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Retail sales down for third consecutive month

The latest figures for retail sales continue a miserable trend with September’s retail sales down 3.8 per cent compared with last year, according to the Retail Sales Index (RSI) just released by the Cabinet Office.

It was the third consecutive month of decline, with shrinkage in various sectors compared with September last year.

Building material stores’ sales decreased 23.7 per cent because of lower demand for home improvement products. Sales for service stations decreased by 13.2 per cent.

Apparel stores’ sales declined 11.9 per cent, and liquor stores sales and food store sales decreased 5.4 per cent and 2.2 per cent respectively in September this year.

The All Other Store Types sector comprises a variety of stores selling household items, furniture, appliances, electronics, pharmaceuticals, marine supplies and tourist-related goods.

This sector registered a 4.0 per cent decrease owing mostly to lower sales of furniture, appliances and electronics which offset increased sales of jewellery and marine supplies.

September’s retail sales activity saw increases in motor vehicle sales, which grew 18.7 per cent because of a higher number of cars being sold.

Also up was overseas spending.

During September this year, overseas declarations increased 15.3 per cent compared with September 2020.

The rise in overseas declarations was as a result of of higher imports of clothing, furnishings and electrical machinery and equipment.

The public is encouraged to review the September 2021 Retail Sales Index report in full at https://www.gov.bm/retail-sales-index-rsi.

The declining face of retail on Reid Street (Photograph by David Fox)

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Published December 31, 2021 at 7:59 am (Updated December 31, 2021 at 2:24 pm)

Retail sales down for third consecutive month

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