No let-up for shop owners as retail sales plunge – The Royal Gazette | Bermuda News, Business, Sports, Events, & Community

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No let-up for shop owners as retail sales plunge

Retail sales fell by almost 11 percent in October, figures released this morning show.

According to the Retail Sales Index, shoppers spent an estimated $84.1 million a decrease of 8.3 percent or $7.6 million less than in October last year.

According to the report, all sectors in the retail industry reported year-over-year sales declines with the exception of service stations, which reported a minimal increase in sales revenue.

Residents returning to the Island from business and vacation trips declared overseas purchases of $5.6 million last October and as a result, combined local and overseas spending totalled $89.7 million during the month, down 7.3 percent from the October 2009 levels.

However, after adjusting for the annual retail sales rate of inflation, measured at 2.7 per cent, the volume of retail sales contracted by 10.8 percent.

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Published December 14, 2010 at 1:00 am (Updated December 14, 2010 at 1:19 pm)

No let-up for shop owners as retail sales plunge

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