The Trade Observatory Highlights Record Figures, with Over €19 Billion in Revenue — the Highest in the Last Eight Years

Retail sales recorded a year-on-year increase of 1.4% in March, and most retail establishments are forecasting a favourable second quarter. Additionally, employment in the sector reached 51,679 registered workers in March — the second-highest March figure in historical records — despite a 2% decline compared to 2023. By island, employment decreased by 1.6% in Mallorca, 5.1% in Menorca, 3.5% in Ibiza (Eivissa), and 7.9% in Formentera.

These results come from data presented today by the Director General of Economy and Statistics, Catalina Barceló, and the Director General of Business, Self-Employed Workers, and Commerce, José Antonio Caldés, based on the Trade Observatory’s latest report. It also highlights that tourist spending in retail grew by 2.7% annually in the last quarter of 2024, totalling €285.9 million, representing 9.7% of all retail spending.

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Structural Data

Regarding structural data published in March 2025 for the final closure of 2023, the number of businesses decreased by 1,067, a trend also seen nationally. This market concentration into fewer businesses, according to Barceló, “can be explained by changing consumer behaviour, a shortage of affordable premises, a lack of personnel, generational handover challenges, and globalisation of production chains, among other factors.”

Despite the reduction in the number of companies, total turnover rose to €19.546 billion — an increase of €1.277 billion compared to 2022, the highest figure recorded in the past seven years. Retail accounts for over 50% of total commerce turnover, and between 2016 and 2023, turnover increased by 44.6%, with a 50% increase specifically for retail trade.

Of the 16,504 commercial enterprises in the Balearic Islands, two-thirds (10,847) are dedicated to retail trade. Moreover, the number of full-time and part-time employees increased, even with fewer commercial companies. Full-time employment rose to 51,021 people (a 2.9% year-on-year increase), while part-time employment rose to 13,307 people (up 3.1%).

Productivity per employee reached €49,300 — the highest value since 2016 — reflecting a 6.7% increase compared to 2022. Finally, the average salary in the sector reached €24,600, a 6.5% increase over 2022.

“Retail has a major impact on the economy of the Balearic Islands. For this reason, we are promoting initiatives such as the Generational Handover Plan to address this issue and ensure the continuity of small businesses. We are also actively working on digitalisation efforts to help them adapt to the new challenges of the market,” Caldés concluded.