February Retail Sales Fall 5.8%

April 20, 2011

Gross sales revenue from local retailers fell 5.8% to an estimated $70.3 million in February 2011.

Retailers of building materials and motor vehicles reported the largest sales decreases, with both sectors experiencing double-digit percentage declines during the month. Sales levels of motor vehicles plunged 26.8% below the level recorded in February 2010.

Residents returning to the Island from business and vacation trips declared overseas purchases of $3.5 million during February 2011. This was 7.9% below total declarations made in 2010.

The full 4-page report is below, click ‘Full Screen’ to enlarge:

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Comments (2)

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  1. sigh says:

    If there is some good news in this, it is that tourist expenditure seems to be up in the touristy stores etc. Hopefully that trend continues. In addition, retail clothing sales are up.
    Bermudians have to realise that altho some prices are higher here and there may not be as much variety, it is vitally crucial to support your own economy. Too many of us are taking shopping trips overseas exclusively to shop. Yes we may save a few dollars here and there, but the net effect is less especially if it begins to negatively impact our own economy. If these local stores close then inevitably there will be an affect on all of us. I know this is not the popular view, but it is one that we all should consider.
    When people ask you to Buy Bermuda, it isn’t just to participate in the slogan of the moment. It is to keep Bermuda’s economy ticking and to keep people employed.

    • Been there says:

      Sorry, Sigh, but I can’t agree with your point of view. Why shouldn’t consumers try to “save a few dollars here and there”? It’s nuts to spend more money than you have to for something you don’t really want. Retail business is not about making store owners feel good; it’s not about keeping people in work or even supporting the local economy. It’s about simple supply and demand. You supply something that is in demand, because it is better than what your competitors offer. It’s simple economics.

      Prices here will continue to rise as the cost of oil goes up. Higher oil prices = higher shipping costs. That is not something that can be blamed on local shoppers.