MAJORCA'S small to medium-sized businesses association, Pimeco, said yesterday that the winter sales campaign which begun on 7th January has entered a stagnant period.
With traders aware that the recession has eaten into the amount the public can afford to spend on personal purchases, the association's report on the first month of the sales said that the outcome was much in line with what had been expected. It added that forecasts for the rest of the sales period were abysmal.
On a positive note, Pimeco said that shopkeepers had managed to move a fair amount of their stock because they had bought less from suppliers in the first instance, and the extended winter cold has prompted people to buy warm clothing. But with a generalised downturn in spending, the outlook for profit is bleak.