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Retail sales jump 16.5 percent

Retail sales have rocketed with purchases in June up 16.5 percent from the 7.3 percent recorded in May.

Gross turnover in the retail sector was estimated at $66.4 million ? up $9.4 million from the previous year.

Total retail sales in June exceeded that of December ? traditionally the industry?s biggest sales month.

All sectors reported high gains with apparel stores and motor vehicle dealers playing a big part in the boom with double-digit year-over-year increases.

After adjusting for the annual rate of inflation, measured at 2.8 percent in June 2005, the volume of retail sales climbed 13.3. percent.

Discounted sales at major department stores helped boost sales with business up 23.7 percent with sales strong in both tourist and retail stores.

Motor car sales were up for the fifth consecutive month with new model lines fuelling demand and pushing sales 50 percent higher than June 2004.

There was a price reduction for some older models ? sales for this sector have averaged 25.5 percent in the last five months.

Gross receipts for food stores rose 5.5 percent in June 2005, reflecting in part the 2.9 percent increase in the price of food that month.

Liquor sales were up 8.5 percent over the 4.8 percent from May, following a very slight increase in wine and beer prices.

Building material suppliers posted a 9.7 percent increase while other stores posted an increase of 14 percent gross rise in sales, reflecting a seasonal rise in demand for outdoor furniture, equipment and supplies.

Gas stations reported a 16.6 percent boost in sales reflecting higher pump prices.

Residents returning to the island from trips declared $4.3 million in purchases ? lower than the $4.5 million in June 2004.

Combined local and overseas retail sales totalled $70.7 million in June 2005, $9.3 million more than June of last year.

While local sales advanced 16.5 percent, the decline in overseas spending resulted in a lesser share of combined retail sales, falling from 7.3 percent to 6.1 percent in June 2005.