Rise in number of firms failing in Limerick

An increasing number of businesses are closing down in Limerick.

Vacant commercial premises in the city increased from 12.8% for the first three months of 2013 to 13.8% in the first quarter of 2014, according to a survey published by GeoDirectory.

There are 223,336 commercial address points across the country, of which 27,791 are classified as vacant. The national commercial vacancy rate in the first three months of this year was unchanged from the 12.4% of the previous quarter.

For the first time, the report includes analysis of the commercial vacancy rates of a selection of the main shopping centres and high streets in Dublin, Cork, Galway, and Kilkenny.

Opera Lane in Cork (15 units) and College St (8 units) in Dublin were the only two high streets found to have full occupancy.

Mahon Point Retail Park in Cork and Jervis Street Shopping Centre in Dublin were the only two centres to have full occupancy.

In Limerick, the commercial vacancy rates were:

* Patrick St (56%);

* Cecil St (41%);

* Ellen St (38.1%);

* Foxes Bow (30.4%);

* Cruises St (18.8%);

* Roche’s St (15.8%);

* Thomas St (14.7%);

* O’Connell St (10.3%);

* William Street (10.3%).

The commercial vacancy rates of Limerick’s shopping centres were:

* Roxboro Shopping Centre (43.2%);

* Castletroy Shopping Centre (31.3%);

* Parkway Shopping Centre (20.5%);

* Crescent Shopping Centre (5.1%).

The average national commercial vacancy rate of the high streets analysed by GeoView was 13.5%. The street with the highest commercial vacancy rate was Patrick St in Limerick, where 14 of the 25 commercial units were classified as vacant.

The average commercial vacancy rate of the shopping centres was 10.9%. Roxboro Shopping Centre in Limerick had the highest commercial vacancy rate of those included in the study, with 16 of 37 outlets empty.

GeoDirectory chief executive Dara Keogh said “With this first review of commercial vacancy rates in selected shopping centres and high streets in Ireland, we are providing fresh and insightful data and valuable indicators of the economic well-being of the domestic Irish economy particularly the retail sector. Our findings illustrate that there are certainly parts of the country that are feeling the effects of the economic downturn more keenly than others.”