July 2010: Retail Sales Drop by 6%
Consumers spent an estimated $94.7 million on retail sales during the month of July 2010, a decrease of 6% or $6 million less than total sales recorded in the same month of last year. Retail sales have consistently declined for sixteen consecutive months since March 2009 when there was no movement in sales activity.
Building materials and motor vehicle retailers suffered the largest declines in sales this month.
Residents returning to the Island from business and vacation trips declared overseas purchases of goods valued at $5.4 million during July 2010. This was 8% higher than the $5 million declared during July of last year.
After adjusting for the annual retail sales rate of inflation, measured at 2.4 per cent in July 2010, the volume of retail sales contracted by 8.1%. Combined local and overseas spending totaled $100.1 million during the month.
So all local and overseas spending on retail sales was $6,000,000 lower than July 2009. However, overseas spending was up by 8 percent or $400,000. This meant that the local retail market actually felt the impact of a reduction of $6,000,000 not spent locally; and did not get that additional $400,000 spent overseas. Overall then, the local retail market actually felt the impact, in dollars-over-the-counter, of what was almost a 7% reduction in total national sales. This impact on local retailers is masked by overseas spending. Local retail sales have been falling for sixteen consecutive months.
The full 4-page Retail Sales Index for July 2010 is below, click ‘Fullscreen’ for greater clarity:
The retailers actually do it to themselves (along with government charging large taxes) The mark-up is too much and the quality of some of the goods “leave little to be desired”… for example I have brought cotton summer dresses that I wear while home or if I am slippig into Hamilton…I have payed anywhere from $15.99 – $19.99 and I kid you not I went into a Hamilton store (will be polite and not name) and the EXACT same dress cost $69.99 ….please note that I did loudly exclaim..are you serious!! I thought I was on candid camera for a minute! I know that they have to mark things up to cover things like rental of property, electricity and the like and than make a profit…but please!!! If everybody worked hand in hand (meaning cut the greed) we may be able to keep the money here! If you can get more “bang for your buck” elsewhere why would you shop here!!!!!