August 2013: Retail Sales Decline In All Sectors
According to the Retail Sales Index, total retail sales in August 2013 fell 3.2%, and after adjusting for the annual retail sales rate of inflation [measured at 1% in August 2013] the volume of retail sales decreased by 4.1%
All retail sectors registered declines in retail sales during August 2013, with retailers of building materials recording the largest decline in sales of 17.5% year-over year.
The full August 2013 Retail Sales Index is below [PDF here]:
I hope they didnt expect them to go up.
Let’s see now .
Thousands have left the island. Both international workers and locals.
Thousands now unemployed and more to be made so .
Thousands jittery about their employment status .
Those few still oblivious to what’s going on are still spending as normal.
Everyone else is counting and watching every red cent they have.
Yet prices continue to go up as though everything is normal and the economy is growing.
Things are still a far way from adjusting the way they must eventually
do.
Those that have lost their jobs and can’t find new work have made the ultimate sacrifice. Next is the people who have had a pay cut. Then next are those who might have to be working longer for the same pay.
Now it’s time for the service providers to make their sacrifice.
What!!! THe OBA did not wave its magic wand & instantly fix the PLPs economic dung pile left them in December?
Cause that’s what they promised. So far their economics have been just brilliant:
1. tax breaks for the richest
2. scaling back financial assistance
3. increases in taxi fares
4. a few more tax breaks for the richest, and
5. a tax to increase the price of gas
Such brilliant minds at work.
Imagine what 800mil could have done.
You forgot pay cut for the largest employer in Bermuda. The decline in retail will only get worse. Just wait till you see Oct’s report
That is mot what they promised. Another PLP myth.
NO, when you believe everything the PLP say; and still don’t hold them the least bit responsible for the current state BDA is in; these are things you actually believe.
they lied to us….they said they had the magic wand… so yes I am disappointed…and blame the OBA…
When?
You’re hysterical Rhonda. You actually believe (or heard) them say the had a magic wand ? ?
You and BT are two peas in a pod. Did you buy it when Paula said that the economy was fine and growing ? Or that other fool who said debt was good ?
You all try to act like you were lied to by the OBA when in fact you never voted for them and never would.
I’m not an economist but isn’t this the result of a broken island, and this time next year we can blame it on the C of H and their stupid no parking in Hamilton rules
Turn the lights out Hmmmmm……………………
What did the stores in Bermuda expect,
we get surly and lazy and often rude treatment from the sales staff that are always on their dam cell phone texting or chatting to their lover.
The prices are way too high.
C.of H. Gestapo out looking to clamp cars or slap a ticket on your ‘screen.
Shop Bermuda?…NOT unless I have no other option…
NYC offers much better and more fun.
There are model retailers here that can save you money over buying it yourself, like M&M and Bate’s and a few others. We should support these businesses and let the deep pocket retailers whither. Shop around, but don’t forget to do the math and check these local companies before buying. It’s important they survive!
More PLP fallout!
These consistent numbers across the board suggest to me that there has been a decrease in population. The decrease in population has been caused by:-
Anti IB rhetoric and legislation (Yes the Rhetoric (ie, no cars for expats etc is AS important as the actual legislation).
Greedy Landlords, Greedy service sector companies, Greedy retail making living in Bermuda an unfriendly and too expensive place for expats, hardworking ambitious educated Bermudians and IB companies with potential to relocate.