According to the results of a survey carried out by Afedeco, the Federation of Balearic Businesses, 57 percent of retailers claim that takings for 2011 are down on last year while only 8.5 percent have been able to claim that takings have actually improved over the course of this year.
53 percent of those questioned believe that the biggest problem has been a lack of demand for goods because of the economic crisis which has led to low consumer confidence.
They also claimed that consumers have become increasingly negative and put off shopping by all the alarmist economic messages being put out by the government and the media.
Those who have suffered losses in trade have watched takings tumble by around 20 percent while the few who have experienced an increase in trade have enjoyed an average 10 percent rise in business.
However, 85 percent of retail businesses claim that they have not fired any employees this year but, at the same time, no new staff have been taken on and they maintain it is time for central and local administrations to help revive the retail sector.
Meanwhile, retail businesses are worried that the new government will raise taxes and that will hit the retail sector even harder.