The retail trade in the Principality had a record year in 2022, with an increase in turnover of 6.5 percent over the previous year. Compared to 2012, trade was up by 58.7 percent in value, indicating how important a part the sector now plays in the local economy, fuelled in large part by luxury marques.

The jump in sales revenue is more remarkable due to the fact that the number of employees in the sector has increased by only 12.1 percent over the last ten years.

Monaco’s Statistical Office also confirms that the vast majority of retail employees live in France, accounting for 80.9 percent of the total retail workforce. Italian residents make up 10 percent and Monegasques the remaining 9.1 percent.