Retailers rely on spending upturn to avoid closures

RETAILERS are relying on an upturn in consumer spending this Christmas to avoid a spate of store closures, according to Retail Excellence Ireland (REI).

This warning comes at a time when Irish retail sales declined by more than 16% in the quarter to end September, compared with the same period last year. REI’s Performance Review Q3 2009 showed that the figures held steady against the second quarter of this year.

REI chief executive David Fitzsimons warned that further pressure on the public’s spending ability in the December budget would crush consumer confidence.