Retail woes mean rents must fall significantly

THE retail sector is a pretty good indicator of how the economy is faring and recent figures show sales in the second quarter more than 16% down on the same period last year.

Retail Excellence Ireland (REI) said the retail trading entered its 16th consecutive month of decline at the end of the last quarter, even if the rate of decline had eased somewhat to 12% in June.

REI, which represents more than 580 companies with a total of 8,500 stores, said the average value of each purchase was €47.55, the lowest since the survey began over two years ago.