Retail Sales Index: March Sales Drop 1%

May 10, 2013

Retail sales fell 1% during March 2013, according to the Retail Sales Index. Consumers spent $84.8 million on retail goods representing a decrease of $0.8 million year-over year.

Among the retail sectors, motor vehicle dealers reported the largest decline in sales of 18% while receipts from food sales rose 7% compared to March 2012, while sales revenue for liquor stores increased 4.7%.

Residents returning to the Island declared overseas purchases valued at $3.7 million during March 2013. This was 2.8% more than the $3.6 million declared in March 2012.

After adjusting for the annual retail sales rate of inflation, measured at 1.8% in March 2013, the volume of retail sales fell by 4.7%.

The full March 2013 Retail Sales Index is below [PDF here]:

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Comments (6)

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  1. Seriously.... says:

    No No No … Bloomberg doesn’t agree. Night and day remember!

  2. Jus' Askin' says:

    Does anyone know how many months, retail sales have steadily dropped in Bermuda?

    • Jus' Askin' says:

      After doing a brief research myself. It seems Bermuda has only seen one true positive month of increased retail sales, after adjusting for rate of inflation, since December 2008. It always concerns me when not many people comment on news like this.The fact that is has been over 50 MONTHS of decline in retail sales in Bermuda and not many comment, worries me.
      To know sales are less than the same time the year before, which were less than the year before that, which were less than the year before that, which were less than the year before that, is disturbing. Can Bermuda really and truly come back from this?

  3. blankman says:

    Goods declared by returning residents increased by 3.6%. I have no idea why this is relevant since residents no longer have to make any declaration if the goods they’re bringing back fall below their personal exemption. That means there is no way to compare.

  4. landlord says:

    Retail sales might climb if stores stayed open past 5pm. Prices were more competitive and product catalogs were made available to online shoppers.

    • Jus' Askin' says:

      What is ‘more competitive’ pricing?