400 corner shops close; Donegal retailers having best results ‘in years’; Cost of chicken and sausages to rise after droughts
Aug 13 2012
1. 400 corner shops close
Over 400 corner shops have closed down in the last two years, and trade is down by more than 15% for those still in business, says CSNA chief executive Vincent Jennings. Quoted in the Irish Examiner, Jennings believes shop owners are facing a huge uphill battle to keep their open signs up, with the government, wholesalers and banks heaping more pressure them, the latter by “withdrawing overdraft and loan facilities.”
2. Donegal retailers having best results ‘in years’
Many retailers in Donegal are having their best retail results in years as a result of more local shoppers staying at home and more visitors from the North, the Donegal Daily reports. The paper claims there is a mass return to Letterkenny’s carparks of Northern-registered cars. Chief executive of Letterkenny Chamber Toni Forrester noted that one retailer there said sterling cash take was up 30% in July compared to 2011 and up 70% against 2010.
3. Cost of chicken and sausages to rise after droughts
Consumers could be paying more for their chickens and fry-up ingredients this winter as droughts across the US and Russia impact on the cost of animal feed. According to an Irish Examiner report, the Irish Farmers’ Association (IFA) has warned that the cost of a chicken could rise by several euro, while sausages and rashers could rise by as much as 20% due to droughts that have hit crop production.
4. DCC to buy BP's liquified natural gas business for over €50m
Dublin-based DCC is buying oil giant BP’s liquified natural gas (lpg) distribution business in Britain for €51.3 million in cash. The Irish Times reports that the sale which is due to be completed next month will complement DCC’s existing British lpg business, Flogas and that the two divisions will be merged. DCC said the deal would cement the Irish group’s position as the leading oil and lpg sales and distribution business in Britain.
5. Cost of tea soars due to poor weather conditions
The price of tea has jumped to a two and a half year high following poor rains in Kenya. The Irish Independent reports adverse conditions for crop-growing in one of the world’s largest exporters of black tea could leave people paying more for a cuppa than they have since late 2009. A poor monsoon could also hit tea production in India and Sri Lanka. Since January, the wholesale price of the highest quality black tea has already jumped up by 41%.
6. Shannon ferry group goes into the red
Shannon Ferry Group Ltd which is co-owned by two of the Mangan brothers - who received €45 million from the sale of their wholesale retail business to BWG - went into the red last year. The Irish Times reports the ferry group recorded a pretax loss of €110,571, in contrast with a pretax profit of €427,535 in 2010. The business is co-owned by Terence Mangan and Gabriel Mangan who both have an 8% share in the company.
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