Retail decline risks store closures

More retailers are likely to close stores, with some exiting the market entirely during 2012, according to the industry’s main representative body.

Yesterday’s gloomy prediction from Retail Excellence Ireland is based on the body’s latest figures, which show a further significant decline in retail sales during the last three months of 2011.

Year-on-year sales, according to the retail group fell by 1.58% in the fourth quarter, although there was a like-for-like increase of 1.82% in December, mainly due to this year’s milder winter.