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     FrontPage Edition: Sat 19 May 2007

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Key Survey Findings on Retail Trade 2005



Retail Trade

The retail trade industry comprised about 20,000 establishments in 2005. The workforce of the industry expanded by 8.1 per cent to a total of 105,400 workers in 2005.
Total operating receipts of the retail trade industry amounted to $36.2 billion in 2005, a significant increase of 11.8 per cent over 2004. Similarly, operating receipts per establishment rose from $1.6 million in 2004 to $1.8 million in 2005.

Total operating expenditure incurred by the industry stood at $34.5 billion in 2005, representing a significant increase of 11.6 per cent compared to 2004. Similarly, operating expenditure per establishment grew sharply by 12.7 per cent to $1.7 million in 2005.

Total operating surplus rose from $1.7 billion in 2004 to $1.9 billion in 2005, arising from the higher industry turnover. On a per establishment basis, operating surplus also increased by 15.3 per cent to $97,700 in 2005.
Total value added generated by the retail trade industry was $4.2 billion in 2005, 13.6 per cent higher than the $3.7 billion recorded a year ago. Correspondingly, value added per establishment rose by 14.7 per cent to $212,200 in 2005.
Firms engaged in retailing of personal goods sector constituted the largest sector in the retail trade industry, accounting for 40.7 per cent of the total retail establishments (Chart 1). The sector engaged about 37,000 workers, accounting for 35.1 per cent of the total retail workforce in 2005.

On a per establishment basis, the sectors of general merchandise and transport equipment were the largest employers, employing an average of 9 workers per establishment in 2005. It was higher than the average employment size of 5 workers per establishment in other sectors.
Retailers of transport equipment generated $15.3 billion operating receipts in 2005, contributing about 42.2 per cent of the industry total (Chart 2). Driven by increasing motor vehicle sales, the sector registered higher turnover of 11.6 per cent over the previous year.
The sectors of transport equipment and personal goods were the top two contributors to retail value added, generating $1.2 billion value added respectively in 2005. Together, they accounted for 57.4 per cent of retail value added.

Purchase of goods for sale was the top cost item, accounting for between 60 to 80 per cent of the total operating expenditure for various retail sectors (Table 1). Remuneration and rental constituted the next two largest expenditure items for most retail sectors, except transport equipment sector. Government taxes & fees formed the second largest expenditure item for retailers of transport equipment.

Profitability Ratio of the overall retail trade was 5.4 per cent in 2005, similar to the 5.3 per cent attained in the previous year. Among the retail sectors, retailers of personal goods recorded the highest profitability ratio at 6.4 per cent, followed closely by retailers of general merchandise at 6.1 per cent (Chart 3).

Retail Sales per Square Metre of Floor Area remained at $10,500 per square metre for the overall retail trade industry in 2005. Retailers of transport equipment generated the highest retail sales per square metre at $20,700, followed by retailers of general merchandise at $9,200 (Chart 4).

Average Annual Remuneration per Employee increased by 1.7 per cent to $24,600 for overall retail trade in 2005. Average remuneration was highest for employees in the transport equipment sector at $40,400 in 2005 (Table 2). Employees in the household equipment sector saw the largest wage increase in 2005, growing by 9.0 per cent from an average of $26,700 in 2004 to $29,100 in 2005 (Table 2).

Value Added per Worker amounted to $40,200 for the overall retail trade industry in 2005, representing an increase of 5.2 per cent compared to 2004. The transport equipment retailers recorded the highest level of value added per worker at $94,600 in 2005, compared to $22,300 to $38,600 in other sectors (Chart 5).

The majority (90.5 per cent) of firms in retail trade were small firms (i.e. less than 10 workers), while medium firms (i.e. 10-99 workers) contributed the largest share (39.7 per cent) of the operating receipts (Table 3). On the other hand, large firms (i.e. 100 workers & above) attained the highest profitability ratio of 6.0 per cent.


Source: Media Release 18 May 2007

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