Today, the Ministry of Economy and Labour released the July 2023 Retail Sales Index publication (attached). 

July’s retail sales volume increased 3.0 per cent compared to last year.  In value terms, retail sales increased to an estimated $113.7 million, which represented a 7.5 per cent rise in sales value year-to-year.

Five of the seven sectors recorded year-over-year volume index increases in July 2023:  

• Motor Vehicle Stores’ sales volume grew 18.3 per cent.

• Service Stations’ sales volume increased 2.3 per cent.

• The sales volume for Building Material Stores increased 43.8 per cent.

• The sales volume at Apparel Stores rose 2.2 per cent.

• In the All Other Store Types sector (comprising stores selling household items, furniture, appliances, electronics, pharmaceuticals and tourist-related goods), there was a 1.5 per cent increase in sales volume.

The following sectors had decreases in sales volume compared to the previous year:

• The sales volume for Food Stores fell 2.7 per cent.

• The Liquor Stores’ sales volume fell 14.1 per cent.

Selected overseas declarations increased 13.9 per cent compared to July 2022.

The public can review the July 2023 Retail Sales Index report in full at https://www.gov.bm/retail-sales-index-rsi.