Retail Group Calls For 40% Retail Rent Reduction Due To COVID-19
Retail Excellence has called for an immediate 40% reduction in commercial lease rents to the end of 2020, in light of the current coronavirus crisis.
Following meetings with Ministers and senior Government officials yesterday the group that represents the retail industry in Ireland also called for other emergency measures to be implemented by the end of this week, most notably: reinstatement of the 9% VAT rate for the hospitality sector for a minimum of six months and also an immediate moratorium on local authority rates payments to the end of 2020.
'Much More' Needed
In a statement Retail Excellence said that although it supports the package of supports unveiled yesterday by the Government including a €200 million emergency business fund, 'much more' is required.
It highlighted that it is particularly concerned for visitor facing retailers and hospitality providers.
The group added: 'There was been a significant erosion in visitor arrivals to our shores and the season ahead has been written off by many providers.'
© 2020 Checkout – your source for the latest Irish retail news. Article by Donna Ahern. Click sign-up to subscribe to Checkout.