Retail sales plummet to a five-year low – The Royal Gazette | Bermuda News, Business, Sports, Events, & Community

Log In

Reset Password
BERMUDA | RSS PODCAST

Retail sales plummet to a five-year low

This January was the worst month for overall local sales in the past five years with just $74.9 million being spent on Island, a 5.9 percent reduction from the previous year.

When inflation is taken into account retail sales contracted by 7.8 percent.

The slump came after some sectors had reported a promising November and December. During both months the apparel sector saw sales grow when compared to the previous year's figure. The growth ended in January, sales fell 5.3 percent compared to 2010.

Companies selling building materials saw January revenues drop 46 percent in the past five years.

Yesterday, the Retail Sales Index revealed $55.9 million was spent on building materials in January this year. The figure is a 13.9 percent drop compared to January 2010 and down 46 percent from $103.8 million spent in January 2006.

The only sector to see an increase was service stations. Retail sales there rose 2.2. percent but the Department of Statistics said this was “directly attributed” to a 4.6 percent rise in gas prices.

Meanwhile, some residents were not heeding the Chamber of Commerce's “Buy Bermuda” appeal.

Residents spent $5.1 million this January overseas, up $100,000 compared to last year.

Previously Kristi Grayston, chairman of the retail division of the Bermuda Chamber of Commerce, predicted a tough winter for the retail sector. She told this newspaper it could lead some retailers closing their business.

“I know times are tough for everybody and people are shopping less, which I can understand, but there has got to be some support of local retailers,” she said. “Why would anybody enter into retail with these numbers? A lot of people in retail are also probably looking at these figures and saying: ‘Do I want to continue?'”

Retail sales in Bermuda plummeted to a near six-year low.

You must be Registered or to post comment or to vote.

Published March 23, 2011 at 10:00 am (Updated March 23, 2011 at 10:05 am)

Retail sales plummet to a five-year low

What you
Need to
Know
1. For a smooth experience with our commenting system we recommend that you use Internet Explorer 10 or higher, Firefox or Chrome Browsers. Additionally please clear both your browser's cache and cookies - How do I clear my cache and cookies?
2. Please respect the use of this community forum and its users.
3. Any poster that insults, threatens or verbally abuses another member, uses defamatory language, or deliberately disrupts discussions will be banned.
4. Users who violate the Terms of Service or any commenting rules will be banned.
5. Please stay on topic. "Trolling" to incite emotional responses and disrupt conversations will be deleted.
6. To understand further what is and isn't allowed and the actions we may take, please read our Terms of Service
7. To report breaches of the Terms of Service use the flag icon