Retail sales fall 15% in May – The Royal Gazette | Bermuda News, Business, Sports, Events, & Community

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Retail sales fall 15% in May

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Retail sales volume in May was down 15 per cent year-on-year. The drop largely reflected the impact of Covid-19 safety restrictions that month, which included curfew hours and kerbside pick up sales for some businesses.

In value terms, retail sales fell 13.9 per cent to an estimated $86.4 million

Wayne Furbert, Minister for the Cabinet Office, said: “After adjusting for the retail sales rate of inflation, measured at 1.3 per cent in May, the overall volume of local retail sales decreased 15 per cent.

“Retail sales activity was affected by coronavirus restrictions such as curfew hours and primarily curb side pick-up for some retail establishments with the exception of permitted businesses such as food stores, pharmacies and service stations.”

Mr Furbert added: “Total selected overseas declarations decreased 28.8 per cent in May 2020 compared to May 2019. Overseas declarations includes imports received via courier, residents through the airport, households by sea and the Bermuda Post Office.”

During May foods stores' sales volume increased 4.8 per cent, and liquor stores' sales volume increased 19.6 per cent.

The biggest percentage decrease in sales volume was for apparel stores, which dropped 76.5 per cent year-on-year.

Motor vehicle stores saw a reduction of 30.7 per cent in sales, while service stations had a sales volume contraction of 29.2 per cent.

Building material stores' sales volume fell by 18.7 per cent, and all other store types' sales declined 26.2 per cent.

The Retail Sales Index was published by the Department of Statistics.

Less sales: the retail sales volume index fell to 85.8 in May. Sales volume fell 15 per cent, year-on-year. The value of retail sales during the month was $86.4 million (Graphic by Department of Statistics)

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Published September 27, 2020 at 7:41 pm (Updated September 28, 2020 at 1:53 am)

Retail sales fall 15% in May

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