Retail sector set to take brunt of downturn

THE country’s retail sector continues to be ravaged by the downturn after sales plunged to a 25-year low in 2009.

This year the sector looks set to take the brunt of the downturn as the banks, having dealt with the construction sector, are turning their attention to the struggling retail sector, which witnessed the collapse of Arnotts in recent weeks and the appointment or a receiver to a group of pharmacies spread across Munster, said David Fitzsimons, chief executive, Retail Excellence Ireland.

Last week, a receiver and manager was appointed to a total of 14 pharmacies which are part of the high-profile IPOS pharmacy network.