Advertisement
Canada markets closed
  • S&P/TSX

    22,167.03
    +59.95 (+0.27%)
     
  • S&P 500

    5,254.35
    +5.86 (+0.11%)
     
  • DOW

    39,807.37
    +47.29 (+0.12%)
     
  • CAD/USD

    0.7384
    +0.0011 (+0.15%)
     
  • CRUDE OIL

    83.05
    +1.70 (+2.09%)
     
  • Bitcoin CAD

    95,775.34
    +2,500.30 (+2.68%)
     
  • CMC Crypto 200

    885.54
    0.00 (0.00%)
     
  • GOLD FUTURES

    2,240.60
    +27.90 (+1.26%)
     
  • RUSSELL 2000

    2,124.55
    +10.20 (+0.48%)
     
  • 10-Yr Bond

    4.2060
    +0.0100 (+0.24%)
     
  • NASDAQ

    16,379.46
    -20.06 (-0.12%)
     
  • VOLATILITY

    13.01
    +0.23 (+1.80%)
     
  • FTSE

    7,952.62
    +20.64 (+0.26%)
     
  • NIKKEI 225

    40,168.07
    -594.66 (-1.46%)
     
  • CAD/EUR

    0.6841
    +0.0036 (+0.53%)
     

P.E.I. retail record sales streak ends

After eight straight months of record-setting sales in P.E.I. shops, retail sales were down in July.

Sales fell only slightly, down $264,000 to $181,502,000.

The record-setting trend goes back to November of last year, when sales were $174,973,000. That's 3.6 per lower than the July 2016 sales.

While sales had continued to climb, they were starting to level off in May. May-to-July sales all ranged a little over $181.5 million.

'Stormy weather on the horizon'

The numbers are good news for Island retailers said Jim Cormier, Atlantic Canada director for the Retail Council of Canada, but he worries about what's to come.

ADVERTISEMENT

He is concerned about an increase in the sales tax coming to P.E.I. Oct. 1.

"It's good news for now, but with 'stormy weather on the horizon," said Cormier.

"We're hopeful that the government will recognize they can tax themselves out of competitiveness."

Cormier noted retail sales were down significantly in New Brunswick in July — 6.9 per cent less than in June.

The HST increased by two percentage points in New Brunswick on July 1.

- MORE P.E.I. NEWS | HST hike on P.E.I. coming Saturday

- MORE P.E.I. NEWS | Water bottling plant plans altered after public pressure