Retail Excellence Ireland said that the closure of Boyers department store is sad news for Dublin.
Yesterday Fitzwilliam Finance Partners told management and staff that it plans to shut the shop in January, following an orderly wind down.
Boyers employs 48 people directly and around 35 through concessions.
The company has begun a consultation process with workers and their union representatives - and is said to be considering redeployment options.
Retail Excellence Ireland's CEO David Fitzsimons said that the retail landscape in Dublin is changing all the time.
"Fashion spends that Boyers once enjoyed has gone to lots of the new brands - obviously Penneys, Forever 21, Zara, H&M," he said.
"Look, the city is changing. Consumers, in terms of what they spend and how they spend, is constantly changing and unfortunately, Boyers was found out in terms of being able to stay relevant and pertinent, especially amongst younger customers."