Retail sales down 11 per cent in October

Shoppers spent an estimated $84.1 million — $7.6 million less (8.3 per cent) compared with the same period in 2009.

The figures were announced in the monthly Retail Sales Index.

The report also showed that all sectors of the retail industry reported year-on-year sales declines with the exception of service stations, which enjoyed a marginal increase. Residents returning to the island from business trips and vacation declared overseas purchases of $5.6 million in October.

As a result, combined local and overseas spending totaled $89.7 million during the month, down 7.3 per cent from last year.

Shopping

After adjusting for the annual rate of inflation, measured at 2.7 per cent in October 2010, retail sales contracted by 10.8 per cent.

There were 26 shopping days in October 2010, one less than the same month the previous year. Retail sales in food stores slipped 0.9 per cent despite a 3.6 per cent increase in the average price of food items.

Liquor sales were down 5.4 per cent compared with the same period the previous year.

Apparel retailers saw a 12.5 per cent decline, while motor vehicle stores experienced a 19.5 per cent drop in sales receipts.

Sales revenue of building material and hardware retailers fell by a staggering 28.9 per cent during October 2010.

This was blamed on the general decline in the construction industry resulting in lower demand.

Service stations saw a one per cent increase in sales, attributed to a 2.5 per cent hike in gas prices.

Travel

Sales revenue fell nine per cent within all the other store types, with tourist-related stores suffering a 21.7 per cent decline, the largest within the sector.

Residents returning from travel overseas declared $5.6 million worth of goods in October 2010 — an increase of 9.8 per cent year-on-year or $0.5 million more.