On-Island sales receipts rise by $5 million
Food and liquor sales jumped last year helping to push the annual gross turnover in the Island’s retail sector to $1 billion.There was a $5 million increase in total retail sales receipts compared to 2011, according to the Quarterly Bulletin of Statistics.The main contributors to the higher level of retail sales in Bermuda last year were liquor and food store sales, which increased 8.2 percent and 5.8 percent, respectively.In the fourth quarter of 2012 alone, liquor and food experienced increases in sales value of 4.9 percent and 6.7 percent, respectively.Total retail sales for the fourth quarter of 2012 were estimated at $268.5 million. This represented a $0.4 million decrease year-over-year.Retailers of building materials, apparel stores and all other store types experienced lower sales activity in the fourth quarter of 2012, the bulletin showed.Motor vehicle dealers registered a 14.1 percent jump in gross receipts.Sales receipts for service stations rose 3.8 percent. Sales of building materials fell 28.5 percent year over year. This decline was due to the near completion of major commercial construction projects such as the redevelopment of the King Edward VII Memorial Hospital, combined with a decrease in sales related to residential construction.Sales activity for apparel stores dipped 5.3 percent and for all other store types by 4.9 percent.