NNSL (Feb 08/99) - Total value of the North's annual retail trade is, for the second year in a row, poised to top one-half billion dollars, according to figures from the NWT Bureau of Statistics.

Retail spending in the NWT in the first 11 months of 1998 was $9.9 million ahead of the first 11 months of 1997.

Through November 1998, some $467.4 million was spent in the retail sector (January-November 1997: $457.5 million).

Though December figures have yet to be released, it is anticipated the last month of 1998 will be similar to 1997 when $50 million was spent in the North's retail sector.

If 1998 is on pace with 1997, last year's annual total looks to come in around $510 million. Retail sales of $410 million in 1998 would be a one-half per cent increase over 1997's total.

In 1997, total NWT retail sales were $507.5 million, the highest level ever.

The NWT Bureau of Statistics, which gets data from Statistics Canada, adjusted its 1997 total to $507.5 million from $512.1 million. The $512.1 million figure was released about 10 months ago.

Northern retail sales have grown, on average, 4.9 per cent in the 1990s.

The only year of decline was 1991 when sales fell 5.2 per cent compared to 1990.

From 1988 through 1997, retail sales in the NWT have risen 50 per cent from $338.3 million to $507.7 million.

Last year's worst month, not surprisingly, was February when total NWT retail sales were $36.5 million.

When it comes to total annual retail sales, the NWT accounts for only a fifth of a per cent of the national total. In 1997, the national retail sector was valued at $237.3 billion. Last year looks to come in around $248 billion.

Of the provinces and territories, the NWT has the second smallest retail sector ahead of Yukon with about $315 million in annual retail sales.