Mr. Frank Gleeson:

It would be remiss of me not to paint the true picture of retail in this country since the recession began. Sales have fallen by a quarter, tens of thousands of jobs have been lost and vacancy rates are up. Margins have been cut to the bone, if they exist at all. Flat is the new growth and those retailers who have survived the recession are on the edge. This is particularly true of SME retailers, who make up 77% of retail enterprises in this country. However, we are not without hope. Retail Ireland forecasts that sales will rise this year for the first time since the crash. Even more important, we believe the sector has the potential to create 40,000 new jobs by 2020 if we can record a sales rise of 3% to 4% from the middle of this decade. However, this can only be achieved if retailers can grow. To grow, they need finance. While large retailers can often use their size to avail of credit, and very small retail businesses can use micro-finance schemes to get funding, there is a huge problem for those retail businesses that may have two or three small stores, or forecourt fuel stations. They are caught in the middle and are unable to grow with high rents that they are struggling to pay. These are usually independent retailers, even if they are part of a symbol group or a franchisee with a recognisable national or international brand name over their shop door. These small retailers have significant potential, and a huge footprint. Retail is one of very few industries that can boast a presence in every town and village in Ireland. Some 75% of retail businesses are located outside Dublin. Retail is a vital link in the supply chain for indigenous manufacturers and suppliers, especially in the food and drink sector. Unlocking finance for retailers therefore means job creation everywhere and for everyone in the country.