IBEC: New CSO sales figures 'disappointing'

The IBEC group that represents the Irish retail sector today said that new CSO retail figures for July are "very disappointing".

Retail Ireland were worried by the July sales figures following a promising start to the year.

Retail Ireland Director Torlach Denihan said: "It is very troubling that the July figures are so negative. The underlying trend of stabilisation and recovery in retail sales that was emerging earlier this year seems to be stalling. This underlines the fragile state of consumer spending and the retail sector generally.

"While the cash value of core retail sales is now over 20% less than before the start of the recession, the cost of running a retail business has not fallen, leaving retailers caught in a vice grip of high costs and much lower sales. Retailers urgently need sensible behaviour when it comes to pay, rents and service charges."