May retail improves

By Phil Boeyen, ShareChat Business News Editor

Tuesday 10th July 2001

Retail sales are continuing to grow according to latest figures.

Statistics New Zealand says retail sales in May rose 0.4% compared with the previous month, continuing a trend established nearly four years ago.

Since September 1997 total retail sales have increased by 18.1%.

The largest were from the motor vehicle services, up $26 million or 4.5%, and other stores, up $10 million or 4.9%.

The other stores category includes antique and used goods retailing, garden supplies retailing, flower retailing, watch and jewellery retailing, and household equipment repairs.

Footwear and appliance sales also showed reasonable growth.

HSBC senior economist, Anthony Thompson, says although the result is slightly below market expectations of over 0.5%, the retail growth trend is still firm.

The weakest category in May was recreational goods, down 4.0% on April, and motor vehicle sales fell 1.3%.

Four of the six regions recorded increases although sales fell 0.5% in Auckland and 0.3% in Wellington.

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