First Quarter Figures See Domestic Sales Down by 3%
Ladies fashion particularly underperforming.
Retail sales are down by 3% in the first quarter of 2011 when compared with the same time period last year. March marked the 37 consecutive month in which there was a decline in consumer sales. Ladies fashion seems to be the worst area hit.
David Fitzsimons, chief executive of Retail Excellence Ireland, has said that the further drop will lead to more stores closing their stores, and a corresponding loss in jobs. The organisation estimates estimates that up to 40,000 jobs have been lost in the sector since 2008. The introduction of the Universal Social Charge is believed to have had an impact on employers, but moves by the Government to outlaw upwards only rent reviews should give retailers some more flexibility.