Retailers welcome ban of upward-only rent reviews

Retail Ireland, the IBEC group that represents the retail sector, have welcomed the decision by Minister for Justice Dermot Ahern to ban 'upward only' rent reviews.

The group said it was looking forward to more equitable leases being put in place in the future to take account of the reality facing many business owners and retailers.

Retail Ireland director Torlach Denihan said: "We look forward to more equity in lease arrangements in the future. Retailers have suffered an enormous decline in sales because of cross-border shopping and weak consumer demand. It is completely unrealistic for these businesses to be faced with upward increases in rent.

"Landlords now need to review current lease and rental arrangements to reflect the realities of the current commercial rental market.

"This is necessary to help retailers deliver lower prices to consumers and regain lost competitiveness."

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