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September's retail sales rise 7.8 percent

Consumers hit the stores in September, helping to drive the Retail Sales Index up almost eight percent, the Department of Statistics reported last week.

The RSI jumped 7.8 percent or $4.7 million more in retail sales recorded in September, 2005 as $65.7 million landed in reporting stores.

After accounting for the three percent inflation rate, the volume of sales was up 4.7 percent, compared to a 0.8 percent decline registered in August.

The Department of Statistics attributed part of the increase to the onset of Hurricane Florence, which sparked an 8.2 percent increase in grocery store sales as residents stocked up for a possible power outage.

Similarly, hardware stores experienced a 5.5 percent jump in sales as residents bought generators, tarpaulins, lanterns and other hurricane-related supplies.

Motor vehicle sales increased 6.4 percent following a sharp reduction in sales of 11.9 percent in August.

Clothing retailers registered their second consecutive monthly sales gain for the year. Gross revenue flows picked up 14.3 percent in September, following a 17.1 percent burst of growth in August. The sale increase reflects the second month of double-digit gains for the industry, although it also comes as retail sales from Trimingham's and Smith's were no longer being compared year over year.

Alcohol sales rose 16.9% in September compared to the corresponding period in 2005. The 16.9% increase was the largest monthly gain since the 20.2% jump registered in August 2005.

Despite the overall increases, overseas purchases continued to climb.

Residents returning to the island from business and vacation trips declared overseas purchases of $5.4 million, a slight increase from the $4.8 million spent in September 2005.

Overseas spending represented 7.6 percent of total retail sales in September, a slightly higher proportion than the 7.3 percent recorded last year.