Singapore retail sales fall 8.5% in July as Covid-19 continues to pummel sector

[The_King]

SINGAPORE retail sales were on the rocky road to recovery in July, the first full month with shops reopened, after the second-quarter's "circuit-breaker" shutdown.

On a seasonally-adjusted, monthly basis, turnover was higher by 27.4 per cent on the month before, which the Department of Statistics (SingStat) attributed to a lower base, since most physical stores had been closed. Singapore moved to the second phase of its three-stage economic reopening on June 19.

Till takings were still down by 8.5 per cent year on year, as the coronavirus pandemic continued to hammer the retail sector.

But the preliminary figure released by SingStat on Friday beat the median 15 per cent drop expected by private analysts in a Bloomberg poll, and marked an improvement from the 27.7 per cent drop seen in June.

 

Excluding big-ticket motor vehicle sales - which benefited from the resumption of Certificate of Entitlement (COE) bidding in July - retail revenue was up 19.5 per cent on the month before, though down by 7.7 per cent year on year.

 

 

 

The retail industry's year-on-year performance was dragged down by department stores, where sales declined 32.1 per cent; clothes and shoes, down 27.7 per cent; and the watches and jewellery segment, which contracted 21 per cent.

These industries "continued to be affected by low tourist arrivals due to the global Covid-19 outbreak", SingStat said. The slump could not be offset by what the agency dubbed "increased demand for groceries as well as computers and mobile phones".

The computer and telecommunications equipment segment grew by 27.4 per cent, while supermarkets and hypermarkets saw sales rise 28.6 per cent on year.

That's even as demand for groceries at supermarkets, hypermarkets, mini-marts and convenience stores has tapered off on a monthly basis, which SingStat attributed to the reopening of food and beverage (F&B) dine-in services.

Receipts stood at S$3.3 billion for the month, with 11 per cent from online transactions.

Meanwhile, turnover from F&B services was down by 25.4 per cent year on year, with the pace of deterioration easing from the 43.6 per cent fall in June.

Caterers were the hardest-hit segment, as revenue dropped 45.2 per cent in July on poor demand for events catering amid the pandemic, despite a month-on-month pick-up from higher demand for catered meals at foreign worker dormitories.

Restaurant turnover fell 29.9 per cent on year, while cafes, food courts and other eateries posted a drop of 19.6 per cent, and fast-food outlets slid 11.5 per cent.

SingStat noted that the broad decline in F&B receipts came as safe-management regulations have limited F&B premises to five diners at each table.

Overall F&B sales value was S$665 million, with 21.1 per cent from online sales. On a seasonally-adjusted, monthly basis, F&B takings were up 29.2 per cent in July.

 

 

https://www.businesstimes.com.sg/government-economy/singapore-retail-sales-fall-85-in-july-as-covid-19-continues-to-pummel-sector

[socrates469bc]

open provision shop still make money.