Upwards-only rents 'contribute to 50,000 job losses'

Retailers say there will be further closures and job losses this year unless the 'upwards-only rent system' is tackled.

Retail Ireland said a new board with statutory powers is urgently needed to mediate between landlords and commercial tenants, so they can agree on more realistic rents.

The group estimates 'upwards-only rent' has contributed to 50,000 job losses in the sector.

Group Director Torlach Denihan said the Government must act "in the public interest".