RETAIL | Staff Reporter, Singapore

Singapore retail sales swing into the red, down 2.5% in February

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.

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