Today, the Minister for the Cabinet Office the Hon. Wayne Furbert, JP, MP, released the May 2019 Retail Sales Index publication from the Department of Statistics.
The Minister explained, “After adjusting for the retail sales rate of inflation, measured at 0.8 per cent in May, the overall volume of local retail sales decreased 4.4 per cent since May 2018. In addition, the total value of retail sales in May decreased by 3.5 per cent year-over-year.”
Highlighted below are the year-over-year May 2019 sales volume changes for the local retail sectors:
- Apparel Stores’ sales volume declined 18.0 per cent.
- All Other Store Types’ sales volume decreased 8.0 per cent.
- Liquor Stores’ sales volume decreased 4.1 per cent.
- Building Material Stores’ sales volume declined 3.8 per cent.
- Service Stations’ sales volume declined 3.4 per cent.
- Motor Vehicle Stores’ sales volume declined 0.5 per cent.
- Food Stores’ sales volume decreased 0.4 per cent.
Minister Furbert stated, “I met with members of the Chamber of Commerce Retail Sector to discuss ways the Government can assist them. I made it clear that the industry must make changes to face the challenges of local retail sales being affected by purchases overseas. I also encourage residents to shop more locally.”
The Minister also explained, “Year-over-year, imports via courier increased $1.1 million to $12.5 million largely due to imports of clothing, medicaments and jewellery. Imports by households via sea rose $0.8 million to $1.5 million reflecting higher direct imports of furniture, clothing, liquor, and jewellery. Imports via the post office increased $0.1 million to $0.6 million. In contrast, declarations of returning residents via the airport declined $0.1 million to $5.2 million.”
The May 2019 Retail Sales Index publication is available online at https://www.gov.bm/retail-sales-index-rsi