High street gloom continues

PALMA
THERE is not much Christmas cheer on Majorca's high street according to the results of the latest retail sector survey.
The Association of Small to Medium Retailers (Pimeco) has reported that 82 percent of the sector has complained that last month's trade was well down on October 2007.

But, it appears to be the small retailers who are being worst hit by the credit crunch. 100 percent of non-metropolitan shopkeepers claim business is worse than last year.

In Palma, the retail sector is slightly more optimistic although 63 percent also reported a down turn in trade.
Five percent of Palma store holders did however claim business was better last month in comparison to October 2007.
Sadly, because of the strict trading laws governing sales and discounts, here in Majorca, the retail sector can not take issues in to its own hands, like in the UK last week, and start offering major pre-Christmas savings in an attempt to kick start trade.