Excellent recovery for retail trade in Monaco in 2021
After a very complex 2020 due to the health crisis, last year suddenly turned out to be more advantageous in the Principality.
In its latest Retail Trade Observatory 2021, published on August 26, the IMSEE is formal: if the year 2020, despite the numerous aids from the Government, limited the sector due to the pandemic, the year 2021 was synonymous with recovery in the Principality.
With a 10% increase in establishment creations, and a drop in write-offs compared to 2020, 2021 is also distinguished by a growth in turnover for the sector of 25% compared to the previous year, exceeding by the same suddenly that of 2019, established at 14%.
Results that should all the same be put into perspective: due to the pandemic, the closure of so-called “non-essential” businesses, gauges and travel restrictions, the sector’s turnover has experienced a drop of 9.2% in 2020, the largest drop in the decade.
The increase that followed the following year, however, is positioned as the largest ever seen since 2012, allowing retail turnover to approach the symbolic bar of two billion euros.
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Clothing tops the list
The Principality has also observed the arrival of 144 additional employees in the retail trade, thus increasing from 2,816 to 2,960 professionals between 2020 and 2021, i.e. a general increase of more than 11% over the last ten years.
A very positive finding for the sector, of which nearly one in five shops is dedicated to clothing. The report also found that Monte-Carlo is unquestionably the most active district for retail trade, alone accounting for nearly half of the establishments, the majority of which are also related to clothing.
On the other two steps of the podium: La Condamine and Fontvieille. We find at the bottom of the ranking the Larvotto and the Exotic Garden, with around thirty shops each.
An extremely dynamic recovery, which places the turnover of the retail trade in fourth place among those of the Principality’s major sectors of activity. All the results can be consulted on the IMSEE website.