- July 13, 2017
- Posted by: admin
- Category: Daily News
- 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.