Singapore: Retail sales up 0.9% in May but pace slows – 13 Jul 2017

• Retail sales rose for a third straight month in May 17, but at a much slower pace as brick-and-mortar stores here continued to be buffeted by the digital age.
• Total retail turnover in May 17 was SGD3.7bn, up 0.9% from May 16.
• A poll of 10 economists had forecast a 2.2% rise in retail activity in May 17. But that was smashed by a broad fall in sales for food and other consumer goods sellers.
• Food retailers felt the biggest drag, with sales sliding 5.2% y/y in May 17. Spending on clothing and footwear sagged 4.5% in May 17, while recreational goods sales dipped 3.3%.
• Overall, however, these effects were offset by an 11.3% surge in sales at petrol service stations, a 4.5% rise in sales of medical goods and toiletries, and a 2.4% pick-up in sales at department stores. Excluding motor vehicles, retail sales rose 0.6% from May 16.

External Link : http://www.straitstimes.com/business/retail-sales-up-09-in-may-but-pace-slows