Undeniable boost to the island
The recently reported October 2016 decline in retail sales figures demonstrates the strength of the Louis Vuitton World series.
Mike Winfield, the America’s Cup Bermuda chief executive officer, highlights that the figures showing a 4.9 per cent decline from last October to this year, are in fact better explained as the 4.9 per cent boost in retail spending during the one month when the Louis Vuitton America’s Cup World Series was held in Bermuda in 2015.
The Department of Statistics report shows October 2014 retail sales at about the same level as this year, which demonstrates 2015 was the unusual and welcomed boost for local business.
“October 2015 was a three-day event that had a proven positive impact on Bermuda’s economy; one that local businesses are keen to repeat in 2017 and to a greater magnitude with more visitors over a longer time,” Mr Winfield said.
The Bermuda Retail Sales Index identifies the sectors that were positively impacted by the World Series event. They are apparel stores, all other store types, marine and boat suppliers, sale of furniture, appliances and electronics.
An economic impact assessment released after the World Series showed $8.6 million economic activity created by the event, with 70 per cent, or $6.1 million, having come from overseas visitors, at a net cost to Bermuda estimated at $635,000. $1.5 million was recorded in retail sales and Event Village vendors generated approximately $320,000 in revenue.
“The economic benefit to Bermuda is obviously not limited only to the months of the events,” Mr Winfield said.
“This spending continues in the preparation for America’s Cup 2017 as support staff and crew living in Bermuda are renting homes, paying for fuel, food, entertainment, school supplies, utilities, furniture, vehicles and everything else that we all must buy to live here.
“This is an undeniable boost to Bermuda businesses, landlords and the like.”
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