David Fitzsimons of Retail Excellence Ireland says unsustainable ‘Celtic tiger rents’ are causing a problem for many retailers, including Monsoon and Accessorize.
Monsoon Accessorize, the women’s clothing and accessories store, is seeking to be put into examinership by the High Court so it can continue as a going concern. The company employs 270 staff and has 18 stores in Ireland.
Retail Excellence Ireland said that it was disappointed but not surprised to hear that the retailer had applied to go into examinership.
David Fitzsimons, CEO, Retail Excellence Ireland, said: “It is disappointing to hear that Monsoon Accessorize Ireland Ltd has applied to go into examinership, but not surprising. The fashion market in Ireland has been very challenging in the past 12 months – as evident by our quarterly retail figures released. Additionally, demand in the fashion industry has dissipated over the past few months.”
“The fact that landlords are still charging Celtic tiger rents which are not sustainable is a huge problem for many retailers including Monsoon and Accessorize. Unfortunately, this company is not the only retailer taking this route and we are likely to see many international retailers do the same over the coming months, if the government doesn’t address the problems experienced by retailers at present.”