July retail sales dip
Retail sales slipped slightly in July as strong showings in the apparel sector and marine supplies were overshadowed by declines in motor vehicle sales, tourist related sales and building material receipts.
According to the latest numbers, released yesterday by the Department of Statistics, when adjusted for inflation the total volume of retail sales slipped 0.4 percent this July against July, 2002.
"Gross turnover in the retail sector was estimated at $49.3 million for the month (of July); up $1.3 million over July, 2002," the report said.
"All sectors of the index reported higher sales levels with the exception of motor vehicle dealers and building material and hardware stores."
The decline in motor vehicle returns - a 4.1 percent drop - was attributed to fewer vehicles being held in stock following new vehicle size restrictions but the report noted that there were "healthy gains" for some auto dealers.
Building material sales fell one percent, according to the report as "gains from special sales promotions were not strong enough to totally offset losses resulting from depleted stock levels this year".
There was also a 0.6 percent decline in the food store sector.
Strong sales is other sectors were insufficient to produce an overall gain but the Department of Statistics said marine supplies were up almost one third and the apparel sector showed strong movement.
"Gross revenue flows from in all other store types rose 6.6 percent compared to the level reached in July, 2002," the report said.
"Sales of marine supplies were up almost one third due to higher stock levels, and reflected primarily a seasonal increase associated with the summer period.
"There were also gains in the sale of household goods as consumers increased their outlays on electronic items, home furnishings and other durable goods by 7.1 percent year-over-year.
"In contrast tourist related sales contracted by 3.8 percent."
Both liquor stores and apparel sales registered an over seven percent gain respectively.
In terms of clothing stores, "sales promotions, new merchandise and enhanced sales techniques" were highlighted as contributing to a 7.8 percent surge over July, 2002.
A 7.1 percent gain in that time period in liquor sales was linked to an increase in the cost of wine and beer.
There were 27 shopping days in the July, 2003, including four Saturdays, the same as the previous year.
