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October retail sales plummet 6.6%

The Cabinet Office released the October 2021 Retail Sales Index (RSI) Friday night.

But the depressing numbers reflected the precipitous drop off in the retail industry.

October’s retail sales fell 6.6 per cent compared to last year.

In value terms retail sales fell 3.3 per cent, which represents an estimated $96.2 million compared to last year (October 2020).

Meanwhile, overseas declarations increased 13.6 per cent compared to October 2020.

The government said the rise in overseas declarations was influenced mostly by higher imports by households via sea, related to clothing, footwear and motorboats.

October’s retail sales activity did see increases in Building Material sales. This grew by 5.9 per cent due to a higher demand for home improvement products.

Sales of marine and boating supplies grew by 1.8 per cent during October 2021, although there were declines in various sectors.

Liquor Store sales fell 5.0 per cent, while Food Store sales decreased 2.9 per cent. This was due mainly to fewer shopping days during the month, the press statement said.

In the All Other Store Types sector (comprising of stores selling household items, furniture, appliances, electronics, pharmaceuticals and tourist-related goods), there was a 9.9 per cent decrease due to lower sales of furniture, appliances and electronics, as well as sales at pharmacies.

Service Station sales declined by 12.6 per cent; motor vehicle stores’ sales fell by 16.5 per cent; and Apparel Stores’ sales declined by 17.4 per cent.

The government statement said that the October 2021 Retail Sales Index report may be viewed at https://www.gov.bm/retail-sales-index-rsi.

Empty spaces: a scene in Washington Mall the week after Christmas, as vacant retail space increasingly became the norm in the city's flagship shopping centre (Photograph by David Fox)

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Published February 04, 2022 at 11:10 pm (Updated February 06, 2022 at 9:51 am)

October retail sales plummet 6.6%

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