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Another slump in retail sales

Retail sales in Bermuda have fallen yet again.

Retail spending fell yet again last November, according to figures released this morning by Government.In another blow to the Island's retail sector, the retail sales index showed that consumers spent an estimated $83.6 million during November – a decrease of 2.8 percent or $2.4 million less than in November 2009. Sales have declined every month for more than 20 months.But after adjusting for the annual retail sales rate of inflation, measured at 2.8 percent in November, the volume of retail sales contracted by 5.4 percent.According to the report: “All sectors experienced year-over-year declines in sales activity with the exception of apparel stores and service stations.”Residents returning to the Island from business and vacation trips declared overseas purchases of $7.9 million, or 2.6 percent more than in November 2009. “As a result, combined local and overseas spending totalled $91.5 million during the month, a decrease of 2.4 percent year-over-year,” said the report.