40% of shops ‘facing closure by 2018’

Up to 40% of Irish shops could close by 2018, according to the CEO of Retail Excellence Ireland, David Fitzsimons, who said the sector is going through a period of upheaval due to over expansion in the boom and the challenge from e-commerce.

A report by the UK-based Centre for Retail Research predicted that the number of stores in the UK will fall by 22% as a result of shoppers migrating online.

However, Mr Fitzsimons said in an Irish context you could almost double that figure as Ireland is hugely over-shopped due to the explosion of out-of-town retail centres and shopping centres built in the boom.