Connect with us

Hi, what are you looking for?

Economy

PHL retail sales unlikely to return to pre-pandemic levels this year

By Jenina P. Ibañez, Reporter

RETAILERS still expect sales to remain lower than pre-pandemic levels this year, as consumers continue to stay home and scale back on their spending amid the pandemic.

“Retail will still be soft this year 2021,” Philippine Retailers Association (PRA) Vice-Chairman Roberto S. Claudio, Sr. said in an e-mailed response to questions on Thursday.

“We are expecting 20-30% lower than 2019 pre-pandemic level. This is, however, a slight improvement of approximately 10% from 2020 levels,” he added.

Retail was one of the hardest-hit sectors last year, as the strict lockdown forced the closure of non-essential businesses for a few weeks. Malls also experienced a significant decline in foot traffic, as many consumers stayed home and shifted to online shopping.

To spur recovery, Mr. Claudio said the retail sector is filing a formal request with the government to include its frontline workers among those with vaccination priority against the coronavirus disease 2019 (COVID-19).

“This way, more retail businesses could be opened, to further open up the economy safely,” he said.

The Philippines is in talks with seven vaccine manufacturers for 148 million COVID-19 vaccine doses that can inoculate 50-70 million Filipinos this year.

National Task Force Against COVID-19 chief implementer Carlito G. Galvez said that the government vaccine program will prioritize healthcare workers, uniformed personnel, teachers and school workers, government employees, overseas Filipino workers, and other essential workers. The government will also prioritize indigent senior citizens, poor communities, students, and people with comorbidities.

PRA in November said that sales have improved since the easing of lockdown restrictions in mid-August, but operations of many retailers are still limited due to sparse foot traffic and dwindling cash flow.

The industry group also found that consumer demand remained low due to public health anxiety and limits on public transportation.

Mr. Claudio had said that food, medicine, and fitness equipment sales were strong, but some stores selling non-essential products like clothing were still performing poorly.

Foreign clothing brands such as Dorothy Perkins and Warehouse offered deep discounts before closing branches in some Metro Manila malls.

Consumer behavior will change, according to Nielsen Retail Intelligence, as they shop more online and buy “self-care” and smaller-sized goods.

Third-quarter consumption declined by 9.3%, against the 15.3% drop in the second quarter, according to the Philippine Statistics Authority.

Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Get the daily email that makes reading the news actually enjoyable. Stay informed and entertained, for free.
Your information is secure and your privacy is protected. By opting in you agree to receive emails from us and our affiliates. Remember that you can opt-out any time, we hate spam too!

Latest

Economy

Notice of Annual Stockholders’ Meeting Notice is hereby given that the Annual Stockholders Meeting will be held on Thursday, July 15, 2021 at 8:30...

Investing

The boss of Morgan Stanley, one of the biggest banks on Wall Street, has said he will be “very disappointed” if staff are not...

Investing

NHS workers and care home staff will be legally required to have coronavirus vaccinations under plans that have the personal support of Boris Johnson....

Economy

MONEY SENT HOME by migrant Filipino workers jumped by 12.7% in April, the fastest since November 2016 and reflecting the global economic recovery amid...

Economy

By Luz Wendy T. Noble, Reporter ECONOMIC MANAGERS on Tuesday vowed to push economic recovery this year by keeping the coronavirus pandemic under control,...

Economy

By Luz Wendy T. Noble, Reporter PAMELA SAMIA, 54, lost P145,000 after an unauthorized withdrawal from her ATM account in January. “You’d think your...

You May Also Like

Investing

Having a good Instagram marketing agency to back up your Instagram account is an absolute must going into the new year. With competition stronger...

Investing

As a traditionally rigid insurance industry becomes bogged down by antiquated processes and operations, a handful of industry leaders are seeking to shake things...

Economy

US President Joseph R. Biden, Jr., will rely on ally countries to supply the bulk of the metals needed to build electric vehicles and focus on...

Economy

THE Securities and Exchange Commission (SEC) has warned the public from investing or to stop any investment in a group named Maxxprofit Computer Trading...

Disclaimer: SmartRetirementReport.com, its managers, its employees, and assigns (collectively "The Company") do not make any guarantee or warranty about what is advertised above. Information provided by this website is for research purposes only and should not be considered as personalized financial advice. The Company is not affiliated with, nor does it receive compensation from, any specific security. The Company is not registered or licensed by any governing body in any jurisdiction to give investing advice or provide investment recommendation. Any investments recommended here should be taken into consideration only after consulting with your investment advisor and after reviewing the prospectus or financial statements of the company.

Copyright © 2021 SmartRetirementReport. All Rights Reserved.

Get the daily email that makes reading the news actually enjoyable. Stay informed and entertained, for free.



Your information is secure and your privacy is protected. By opting in you agree to receive emails from us and our affiliates. Remember that you can opt-out any time, we hate spam too!