Retail Sales Increased 4.5% In February
After adjusting for the retail sales rate of inflation – measured at 1.2% in February – the overall volume of retail sales increased 4.5% when compared to February 2020, according to the recently released Retail Sales Index.
Liquor Stores recorded the largest volume increase of 20.4 per cent.
A Government spokesperson said, “Today, the Minister for the Cabinet Office, the Hon. Wayne Furbert released the February 2021 Retail Sales, which indicated that the overall volume of local retail sales increased by 4.5%.
“This compares to the previous year’s local retail sales which reported a volume increase of 2.2%. The retail sales growth in February 2021 is the 8th consecutive month of increase compared to the same month in 2020. In value terms, retail sales rose 5.8% to an estimated $87.5 million.
Chart extracted from the report:
Minister Furbert said, “The retail sales growth in February 2021 is up for the 8th straight month compared to the same month in 2020. This consistent increase in activity is good news for Bermuda’s economy and many local businesses.”
“Five of the seven retail sales sectors experienced positive growth in February 2021. This was led by the liquor stores, which experienced the largest sales volume increase of 20.4 %. In February 2020, sales volume for liquor stores decreased by 3.9%.
Minister Furbert continued, “Building material stores also saw an increased 14.7% in volume. The growth in sales was associated with increased demand for items related to home improvement and large customer projects.”
“The All Other Store Types sector comprises a variety of stores selling household items, furniture, appliances, electronics, pharmaceuticals, marine supplies and tourist-related goods.
“In February 2021, this sector showed a notable 8.9% increase compared to a 3.0% increase in 2020.
“Also notable was the February sales volume for apparel stores, which increased 5.0% compared to a 16.0% decrease in 2020.
Minister Furbert said, “Total selected overseas declarations increased 36.0% in February 2021 compared to February 2020. The rise in overseas declarations was influenced by more imports of clothing and footwear by courier as well as higher imports of clothing, furniture, machinery, appliances and electrical equipment by sea.”
“There were some retail declines in February. Service Stations experienced a 4.1% decline in sales during the month and motor vehicle stores’ sales volume fell by 14.5%, compared to 2020 due to fewer cars and motorcycles being sold.
Minister Furbert concluded, “Since July 2020, Bermuda has experienced eight [8] consecutive months of increased retail sales activity. This glimmer of hope has truly helped local businesses and the economy overall. And I would like to thank residents once again, who during these challenging times, are playing a key role in supporting local businesses, keeping people employed and aiding our economy.”
The full February 2021 Retail Sales Index publication follows below [PDF here]:
Minister Furbert is also Minister for the Post Office. Flatts PO is closed due to staff shortages. Is this April 1? Staff shortages? Mail is down at least 50% with little coming in from abroad, and the PO is so overworked they can’t move staff around? This is Comedy Central and a real example of Government waste and inefficiency, and we the taxpayers pay the staff 100% of their salaries and benefits. Have a car and bike rally against this and more would probably join in. Oh wait those people are probably Government employees.
“Liquor Stores recorded the largest volume increase of 20.4 per cent.”
Enough said.
Flip flop f urbert in charge of mail too. Wow his talent is endless for a flip flop