A Snapshot of Monaco’s Retail Industry in 2021

Online retailers accounted for almost 11% of all retail in Monaco in 2021, but clothing still dominates. Below are some of the other standout numbers from IMSEE’s latest retail report.

The retail sector, which has been particularly hard hit by the Covid-19 pandemic, is also one of the sectors that has made a healthy recovery, according to IMSEE’s new Retail Trade Observatory. The number of new offices in 2021 will increase from 50 to 55, an increase of 10% in one year. At the same time, the number of companies that went bankrupt or out of business fell by 9.5%.

Furthermore, the number of facilities in operation increased from 827 in 2020 to 844 in 2021, an increase of only 2.1%, placing it fifth in the principality in terms of number of facilities in operation. Sales will also grow significantly by 25.8% in 2021, surpassing 2019 levels by 14.2%. The number of employees also increased from 2,816 in 2020 to 2,960 in 2021.

Last year, the retail trade excluding cars and motorcycles counted 734 active businesses, accounting for 87% of the total.The remaining 13%, or 110 companies, were dedicated to cars and motorcycles. Clothing reigned supreme with 159 shops accounting for his 18.8% of total market share. After that, a relatively new entrant, Internet and mail-order retail sales, accounted for 90 stores, his 10.7% of the market.

By 2021, nearly half of all retail stores will be less than 10 years old, and a third of those will be less than three years old. From the age of 10 to the age of 19 he accounted for nearly 22% of sales positions.

LLCs, or limited liability companies, dominated the legal form of operating companies, accounting for 44.8% of all registered businesses and nearly 95% of retail businesses were directly operated by their owners.

Monte Carlo had the highest number of retail stores, with 381 stores in its district. Condamine was second with 170, followed by Fontvieille with 82.

The actual products sold differed depending on the region. Monte-Carlo, Condamine, and Larvotto were mostly clothing, while La Rousse, Moneghetti, and Jardin Exotic were thriving through the Internet and mail order. Cars and vehicles were best sold in specialty stores located in Fontvieille and Monaco-Ville.

Retail earnings have been stable for a decade, especially between 2014 and 2021, hovering between 10% and 12%. Revenue growth increased by 10.8% in 2018 and 2019, but declined by 9.2% in 2020. This is the biggest decline in over a decade, largely due to the forced closure of non-essential stores during his Covid period. By 2021, that decline has been erased by a strong 25.8% increase in sales, which will bring him close to €2 billion, the highest growth in a decade.

The number of people employed in the sector also hit a nearly decade high at 2,960 employees, but hours worked was 5.2 million hours, lower than pre-pandemic levels. The genders of these employees were fairly evenly split, with 1,537 females and 1,423 males, the majority of whom were between the ages of 30 and 50.

More than two-thirds (70.6%) of retail workers are French and 15.3% are Italian. Monegasques only accounts for 1.5% of its retail workforce, or about 45 people.

According to IMSEE, the general business environment in 2022 has been favorable so far, with indicators pointing to a continued strong recovery in 2021.

Photo credit: SBM Monte Carlo A Snapshot of Monaco’s Retail Industry in 2021

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