'Noticeable decline' in retail and wholesale premises in Republic during Covid-19 crisis

GeoDirectory reported that 28,831 commercial properties were vacant, accounting for 13.6% of all the 211,740 commercial units in the Republic at the end of the second quarter

By province, there were only small differences between the vacancy rates in Leinster and Munster, while, at 17.2%, Connacht had the highest commercial vacancies.

There were 1,930 fewer premises open for retail and wholesale at the end of June from a year earlier, according to GeoDirectory which regularly surveys vacant commercial premises. 

Large parts of the retail and wholesale sector were among the worst hit by the lockdowns and also account for a large group of workers who require the pandemic unemployment payment, official figures have shown.  

The GeoDirectory report also found that 28,831 commercial properties were vacant, accounting for 13.6% of all the 211,740 commercial units in the Republic at the end of the second quarter. 

The overall vacancy rate was little changed from a year earlier.     

However, GeoDirectory chief executive Dara Keogh said that there was a "noticeable decline" in commercial premises trading as retail and wholesale. 

"There still appears to be a very prominent gap in economic activity on the east coast compared to the west coast and this is something which will need to be addressed on a policy level," he said.    

By province, there were only small differences between the vacancy rates in Leinster and Munster, while, at 17.2%, Connacht had the highest commercial vacancies.

There were however large differences between towns, according to the survey.   

Ballybofey in Co Donegal has the highest commercial vacancy rate of over 29%, with Edenderry in Co Offaly and Edgeworthstown in Co Longford, Kilrush in Co Clare, and Ballina in Co Mayo all posting rates of over 25%. 

At 7%, the lowest vacancies were in Greystones in Co Wicklow, with Gorey in Co Wexford and Carrigaline in Co Cork not far behind, according to GeoView. 

At 6.5%, Dublin 15 had the lowest commercial vacancy rate in the capital and Dublin 9 had the highest rate, at 16.4%. 

Meanwhile, the latest consumer sentiment survey by KBC Bank Ireland found there was only a small improvement in household confidence in August. 

"The gains in the August survey largely reflected improved macro developments with little follow-through to household finances and this may suggest the continued absence of any broadly based feelgood factor on the part of Irish consumers," said the bank's chief economist Austin Hughes. 

Irish consumer confidence is higher than in the US, the eurozone, and the UK, Mr Hughes said. 

"However, with the Delta variant at least partly offsetting the impact of the rollout of vaccinations and the contours of the post-pandemic Irish economy still unclear, consumers here appear relatively wary in their response to a generally improving situation," he said.