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35,000 JOBS LOST -
Click here to see the first Republic of Rent Video
Click here to see the second Republic of Rent Video
35,000 retail industry employees have lost their jobs since the start of 2009. One of the main reasons for job losses and store closures is high rents. We urgently need your help……
-Untenable rents deliver unemployment and business failure
-Rent in Ireland as a percentage of sales is over twice the global average
-Grafton Street rents are the highest in the world, when factoring in population numbers
-In recent weeks arbitration rulings have determined rent increases of 50% to 100%
-There is continued unwillingness amongst institutional and professional landlords to reduce rent
-The arbitration process (appeals process at time of rent review) is flawed. An arbitrator is likely to rule in favour of the highest headline rent evidence available. Often this evidence is falsely inflated
The Minister For Justice Must:
-Retrospectively abolish the upward only rent review clauses in all existing leases. A market rent must be allowed to prevail
-Introduce legislative change making mandatory the full disclosure of all commercial rent payments, break clauses, rent free periods, capital contributions and all other information material to the level of rent payable, thus ensuring that only true market rent evidence be presented before an arbitrator at time of review
The Prize
-By implementing these solutions the Irish Retail industry can go back to investing in labour. We believe we can create 80,000 jobs in retail over the next three years
The Members of Retail Excellence Ireland