- Shopping malls reopen in Denmark under new rules
- Danish retailers warn of 'tsunami of lay-offs' if malls stay closed
Danes have been buying shoes like they're going out of fashion (which these Moshi Moshi shoes from 2008 clearly are). Photo: Jan Jørgensen/Ritzau Scanpix
According to Statistics Denmark, retail sales overall rose 9.4 percent in the month after shopping malls were reopened, hitting a new record after the largest month-on-month increase since it first started reporting retail statistics at the start of the year 2000.
“This is of course positive and clearly shows that the Danes have had the courage to increase consumption as the reopening takes place,” said Tore Stramer, chief economist at the chamber, in a press statement.
“However, it must be borne in mind that there has been a saving in consumption that has been let loose in May. So we are also seeing a ketchup effect in consumption.”
Denmark's government shut down all shopping malls in the country in mid-March, with most high street shops also closing their doors until the restrictions were relaxed on May 11.
The surge in sales will make up for some of the financial hit taken by Danish retailers during the lockdown, indicating that profits for the year might be less affected than feared.
But Stramer warned that higher unemployment and a fall in Danish exports would continue to drag on Denmark's economy over the rest of the year, meaning May's bumper sales were unlikely to continue.