Widespread retail closures feared

WIDESPREAD retail closures now seem inevitable following successive sales declines in April, May and June, according to Retail Excellence Ireland’s (REI) latest quarterly review.

REI analysts described the sales declines of 2.02% in April, 4.94% in May and 5.47% in June as deeply worrying, and accepted that predictions issued earlier this year of a possible early return to sales growth were optimistic and premature.

Nonetheless, REI’s member stores are at least thankful that the rate of sales decline has eased to 5% for the second quarter of 2010 versus last year. Jewellery enjoyed a 0.07% overall growth, but menswear, footwear and the grocery trade were all down.