Local Retail Sales Fall $3.5 Million in May
Local retail sales for May 2010 fell to an estimated $89.4 million, which is a drop of 3.8% or $3.5 million less than retail sales of the same month of last year. This marked the fourteenth consecutive month of declining retail sales, which began April 2009.
Bermudians continue to enjoy shopping overseas, with residents returning to the Island from business and vacation trips declared overseas purchases of goods valued at $6.4 million during May 2010, however this was 12.3% lower than the $7.3 million declared in May 2009. Combined local and overseas spending totalled $95.8 million during the month.
The current economic recession continued to afflict retailers of building materials and supplies. Less construction caused sales to plummet by 21.4% in May 2010. Sales in this sector have dropped consistently since August of 2009.
The full 4-page Retail Sales Index for May 2010 is below, click ‘fullscreen’ for greater clarity:
