Retail Ireland: Retail sales 'could have been worse'

Retail Ireland, the IBEC group that represents the retail sector, has said that new CSO retail sales figures for November were not as bad as feared.

Retail Ireland Director Torlach Denihan said: "Core retail sales (excluding cars and bars) held up reasonably well in November despite the extraordinary developments when Ireland sought support from the IMF and EU. There may be some grounds to hope that the retail sector is close to the bottom.

"While it is difficult to predict figures for December, it seems that there will be a 5% annual fall in the value of core retail sales (excluding cars and bars) in 2010 and a 2% annual fall in volume. This will be the third year in a row in which core retail sales have fallen.

"In view of the protracted difficult trading conditions it is unrealistic for the Retail Joint Labour Committee to insist that pay rates be increased in January and this decision should be reversed to preserve employment.

"Landlords and their banks must reverse all rent increases under the last rent review to reflect the decline in retail sales and the property market since that review took place.

"On a positive note, despite the weather shops remain open for business today and virtually all deliveries are getting through. There is almost full availability of products and extended opening hours to facilitate the public in preparing for Christmas."