High street winter sales joy did not last long

PALMA
THE winter sales may well have got off to an encouraging start for the retail sector but it appears that consumers have run out of steam and confidence again.

The retail sector claimed that the first week of the sales, which got underway on January 7, was one of the best in recent years, but, according to the association of small to medium sized shopkeepers, Pimeco, the second week of the sales has been disappointing.

Yesterday, Pimeco released the results of its latest retail sector survey and apparently, 40 percent of traders in Majorca claim that trading between January 14th and 20th has been worse than the second week of the sales last year.

42 percent reckon that takings have been more or less the same while 18 percent maintain business is brisker.
According to the association, in 70 percent of the cases, the principal problem has quite simply been that people do not have the money to spend but, many traders have also reported a significant decline in clients during the second week.

So, there is still a lack of punters and cash on the high street and this is despite the amazing savings of 70 percent and more being offered.
And, the outlook is not good. Only nine percent foresee an improvement in business over the coming week while many traders fear that consumers are waiting until the end of the sales to cash in on the last minute bargains.