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The value of Irish retail sales fell by almost 6pc in February 2021 compared to February 2020, the last ‘normal’ pre-pandemic month for Ireland’s retailers, according to figures last week by the Central Statistics Office (CSO). The underlying situation is even worse. When ultra-volatile motor sales are excluded, the value of retail sales was down by a massive 8.4pc in February.
The collapse in sales has resulted in many well-known retailers shutting their doors for good. In April 2020, UK retailer Debenhams pulled the plug on its Irish operations, shutting its eleven stores and throwing more than 2,000 people out of their jobs.
New company filings underscore the financial pressure that was being heaped on a Blackstone fund that owned the Blanchardstown shopping centre in Dublin as the Covid crisis played havoc with retailers.
Accounts for a company behind the centre were signed off last month on the day that Goldman Sachs received competition approval to acquire the retail destination.
The accounts note that in the year to December 22 last, rents at the centre were down by a third compared to the previous corresponding period.
Blackstone bought the shopping complex from Stephen Vernon’s Green Property for €950m in 2016. The US investment giant likely walked away with little to show for its investment as retail asset values took a hit due to the pandemic.