Puerto Rico’s retail sales remain strong despite inflation
Retail sales in April remained positive despite high consumer goods prices and inflation, according to a report by the Puerto Rico Department of Economic Development and Commerce’s (DDEC, in Spanish) Office of Strategy and Business Intelligence.
The report indicates that sales totaled nearly $3.1 billion, a 2.6% increase compared to the same month last year.
Retail sales by small and medium enterprises (SMEs) last April amounted to $940.4 million, a 14.5% annual increase. Small businesses’ sales declined by 1.4%, while sales of medium-sized businesses surged by 17.2%.
In April 2023, SMEs accounted for 30.4% of all retail sales, up from 27.2% the previous year.
“We continue to see positive numbers for the island’s economy, and SMEs show an increase in their sales,” DDEC Secretary Manuel Cidre said. “Without a doubt, [this is] a great sign of strength in this sector, which is why we will continue to closely monitor these monthly sales analyses to track progress.”
Sales of large nonchain establishments decreased by 6.1%, as did sales of large chains, which fell by 0.8%. The cumulative value of retail sales for fiscal year 2023 (July-April) shows a 3.2% increase compared to the same period in fiscal year 2022. So far in fiscal year 2023, they have totaled $31.49 billion.
SMEs’ cumulative sales during this period of fiscal year 2023 increased by 5.7%, compared to the same period of the previous fiscal year, totaling a little more than $9.1 billion.
Small businesses’ sales dropped by 1.6%, while medium-sized companies’ sales increased by 6.9%. Large nonchain companies rose by 7.2%, while large chains saw a 1% increase in the current cumulative period of fiscal year 2023.
The cumulative value of retail sales during the first four months of the current calendar year shows a 3.5% increase compared to the same period of the previous calendar year, totaling nearly $12 billion.
SMEs’ cumulative sales during this period of the 2023 calendar year increased by 12.7%. Small businesses’ sales declined by 1.4%, while medium-sized businesses’ sales grew by 15%.
Large nonchain companies reported a 0.7% sales increase for the current period of the 2023 calendar year, while large chains showed a 0.2% decrease.