RETAIL SALES INDEX

APRIL 2020

LOCAL RETAIL SALES sales volumes with Liquor Stores recording the
largest volume increase of 39.1 per cent.
Sales Volume Decreased 30.6 Per Cent
After adjusting for the retail sales rate of inflation, Excluding Sundays, there were 25 shopping days
measured at 0.8 per cent in April, the overall which was the same as in April 2019. However,
volume of retail sales decreased 30.6 per cent retail sales activity in April 2020 was affected by
when compared to April 2019. In value terms, re- Coronavirus (Covid-19) restrictions such as the
tail sales fell 30.1 per cent to an estimated $64.3 shelter-in-place order, curfew hours and mandatory
million. closure of some retail establishments with the ex-
Two of the seven retail sectors recorded higher ception of permitted businesses like food stores,
pharmacies and service stations.

SUMMARY STATISTICS
Local Retail Sales Selected Overseas Declarations (See Note)
Value ($M)
By By Via Annual
Period Annual % Sales Estimate
Index House-
Change ($M) Via Residents Post Total %
holds
Courier Via Airport Via Sea Office
Volume Value Volume Value Volume Value (a+b+c+d) Change
(a) (b) (c) (d)
2019
Apr 92.3 98.6 +0.5 +2.3 86.2 92.0 11.9 5.2 1.0 0.5 18.6 -6.4
May 102.4 109.1 -4.4 -3.5 95.6 101.8 12.5 5.2 1.5 0.6 19.8 +10.1
Jun 99.3 106.0 -6.0 -5.3 92.7 98.9 11.1 4.5 0.8 0.5 16.9 -3.8
Jul 106.8 114.8 +1.3 +2.5 99.7 107.2 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
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 — APRIL 2020

Food and Liquor Stores Building Material Stores

The sales volume of Food Stores and Liquor The volume of sales for Building Material Stores
Stores increased 17.5 per cent and 39.1 per cent, was 82.3 per cent lower. In value terms, sales
respectively. In value terms, the sales value for revenue for Building Material Stores decreased
Food Stores was 22.2 per cent higher while 82.5 per cent when compared to April 2019.
Liquor Stores rose 46.5 per cent.
Apparel Stores
Service Stations The sales volume for Apparel Stores dropped
After adjusting for inflation, the volume of sales 97.1 per cent affected primarily by temporary
for Service Stations fell 59.2 per cent. The value store closures. In value terms, sales revenue for
of sales for Service Stations decreased 62.2 per Apparel Stores decreased 97.0 per cent year-over-
cent which also reflected a 7.1 per cent decline in year.
the price of fuel during April 2020.

Motor Vehicle Stores

During April 2020, the Motor Vehicle Stores
All Other Store Types sales volume and sales value both fell 99.0 per
cent as most dealers were closed for the month.
The volume of sales for All Other Stores Types
declined 59.9 per cent when compared to April
2019. In value terms, sales for this sector de- SELECTED OVERSEAS DECLARATIONS
creased 59.6 per cent. Gross receipts of miscel- (VALUE)*
laneous goods were 92.5 per cent lower. The Year-over-year, imports via courier decreased
sales value of furniture, appliances and electron- $0.7 million to $11.2 million due to lower im-
ics dropped 75.3 per cent. The value of sales for ports of personal goods. Imports by households
marine and boat suppliers fell 43.6 per cent while via sea declined $0.1 million to $0.9 million as a
the sales value for pharmacies contracted 27.9 per result of fewer imports of wood and boating
cent. items. One commercial flight arrived in Bermuda
during April 2020 resulting in only $45,000 in
declarations by returning residents and $1,000 in
imports via the post office.

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 RETAIL SALES INDEX — APRIL 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 Material
Period Retail Stores Stores Stores Vehicle Stores Stations Stores Store Types
Stores
Index % Index % Index % Index % Index % Index % Index % Index %
2019
Apr 92.3 +0.5 93.8R +3.1R 78.3R 0.0R 80.4 -17.1 90.2R -1.3R 100.8R -18.0R 72.5 -3.8 98.8R +8.3R
May 102.4 -4.4 102.1 -0.4 96.4 -4.1 87.1 -0.5 102.7 -3.4 143.5 -3.8 82.1 -18.0 106.0 -8.0
Jun 99.3 -6.0 100.7 -2.8 97.0 -13.5 76.4 -7.8 111.5 +0.5 96.3 -12.3 95.3 -16.8 98.8 -7.8
Jul 106.8 +1.3 107.3 +2.8 110.4 0.0 100.1 +4.2 123.4 +4.1 87.4 -25.6 76.5 -8.6 112.7 +4.8
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 93.5 +14.3 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

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
Apr 98.6 +2.3 102.4R +5.7R 92.2R +3.4R 80.0 -17.7 104.1 +0.5 104.1R -16.5R 76.1 -1.3 103.2R +8.3R
May 109.1 -3.5 111.9 +1.9 115.6 +0.8 86.5 -1.3 115.8 -5.5 146.8 -2.8 86.3 -15.6 110.6 -8.1
Jun 106.0 -5.3 110.8 +0.1 117.9 -9.0 76.0 -8.5 122.7 -3.9 97.6 -12.3 100.2 -14.4 103.5 -7.8
Jul 114.8 +2.5 118.5 +6.1 132.7 +4.1 99.4 +3.9 142.8 +4.4 88.6 -25.6 80.7 -8.5 118.5 +5.1
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
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 — APRIL 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 collect-  All Other Store Types
ed by retailers. While the COVID-19 pandemic did
Total retail stores across the seven sectors repre-
not directly affect the collection of data for the Re-
sent roughly 70% of all retail activity on the Island.
tail Sales survey, it did impact some of the price data
The base period 2015 recorded a gross turnover in
used to produce the CPI due to issues with collec-
retail sales of $1.1 billion.
tion. Specifically, six of the nine sectors in the April
2020 CPI had missing prices which were imputed: Retail outlets that participate in the retail sales sur-
Rent, Clothing & Footwear, Household Goods, Ser- vey and trade in similar types of goods are grouped
vices & Supplies, Transport & Foreign Travel, Edu- into these seven sectors. It is important to note that
cation, Recreation, Entertainment & Reading and sector classifications are not interchangeable with
Health & Personal Care. commodity classifications. This is because most
retail outlets sell several kinds of commodities.
The sector classification reflects generally the indi-
Please refer to the technical note in the April 2020
vidual commodity or the commodity group, which
CPI publication at https://www.gov.bm/bermuda-
is the primary source of the establishment’s re-
business-statistics for further details on price impu-
ceipts, or some mixture of commodities, which
tation.
characterizes the establishment’s business.

EXPLANATORY NOTES
CONCEPTS AND DEFINITIONS
The RSI was first developed in 1982. It is a key
economic indicator used to assess the current Base Period
performance of sales activity in the local retail This is the time period used as a reference point for
sector of the economy. measuring the shift in the value of retail sales. The
The RSI is a self-weighting index. This means that base period for the Bermuda RSI is 2015.
stores reporting a large value of sales have a greater
impact on the movement of the index than stores
reporting a low level of sales activity. Estimated Gross Turnover
Estimated gross turnover is the total value of retail
The RSI serves to: sales generated in the retail sector. It is calculated
1) measure monthly and annual movements of by applying the all-items index number for the cur-
retail sales rent month to the average monthly sales figure de-
2) provide an estimated gross turnover of sales in termined in the base year.
the local retail sector
Gross Sales
3) act as a barometer of change in the level of
Gross sales (volume and value) are sales for which
demand for both the domestic and tourist
markets no deductions have been made for the return of
merchandise, allowances and discounts.
The index is structured into seven broad sectors:
 Food Stores
Retail Establishment
 Liquor Stores Retail trade is the sector of the economy that in-
 Motor Vehicle Dealers cludes establishments that are engaged in the sale

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 RETAIL SALES INDEX — APRIL 2020

of merchandise for personal or household con- Value Sales

sumption and in the rendering of services that are The dollar value of a quantity of goods and ser-
incidental to the sale of the merchandise. vices sold for cash or credit. Sales include the
amounts received from customers for: immediate
Selected Overseas Declarations
and layaway purchases; rentals; installations;
Overseas declarations reflect the value of goods
maintenance; repairs and alterations.
declared, whether for personal or business use, by
returning residents via the airport, imports via cou- Volume Sales
riers, imports via post office and the value of non- The dollar value of a quantity of goods and ser-
commercial imports by households via sea. vices sold at current retail market prices adjusted
to eliminate the effect of price change.

July 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: [email protected]
Webpage: www.gov.bm/department/statistics

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