People who were working here were sent to the other outlets. There has been no information on when the store will open. The demolition of the building will take another few days until which the shops will probably be closed."

Industry experts say that the loss to the city's biggest retail hub is huge. Jayantilal Challani, President, Madras Jewellers and Diamond Merchants Association said, "Only considering the shops around the building that are closed since the past few days, the loss of income could easily be anywhere between Rs 80-100 crore per day, approximately. In addition, there is a bigger concern - that of the employees, especially those who were working in the retail showroom that burnt down. It is salary time and many of the employees, will already have their commitments, like rents and EMIs. Their lives will be drastically affected. In addition, it is normal practice for employers to take original certificates of those working in such establishments. Most times, these documents are kept within the premises. I shudder to think about all the employees whose original documents have been destroyed by the fire. How will they move on with their lives?" questioned the jeweller. Reports suggest that around 1,500 people were employed by the textile showroom that was burnt to the ground. 

Usman Road also has a sentimental connect with people, who come here for wedding shopping. "It is a ritual," said Mr Challani. "Shoppers schedule their purchase of gold or jewellery based on auspicious time and date. For hundreds of such people, it is a disappointment to find this quarter, which has many jewellery outlets, closed. The footfalls are also lesser due to traffic diversions," he added. 

Outlets that are located around the fire-consumed building are in the process of estimating their losses, said the owner of a jewellery outlet in the vicinity. "The staff are being circulated among our other branches. As for the losses, we are still estimating the loss of business due to these unforeseen circumstances," concluded the source.