Local restaurants and retailers whose receipts drop in March

Restaurants and local retailers reported declining revenue in March, according to a business climate survey by the Bureau of Statistics and Census (DSEC).

Overall, revenue at surveyed restaurants and similar establishments fell 18.7% year-on-year in March 2022, while surveyed retailers reported a 34.7% year-on-year decline.

The largest decline was seen in department store sales (-51.7%), followed by watch, clock and jewelry retailers (-51.1%), cosmetics and sanitary ware retailers (-44 .1%) and adult clothing retailers (-43.7%).

However, by the same metric, supermarkets saw an 11.4% increase in March compared to a year ago.

“The Business Outlook Index (BOI) which reflects the trend of monthly changes in revenue expected by the establishments surveyed was below 50 for restaurants and similar establishments (43.4) and retail (39.5), indicating that respondents in both industries were looking at a less favorable business outlook in April compared to March,” the DSEC noted.

At the same time, 33% of restaurants and similar establishments surveyed and 41% of retailers surveyed expected their revenue to decline month over month.

The Restaurant and Similar Establishments and Retail Business Climate Survey sample includes 229 restaurants and similar establishments and 161 retailers, which accounted for 53.5% and 70.6% of industry revenue respectively in 2019.

Gladys T. Hensley