Yacht race visitors help boost retail sales
Retailers are experiencing a booming season this summer but locals enticed by low air fares continue to shop overseas for certain bulk items according to Sasch owner Yvonne Cacace.
Mrs Cacace, who also owns Stefanel, Mambo, IANA and Quattro with husband Domenico, said sales have been boosted by a strong influx of tourists for the Newport-Bermuda yacht race and by residents shopping at home.
?Last weekend at Sasch was quite busy with the Newport-Bermuda race with visiting family members coming to Bermuda to meet sailors, their families and friends who attended sailing parties,? Mrs. Cacace said.
Tourism Minister Dr. Ewart Brown said last week that the race was the largest sports event in the Island?s history, worth $6 million to Bermuda?s economy.
Mrs Cacace also said a lot of tourists have been shopping on the Island drawn to Bermuda by lower air fares and some have been purchasing certain products unavailable in the US but she warns that low air fares are a double edged sword.
She said many locals have been shopping overseas during events such as Father?s Day and public holidayss such as May 24 and the Queen?s Birthday Holiday weekend.
?I think airfares are so low Bermudians are shopping abroad to purchase cheaper bulk items but this is not good for local retailers in the long run. Bermudians are not thinking about the Buy Bermuda Campaign.?
Kristi Grayston, co-chairperson of the Retail Division of the Chamber of Commerce said sales have been good this season for most retailers.
She also said sales have improved over last year with an increase in residents shopping in stores locally and she has noticed an influx of visitors with more disposable incomes.
?The Newport race was a busy week with a mix of participants and visitors.
?It was a bigger event than last time and with more boats there was more hype about the event.?
While sales may be robust, Ms. Grayston is concerned that the community is not aware of the long term impact of shopping overseas and shopping online.
She said the Retail Sales Index (RSI) does not include goods purchased by residents through the post office and through courier companies.
Ms. Grayston would like the RSI to include these types of purchases to assist the retail community in educating Bermudians about the extent to which overseas shopping hurt retailers.
?If we continue buying overseas we could be in danger of creating the perception there is no choice in Bermuda, so we could eventually end up fulfilling a self -fulfilling prophecy.?
TESS (The English Sports Shop) Group Fashion Director Julia Currelly said while the Newport event provided a boost it was not an outstanding retail event.
?Retailers are having a good season by virtue of the exit of Trimingham?s, existing retailers are filling that void, with competition in some categories and there has been an increase in volumes.
?We have increased our share of the market but it hasn?t necessarily got bigger.?
