Shop rents fall by 50pc
DUBLIN'S busiest shopping areas have recorded a 50pc plummet in retail rents from peak levels, new figures have revealed.
Property consultant CB Richard Ellis said that retail rents in the Irish market would remain under pressure for some time.
Overall retail sales for the year to April fell by close to 4pc.
And footfall continues to drop in prime shopping areas with around 11,600 shoppers per hour recorded on Grafton Street on Saturdays in the second quarter -- a drop of 4pc on the same period last year.
But businesses are beginning to return to the iconic street with vacancy rates at 1.1pc, compared to 3.2pc at the same stage last year. The vacancy rate on Henry and Mary Street is 0.3pc compared to 5.8pc in 2010.