News Release: HAMILTON, Bermuda – Today, the Minister for the Cabinet Office, Wayne Furbert released the February 2021 Retail Sales, which indicated that the overall volume of local retail sales increased by 4.5 percent
This compares to the previous year’s local retail sales which reported a volume increase of 2.2 percent.
The retail sales growth in February 2021 is the eighth consecutive month of increase compared to the same month in 2020.
In value terms, retail sales rose 5.8 percent to an estimated $87.5 million.
Minister Furbert said: “The retail sales growth in February 2021 is up for the eighth 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.”
Minister Furbert added: “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 percent.”
In February 2020, sales volume for liquor stores decreased by 3.9 percent.
Minister Furbert continued: “Building material stores also saw an increased 14.7 percent 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 percent increase compared to a 3.0 percent increase in 2020.
Also notable was the February sales volume for apparel stores, which increased 5.0 percent compared to a 16.0 percent 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 percent decline in sales during the month and motor vehicle stores’ sales volume fell by 14.5 percent, 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.”
Lastly, each of us has a role to play in stopping the spread of the coronavirus. Follow Public Health guidelines, wear a mask, practice good hand hygiene, maintain physical distance and download the WeHealth Bermuda app. Do the research, talk with your doctor and make an informed decision about getting the Covid-19 vaccine.
The public is encouraged to review the February 2021 Retail Sales Index report in full at https://www.gov.bm/retail-sales-index-rsi