In the face of the global financial market meltdown in October, retail sales in British Columbia increased 0.5 % as numbers were announced today. “Given the global economic uncertainty that shook consumer confidence in October, BC’s resilient retail industry has not only weathered the storm, but continues to grow” says Mark Startup, President & CEO of Retail BC.

“I speak with retailers daily who have had record-braking retail sales, and others who are experiencing a pinch” said Startup who regularly hears from many of BC’s retailers. British Columbians are still shopping and spending, and the onus is on retailers to get the attention of their customers and give them compelling reasons to shop in their stores.

“This shows that though public perception may be negative, retailers are an entrepreneurial group who know how to do business given these kinds of challenges” continued Startup, whose association supports the success of BC’s retailers. Given the decrease in consumer confidence in October, retailers responded with early annual sales and an increased focus on service in order to increase their sales going into the busiest shopping season of the year.

Many factors contributing to growth in the retail industry include the low unemployment rate, increased discretionary spending due to personal tax cuts and lower gasoline costs, and competitive pricing.

Though month to month sales appear to be slowing, retail sales for Oct 2008 have increased significantly in certain sectors. One notable sector, that of home electronics and appliances, has slowed in its growth however has still seen an increase in sales of 10.7% this year over last October’s sales. Other sectors such as general merchandise stores, clothing and accessories and personal care stores continue follow an upward trend.

Retail BC is the voice of over 3,000 retail companies within British Columbia. BC’s retail industry generates over $56 billion in sales and employs over 280,000 British Columbians.