For the first time in more than 5 years, retail sales in Bermuda have fallen for more than six consecutive months. Industry representatives and opposition politicians claim an increase in immigration would boost the island’s struggling retail sector.
In September, the volume of sales dropped 6.8 per cent when adjusted for the rate of inflation, which was measured at 2.2 per cent that month. In dollar value terms, the $92.2 million of retail sales was a 4.7 per cent drop. All seven sectors declined in value and volume year-on-year.
Commenting on the September data, Paula Clarke, head of the retail division of the Chamber of Commerce, noted that the fall in the volume of sales across all sectors could be attributed to the shrinking population of the island. She noted that businesses were concerned and would like to see the population increased.
She also encouraged residents to shop locally to support the economy and the Bermudian workforce.
Ms Clarke said the Bermudians make up the majority of the workforce connected with the retail sector on the island because it is a closed category in terms of the issue of work permits. The Government is encouraging the employment of Bermudians, and the failure of any business will have an immediate knock on effect on Bermudian jobs across all sectors.
Opposition leader Craig Cannonier said he was alarmed by figures that showed a decline in sales for seven months in a row and insisted action had to be taken to bring in more people. The One Bermuda Alliance leader said businesses may need to reduce staffing levels if the trend continued.
Mr Cannonier hoped the festive season would deliver “a bump” in retail sales and pointed out that the sector employed more Bermudians that any other outside of Government. He noted that the single most impactful thing for our local retailers would be more boots on the ground. Further, he challenged the government to tell Bermudians what would be done to stimulate the economy and safeguard jobs.
Wayne Caines, the Minister of National Security, said talks about comprehensive immigration reform would be held over the next few months, but the number of expatriate workers must be balanced with opportunities for Bermudians.
