Retailers have continued to face challenges in these uncertain economic times, particularly with the increasing availability of online and catalogue shopping, combined with the Bermudian "passion" for overseas shopping. The Chamber believes that it is important that the retail community presents a unified voice during these challenging times.
In an effort to earn and keep the loyalty of the local resident consumer and to reinforce all the good reasons for, and the jobs which depend on, shopping at home; the Chamber launched a Buy Bermuda Campaign which ran successfully for several years. Sponsorship for this has been provided by the Ministry of Finance, member businesses, and the private sector. That campaign is being revitalized for Fall 2010 under the new slogan: Shop Local.
Over the last several years the Chamber has launched a number of campaigns, events and promotions to help increase both visitor and local traffic to members’ establishments. Some of these include:
"Passport to Savings" booklet – in partnership with the Bermuda Department of Tourism and the Bermuda Hotel Association, retail and restaurant division members participated by providing great discounts to visitors in the winter months.
Chamber Festival – Restaurants, retailers and craft vendors partnered in this week long celebration which combined Restaurant Weeks, in store promotions and incentives, $10 dining vouchers for every $100 spent at participating retailers, a Christmas Craft Market and wacky relay races along Front Street pitting teams from both industries against each other.
Hamilton merchants have enjoyed the benefit of once again having a regular cruise-ship on Front Street, after experiencing the challenges of not having one last season. The Chamber was a partner in these negotiations. The Dockyard retail community has benefitted from the development of the new cruise ship terminal and those retailers who have been able to adjust their product mix and gear up to meet the demands of the typical mega ship visitor, have seen some success. The East End will see a renewed effort by the Chamber to help rejuvenate and promote the businesses within the Old Towne of St. Georges, a UNESCO World Heritage Site.
Through the divisions lobbying efforts, retailers have been able to take advantage of the following:
- Duty concessions extended to refurbish retail stores through to March 2010, including having items added to the list.
- Duty deferment.
- Payroll concessions - relief to retailers whose payroll is in excess of $200,000 per year starting in the first quarter of 2011.
- Reducing the rate of duty on most electronics reduced from 33.33% to 22.25%.
Ongoing discussions with the Ministry of Finance include:
- Duty free shopping.
- Raising the rate of duty on all goods entering the island to 25% or 30% unless presented with an importer ID number that is backed by a payroll tax ID number in an effort to level the playing field.
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April 2011 Retail Sales Index
May 2011 Retail Sales Index
June 2011 Retail Sales Index