Retail representative group Retail Ireland has said that the latest December retail sales figures for Ireland indicate that 2014 could have been a turning point for retail in the country.
According to data from the Central Statistics Office (CSO) in December, the value of sales rose by 1.8 per cent, while the volume of sales rose by 5.2 per cent (excluding car sales).
Commenting, Retail Ireland director Thomas Burke said, "The retail sector suffered disproportionately during the crash, and its recovery has lagged behind the general domestic economy. Legacy costs continue to hamper growth for many retailers and have the potential to destabilise the recovery.
"The value of core retail sales remains some 17 per cent below its pre-crisis peak, and this reflects the challenging business conditions which many traders still face."
Retail Excellence Ireland also noted that sales during the Christmas period were "not as strong as had been hoped for", with widespread discounting still taking place.
“Consumer behaviour has been changed by the recession, with a strong focus on basket-splitting, deals and discounts," said REI deputy chief executive Seán Murphy.
"We now know the Christmas period commences with Black Friday. The CSO figures underline the fact that for many businesses, the spend was simply brought forward and did not stay strong in the run-up to Christmas Day.”
© 2015 European Supermarket Magazine – your source for the latest retail news. Article written by Stephen Wynne-Jones.
