RETAIL SALES INDEX

JULY 2020

LOCAL RETAIL SALES million.

Four of the seven retail sectors recorded higher
Sales Volume Increased 1.5 Per Cent
sales volumes with Building Material Stores
After adjusting for the retail sales rate of inflation, recording the largest volume increase of 13.0 per
measured at negative 0.2 per cent in July, the cent.
overall volume of retail sales increased 1.5 per cent
when compared to July 2019. In value terms, retail Excluding Sundays, there were 25 shopping days,
sales rose 1.3 per cent to an estimated $105.8 two less than July 2019.

SUMMARY STATISTICS
Local Retail Sales Selected Overseas Declarations (See Note)
Value ($M)
By By Via Annual
Period Annual % Sales Estimate
Index House- Bermuda
Change ($M) Via Residents Total %
holds Post
Courier Via Airport Via Sea Office
Volume Value Volume Value Volume Value (a+b+c+d) Change
(a) (b) (c) (d)
2019
Jul 104.1R 112.0R +1.2R 0.0R 97.2R 104.5R 14.5 4.3 2.2 0.4 21.4 +26.3
Aug 91.3 97.5 -7.6 -7.0 85.2 90.9 10.4 6.6 1.6 0.3 18.9 0.0
Sep 89.8 95.9 -4.4 -3.8 83.9 89.5 8.8 4.5 2.2 0.3 15.8 -0.6
Oct 91.7 98.0 -3.6 -3.2 85.6 91.5 11.4 5.1 1.5 0.5 18.5 -1.1
Nov 92.8 99.3 -3.2 -2.1 86.7 92.7 12.9 5.8 1.9 0.5 21.1 +9.3
Dec 104.4 111.7 -4.2 -3.3 97.5 104.2 13.8 7.7 2.1 0.7 24.3 +19.1
2020
Jan 84.2 90.4 -3.1 -2.4 78.7 84.4 10.7 4.8 1.8 0.5 17.8 +14.1
Feb 81.9 87.9 +1.4 +2.2 76.5 82.0 11.3 3.4 1.3 0.4 16.4 +3.1
Mar 96.4 103.4 +3.5 +4.3 90.0 96.5 13.5 1.9 1.4 0.2 17.0 +3.0
Apr 64.1 68.9 -30.6 -30.1 59.8 64.3 11.2 0.0* 0.9 0.0* 12.1 -34.9
May 85.8 92.6 -15.0 -13.9 80.1 86.4 12.7 0.0* 1.3 0.1 14.1 -28.8
Jun 93.7 101.3 -6.0 -4.8 87.5 94.5 12.9 0.1 2.0 0.0* 15.0 -11.8
Jul 105.7 113.4 +1.5 +1.3 98.8 105.8 15.6 0.6 3.3 0.0* 19.6 -8.4
The Retail Sales Index (RSI) is based on a matched sample of reporting local retail stores. The sales data are collected from
these stores via a monthly mail survey.
NOTE: Data on selected overseas declarations have been expanded as of December 2018 to show categories that represent a
combination of goods purchased directly from overseas, online shopping, gifts, etc. In August 2019, the total selected overseas
declarations and annual percentage change were added.
*See page 2 - Analysis of Selected Overseas Declarations
 RETAIL SALES INDEX — JULY 2020

Building Material Stores increase in prices for food and alcohol of 2.2 per
cent and 3.5 per cent, respectively. Retailers
The volume of sales for Building Material Stores
attributed the rise in sales to more on-island
increased 13.0 per cent as a result of higher
spending by residents due to limited overseas
demand for construction supplies for residential
travel.
projects that could not be carried out during the
Coronavirus 2019 (COVID-19) shelter-in-place
restrictions. In value terms, sales revenue for Motor Vehicle Stores
Building Material Stores was 13.9 per cent high-
er. The Motor Vehicle Stores sales volume declined
marginally by 0.8 per cent reflecting mostly few-
er sales of heavy vehicles. The value of sales re-
All Other Store Types ceipts decreased 3.5 per cent in comparison to
During July 2020, the sales volume for the All July 2019.
Other Stores Types rose 6.3 per cent. In value
terms, sales for this sector increased 6.9 per cent.
The value of sales for marine and boat suppliers Service Stations
was 59.7 per cent higher as a result of more boat After adjusting for inflation, the volume of sales
sales. The sales value of furniture, appliances for Service Stations fell 8.7 per cent. The value
and electronics increased 27.0 per cent. In of sales for Service Stations declined 18.9 per
contrast, the sales value for pharmacies slipped cent which also reflected a drop of 11.3 per cent
2.8 per cent while gross receipts of miscellaneous in the price of fuel during July 2020.
goods dropped 42.2 per cent which reflected
fewer sales in tourist-related stores.
Apparel Stores
The sales volume for Apparel Stores declined
22.6 per cent in July 2020. In value terms, sales
revenue for Apparel Stores decreased 21.7 per
cent.

SELECTED OVERSEAS DECLARATIONS

(VALUE)*
Year-over-year, imports via courier increased
$1.1 million to $15.6 million due to more imports
of medicaments and clothing. Imports by house-
Food and Liquor Stores
holds via sea rose $1.1 million to $3.3 million as
Year-over-year, the sales volume of Food Stores a result of higher imports of clothing and electri-
and Liquor Stores increased 2.2 per cent and 11.1 cal machinery. Limited commercial flights dur-
per cent, respectively. In value terms, the sales ing July 2020 resulted in declarations by return-
value for Food Stores rose 5.7 per cent higher ing residents falling $3.7 million to $0.6 million.
while Liquor Stores was 15.1 per cent higher. Imports via the Bermuda Post Office declined
The higher sales value was attributed partly to the $0.4 million to $58,000.

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 RETAIL SALES INDEX — JULY 2020

Table 1 Local Retail Sales Index and Per Cent Changes

Average Monthly Sales Volume 1,4,5
2015=100

Total Food Liquor Motor Service Building Apparel All Other

2 3
Period Retail Stores Stores Stores Vehicle Stores Stations Material Stores Store Types
Index % Index % Index % Index % Index % Index % Index % Index %
2019
Jul 104.1R +1.2R 107.3 +2.8 110.4 0.0 100.2R +4.3R 123.4 +4.1R 87.6R -25.4R 77.0R -8.0R 112.3R +4.5R
Aug 91.3 -7.6 94.1 -7.8 91.6 -11.7 65.3 -20.5 105.9 -1.5 100.4 -15.0 72.3 -11.4 92.0 -3.9
Sep 89.8 -4.4 97.1 -2.3 86.4 -2.7 61.2 -26.9 99.9 +3.2 113.9 -19.2 64.5 -16.6 85.7 +1.5
Oct 91.7 -3.6 98.6 +0.9 81.0 -5.2 78.3 -21.4 96.4 +1.0 102.2 -14.3 60.6 -14.0 91.5 -2.8
Nov 92.8 -3.2 95.6 +0.6 81.3 -3.4 69.6 -18.6 90.2 -4.4 104.6 -10.7 86.0 -16.1 95.3 -0.3
Dec 104.4 -4.2 101.3 -1.4 102.4 -6.2 72.1 -14.1 89.0 -2.7 82.5 -7.6 127.3 -16.4 118.2 -2.0

2020
Jan 84.2 -3.1 92.1 -2.0 64.4 +0.3 85.7 -4.6 82.9 -2.1 93.1 -14.9 47.3 -12.9 82.0 -2.5
Feb 81.9 +1.4 91.1 +5.6 66.3 -3.1 75.1 +4.9 81.7 +1.2 93.9 -14.2 39.8 -16.2 80.9 -0.4
Mar 96.4 +3.5 123.5 +24.2 92.1 +12.6 48.5 -36.7 79.8 -11.7 164.0 +15.3 24.0 -62.6 84.9 -5.4
Apr 64.1 -30.6 110.2 +17.5 108.9 +39.1 0.8 -99.0 36.8 -59.2 17.8 -82.3 2.1 -97.1 39.6 -59.9
May 85.8 -15.0 107.0 +4.8 115.3 +19.6 60.4 -30.7 72.9 -29.2 81.5 -18.7 19.3 -76.5 79.5 -26.2
Jun 93.7 -6.0 104.6 +0.4 105.9 +4.4 64.2 -18.1 89.4 -23.6 106.6 +7.5 74.6 -44.2 106.6 +1.7
Jul 105.7 +1.5 109.7 +2.2 122.7 +11.1 99.4 -0.8 112.7 -8.7 99.0 +13.0 59.6 -22.6 119.4 +6.3

Table 2 Local Retail Sales Index and Per Cent Changes

Average Monthly Sales Value 1,4,5
2015=100

Total Food Liquor Motor Service Building Apparel All Other

2 3 Material
Period Retail Stores Stores Stores Vehicle Stores Stations Stores Store Types
Stores
Index % Index % Index % Index % Index % Index % Index % Index %
2019
Jul 112.0R 0.0R 118.5 +6.1 132.7 +4.1 99.5R +4.0R 142.8 +4.4 88.8R -25.4R 81.2R -7.9R 118.0R +4.7R
Aug 97.5 -7.0 103.8 -4.5 110.4 -7.7 64.9 -20.7 115.7 -6.0 102.5 -14.4 76.3 -11.3 96.2 -4.4
Sep 95.9 -3.8 107.3 +0.8 105.8 +3.0 60.8 -27.0 109.8 -0.7 116.3 -18.6 68.0 -16.5 89.6 +1.1
Oct 98.0 -3.2 108.8 +3.2 98.7 +0.1 77.8 -21.0 107.0 -3.1 104.3 -13.7 64.2 -13.5 96.0 -2.2
Nov 99.3 -2.1 106.3 +4.0 98.1 +0.9 69.2 -18.2 98.4 -5.0 106.7 -10.1 91.1 -15.6 100.4 +0.3
Dec 111.7 -3.3 112.6 +1.4 123.8 -1.9 71.6 -13.7 96.7 -3.7 84.3 -6.9 134.9 -15.8 124.6 -1.4

2020
Jan 90.4 -2.4 103.8 +0.1 77.4 +3.9 85.1 -4.5 90.6 -2.5 95.0 -14.3 50.2 -12.1 86.7 -1.5
Feb 87.9 +2.2 102.6 +8.3 80.2 +0.9 75.2 +5.9 87.5 -1.2 95.8 -15.1 42.2 -15.6 85.6 +0.4
Mar 103.4 +4.3 139.0 +27.8 113.0 +18.0 48.6 -36.1 85.5 -16.0 167.4 +14.0 25.4 -62.4 90.0 -4.1
Apr 68.9 -30.1 125.1 +22.2 135.1 +46.5 0.8 -99.0 39.4 -62.2 18.2 -82.5 2.3 -97.0 41.7 -59.6
May 92.6 -13.9 122.8 +9.7 142.7 +23.4 60.5 -30.1 78.1 -32.7 83.2 -18.8 20.6 -76.1 83.9 -25.4
Jun 101.3 -4.8 119.4 +4.1 131.4 +6.6 64.6 -17.2 95.8 -25.6 108.8 +8.3 79.7 -43.3 112.6 +2.6
Jul 113.4 +1.3 125.3 +5.7 152.7 +15.1 96.0 -3.5 115.8 -18.9 101.1 +13.9 63.6 -21.7 126.1 +6.9
1 4
Index numbers are subject to revisions Adjustments are not made for a 4/4/5 calendar month
2 5
Includes household supplies but excludes alcoholic beverages The yearly series reflect annual changes.
3 R
Does not include sales to bars, clubs, hotels and restaurants Represents revised

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 RETAIL SALES INDEX — JULY 2020

TECHNICAL NOTE  Service Stations

 Building Materials
Readers should note that the calculation of the retail
sales volume uses price indices from the Consumer  Apparel Stores
Price index (CPI) to deflate the sales values  All Other Store Types
collected by retailers. While the COVID-19
Total retail stores across the seven sectors
pandemic did not directly affect the collection of
represent roughly 70% of all retail activity on the
data for the Retail Sales survey, it did impact some
Island. The base period 2015 recorded a gross
of the price data used to produce the CPI due to
turnover in retail sales of $1.1 billion.
issues with collection. Specifically, two of the nine
sectors in the July 2020 CPI had missing prices Retail outlets that participate in the retail sales
which were imputed: Food and Transport & Foreign survey and trade in similar types of goods are
Travel. grouped into these seven sectors. It is important to
note that sector classifications are not interchange-
able with commodity classifications. This is be-
Please refer to the technical note in the July 2020
cause most retail outlets sell several kinds of com-
CPI publication at https://www.gov.bm/bermuda-
modities. The sector classification reflects gener-
business-statistics for further details on price impu-
ally the individual commodity or the commodity
tation.
group, which is the primary source of the establish-
ment’s receipts, or some mixture of commodities,
EXPLANATORY NOTES
which characterizes the establishment’s business.
The RSI was first developed in 1982. It is a key
economic indicator used to assess the current CONCEPTS AND DEFINITIONS
performance of sales activity in the local retail
sector of the economy. Base Period
The RSI is a self-weighting index. This means that This is the time period used as a reference point for
stores reporting a large value of sales have a greater measuring the shift in the value of retail sales. The
impact on the movement of the index than stores base period for the Bermuda RSI is 2015.
reporting a low level of sales activity.
The RSI serves to:
Estimated Gross Turnover
1) measure monthly and annual movements of Estimated gross turnover is the total value of retail
retail sales sales generated in the retail sector. It is calculated
2) provide an estimated gross turnover of sales in by applying the all-items index number for the
the local retail sector current month to the average monthly sales figure
3) act as a barometer of change in the level of determined in the base year.
demand for both the domestic and tourist
markets Gross Sales
Gross sales (volume and value) are sales for which
The index is structured into seven broad sectors:
no deductions have been made for the return of
 Food Stores merchandise, allowances and discounts.
 Liquor Stores
 Motor Vehicle Dealers

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 RETAIL SALES INDEX — JULY 2020

Retail Establishment Value Sales

Retail trade is the sector of the economy that The dollar value of a quantity of goods and
includes establishments that are engaged in the services sold for cash or credit. Sales include the
sale of merchandise for personal or household amounts received from customers for: immediate
consumption and in the rendering of services that and layaway purchases; rentals; installations;
are incidental to the sale of the merchandise. maintenance; repairs and alterations.
Selected Overseas Declarations Volume Sales
Overseas declarations reflect the value of goods The dollar value of a quantity of goods and
declared, whether for personal or business use, by services sold at current retail market prices
returning residents via the airport, imports via adjusted to eliminate the effect of price change.
couriers, imports via the Bermuda Post Office and
the value of non-commercial imports by house-
holds via sea.

October 2020
Department of Statistics
Cedar Park Centre,
48 Cedar Avenue, Hamilton HM 11, Bermuda
P.O. Box HM 3015
Hamilton HM MX, Bermuda
Tel: (441) 297-7761, Fax: (441) 295-8390
E-mail: statistics@gov.bm
Webpage: www.gov.bm/department/statistics

@BermudaStats

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