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Retail Excellence Suggests Recovery Rent Grant Measures For Retailers

Published on May 6 2020 2:17 PM in Retail tagged: Featured Post / Retail Excellence Ireland / Government

Retail Excellence Suggests Recovery Rent Grant Measures For Retailers

Retail Excellence Ireland has suggested a number of rent grant measures, to help retail businesses across Ireland who are on the road to recovery, as restrictions start to lift amid the COVID-19 crisis.

There will be no recovery for the retail industry if property costs are not addressed by the Government.

“We need a Government rent grant measure to deal with commercial rent costs over the period of emergency," said David Fitzsimons, Group CEO at Retail Excellence Ireland.

"We have proposed that the rent burden is met as follows: a 60% Government Grant, 20% Tenant rent Payment, 20% Landlord Rent Discount," he added.

Fitzsimons highlighted that other countries have announced similar support measures and that very commercial lease provides that the tenant can enjoy 'quiet enjoyment' to trade.

Local Authority Rates

Fitzsimons said that Irish retailer businesses require an extension of the local authority rates waiver to, at minimum, 12 months 'as Local Authorities will have significant difficulty collecting rates until the second quarter of 2021'.

"We also require that essential retailers who remained open, but incurred significant losses, should be included in any rates relief measure," he said.

He noted that when retail businesses re-open they will face extremely subdued demand.

"We have profiled reopened countries across the EU and all retailers open today are suffering like for like revenue declines of approximately -60%," he added.

© 2020 Checkout – your source for the latest Irish retail news. Article by Donna Ahern. Click sign-up to subscribe to Checkout.

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