P.E.I. retail record sales streak ends
Kevin Yarr | CBC News | Posted: September 27, 2016 11:51 AM | Last Updated: September 27, 2016
'Stormy weather on the horizon' with HST increase says Retail Council of Canada
After eight straight months of record-setting sales in P.E.I. shops, retail sales were down in July.
Sales fell only slightly, down $264,000 to $181,502,000.
The record-setting trend goes back to November of last year, when sales were $174,973,000. That's 3.6 per lower than the July 2016 sales.
While sales had continued to climb, they were starting to level off in May. May-to-July sales all ranged a little over $181.5 million.
'Stormy weather on the horizon'
The numbers are good news for Island retailers said Jim Cormier, Atlantic Canada director for the Retail Council of Canada, but he worries about what's to come.
He is concerned about an increase in the sales tax coming to P.E.I. Oct. 1.
"It's good news for now, but with 'stormy weather on the horizon," said Cormier.
"We're hopeful that the government will recognize they can tax themselves out of competitiveness."
Cormier noted retail sales were down significantly in New Brunswick in July — 6.9 per cent less than in June.
The HST increased by two percentage points in New Brunswick on July 1.
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