The Modi government’s demonetization move has had an impact on several sectors, especially real estate. How could retail be far behind? Given Indian’s propensity to deal in cash, especially when shopping in luxury malls and high streets, retail will see the short-term impact on sales. The media has already reported how retail sales have dwindled in the immediate aftermath of the government’s announcement, and how millions of new users are registering on portals offering digital payment services.