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A petition to wind up retail giant Dunnes Stores has been withdrawn at the Commercial Court after the company paid €21.6m owed for a shopping centre development in Kilkenny.