Illustrative image (Source: https://www.businesstimes.com.sg/) Singapore (VNA) – Singapore’s retail sales in July fell by 8.5 percent year-on-year, an improvement from June’s 27.7 percent plunge, according to the Department of Statistics (SingStat).
Compared to June, seasonally adjusted retail sales saw a 27.4 percent increase month-on-month in July. This was attributed to a lower base in the previous month, when most physical stores were closed until June 18, before Phase 2 of Singapore's reopening began.
The estimated total retail sales value in July was about 3.3 billion SGD (2.2 billion USD), with online retail sales making up an estimated 11.0 percent.
Online retail sales of the computer and telecommunications equipment, furniture and household equipment, as well as supermarkets and hypermarkets industries made up 49.1 percent, 21.8 percent and 11.4 percent of the total sales of their respective industry.
Among the segments that were hard hit by July’s retail slump were department stores, which saw a 32.1 percent drop in sales; clothes and shoes (minus 27.7 percent); and watches and jewellery (minus 21 percent)./.
VNA
