India, Oct. 18 -- Every year, as Diwali approaches, the Lokhandwala market in Andheri comes alive with bright lights decking up all shop fronts, junctions, street corners and even narrow lanes, and people flocking from all parts of the city to see the decorations. But this year, the market wears a deserted look, with only a few shops installing lights, largely restricted to their own premises.

"Barring 2006 and the 2020, this is the first time in 20 years that no lights have been put up in the market," said Dhaval Shah, co-founder of the Andheri Lokhandwala Oshiwara Citizens Association (LOCA).

The break in tradition, Shah said based on what shopkeepers had told him, was due to diminishing profits, growing competition from online retail...