Retail in Monaco: Reported loss of €170 million in 2020

Retail is one of the Principality’s main sectors in terms of turnover. In 2020, retail trade had 813 active establishments, or 4 more than in 2019. Retail development since 2011 has been relatively stable. Over the last 10 years, 508 establishments have been created, while 490 were delisted (totalling 18 additional establishments).

The IMSEE recently published a report summarizing retail trade in Monaco in 2020, including GDP, turnover, employees and establishments.

Loss of €170 million

Retail during the year 2020 in the Principality was strongly impacted by the health crisis, especially during the closure of “non-essential” businesses. Retail trade suffered a 10.6% decrease in turnover between 2019 and 2020, or a decrease of more than 170 million euros. With the exception of Retail in non-specialized stores (hypermarkets, convenience stores, etc.) which increased by 2.6%, other groups were affected and posted a negative balance.

In 2020, Retail was still the fourth largest turnover in the Principality, excluding Financial and insurance activities. However, retail trade was the third sector with the lowest growth over the last 10 years, behind manufacturing, mining and accommodation and food services.

Impact of pandemic on retail employers and employees

Retail trade had 448 employers in 2020, or 3.7% less than in 2019. The sector had 2,816 employees in 2020, or 4.4% less than the previous year. Reinforced Total Temporary Unemployment (CTTR) played a key role in the sector in 2020, with nearly 7,000 grants granted in total in this GSA in Monaco.

Retail in real time…

Every month, the IMSEE interviews a representative sample of retail representatives in the Principality via a survey questionnaire. The questions relate to the various activities of the company over the past month compared to a “standard” month. According to the traders surveyed in July 2021, the business climate is for retail trade is stable and above average since February.