Irish Retail Slowdown Will Have Long-Lasting Impact

Irish retailer Musgrave, which operates SuperValu supermarkets and Centra convenience stores and controls around 20% of the local retail market, has reported that sales at its Irish stores declined by 7% to EUR2.7bn in 2009. The firm said outlets had outperformed the wider retail sector, and with the country's largest retailer, Tesco Ireland, reporting an 8% decline for 2009 this may be the case. However, with BMI forecasting that the Irish economy will continue to decline in 2010 as the government's austerity measures take effect, there appears to be little prospect of a return to growth for the beleaguered retail

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