Retail Excellence notes the publication of a Code of Conduct for Commercial Rents but says more needs to be done to avoid further job losses and store closures
Retail Excellence, Ireland’s largest retail industry body representing over 2000 members has given a ‘guarded welcome’ to the publication of a voluntary Code of Conduct between landlords and tenants for commercial rents launched by the Tanaiste today (1st October).
Duncan Graham Managing Director of Retail Excellence acknowledged that today’s publication is a step in the right direction but wants landlords to work together with their tenants and find solutions to the problem of rent arrears in the retail industry dating back to the lockdown.
He notes that there have already been 90 high profile store closures this year including chains like Debenhams, Mothercare, Oasis and Warehouse and it is highly unlikely these units will be relet any time soon.
A recent survey of Retail Excellence members highlighted that;
- Two thirds of retailers were in rent arrears dating back to Quarter 2
- A quarter of retailers were considering further store closures in early 2021
- 45% of retailers anticipated further job losses in the sector.
The Code of Conduct is a voluntary code and more needs to be done including the introduction of an improved, fully independent arbitration service and a moratorium on evictions in the commercial property sector similar to the residential sector.
About Retail Excellence
Established in 1995, Retail Excellence is owned by the members, for the members. We are an organisation which invests in innovative and exciting learning, market intelligence, human resources services, Government representation and member networking initiatives. Retail Excellence has over 2,200 leading retail company members with over 13,000 stores in Ireland. Our members are the most progressive and innovative retailers. Retail Excellence is by far the largest retail industry body in Ireland.