Friday, 9 April 2010
Retail Ireland, the IBEC group that represents the Irish retail sector, today said that the latest CSO inflation figures show that retailers have continuously cut prices over the last year to save their businesses by trying to attract more customers. Price reductions in the past year include food -7.8%, clothing - 14%, cosmetics -8%, footwear - 13%, furniture - 8%, white goods -4%, consumer electronics - 12%, home computers - 28%, toys -10% and sports goods - 7%.
Retail Ireland Director Torlach Denihan said: 'Retailers have cut their overhead costs to the bone. Their ability to deliver further price cuts to consumers depends on the willingness of landlords to reverse huge rent increases, applied in recent years under upward only rent review clauses."
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