Retailers face rent hikes of €100,000,
Over 19 million people have shopped in Dundrum Town Centre over the last year however this increase in footfall has been to the detriment of many retailers within the centre. Talks of massive rent hikes of more than €100,000 a year are currently being mentioned under the controversial arbitration system on commercial rents.
Last week it emerged that Oasis and Coast have been hit with rent increses of 51.5 per cent and 55per cent respectively. Another 45 retailers in Dundrum are now waiting for a decision on arbitration but all now expect hefty increases. Pamela Scotts is expecting the result of its arbitration case this week.
Over 45,000 people have lost their jobs in the retail industry over the past 30 months and over 400 stores are closing each month. According to David Fitzimmons, Chief Executive of Retail Excellence Ireland " The new Government has given a commitment to introduce measures to ban upwards only rent reviews. This will be crucial if Ireland's retail sector, which employs over 255,000, is to stop haemorrhaging jobs."
(Jerome Reilly - Sunday Independent)
