Fifty Percent More Stores Go Bust, Tourist Spending Up Skip to content

Fifty Percent More Stores Go Bust, Tourist Spending Up

Roughly 50 percent more stores went bankrupt in 2011 than in 2010, 270 in total, according to the 2012 Retail Statistical Yearbook published on Tuesday.

money-banknotes_psPhoto by Páll Stefánsson.

At the same time, 273 new stores were registered, ruv.is reports.

The yearbook is published by the Centre for Retail Studies at the University of Bifröst, West Iceland, and the Retailers’ Association of Iceland.

However, according to the report, spending by tourists constituted around ISK 113 billion (USD 922 million, EUR 733 million) in 2011, an increase of 13 percent from the previous year.

ZR

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