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tors, retail trade is down as a result of a 4.3 percent decrease from May 1987 in sales per store, according to the bureau’s own sample. The April decline of 1.4 percent shows that Virginians are curbing their spending, despite higher income growth during 1987 and 1988.
The report gives a comparison of the Virginia Department of Taxation’s latest available figures against the bureau’s sample of retail trade for January through April. The bureau’s sample indicated a less than one-percent decline in sales per store for the period, while total taxable sales statewide increased 5.4 percent.
“The difference of six percentage points between the two primarily reflects the rapid increases still occurring in retail facilities - malls, shopping centers and other kinds of stores,” Mr. Pearson said. He added that the total retail employment in Virginia in April was 6.2 percent higher than April 1987, “and that job growth is a good indication of the rate of increase in retail facilities.”
While total retail sales have increased 5.4 percent, the increase in demand has been matched or exceeded by the addition of new retail facilities, the economist said. “Therefore, the average store ends up with little or no sales gain, despite very good overall economic growth in Virginia.”
Other economic indicators showing increases or decreases from May 1987 to 1988 include bank debts, up 3.9 percent; electricity consumption, up 2.3 percent; newspaper advertising linage, down 2.5 percent; nonagricultural employment, up 4.1 percent; and water consumption, down 1.5 percent.
92.2%