Blame the not-so-impressive F&B turnout.
Singapore retail sales surprisingly recorded a slump in February after months of consistently reporting gains.
According to the latest figures from the Department of Statistics, overall retail sales dropped 2.5% in February as food & beverage clocked in with a dismal 17.4% retail sales decline.
The strong motor vehicle sales, which have always saved the headline figure in times of downturn, failed to do so in February even with the robust 9.4% sales growth.
And whilst most of the segments reported growth, bigger declines were seen in department stores, supermarkets, mini-marts & convenience stores, wearing apparel, and computer equipment, which saw sales dwindle by 15%, 15.4%, 8.9%, 12.5%, and 5.7%, respectively.
Do you know more about this story? Contact us anonymously through this link.