Retailers call for govt action on upward-only rent reviews

Retailers call for govt action on upward-only rent reviews

Retail Excellence Ireland has said the coalition needs to abolish upward-only rent reviews.

Yesterday, Monsoon Accessorize Ireland Limited cited the "high cost of its existing leases" as one of the main reasons for applying for examinership.

The move has put a question mark over the future of 269 Irish jobs.

CEO of Retail Excellence Ireland David Fitzsimons said government action was now needed.

"We've lost 75,000 people in retail in the last five years," he said. "(On rent), more local landlords have been willing to engage and to agree reductions, but the bigger landlords are just digging their heels in."

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