Stores reign as banks withdraw

THE number of banks on our streets is falling fast – but instead there are now far more supermarkets than ever before.

Banks are closing branches as they cut their cost base and people increasingly use online banking, businesses use far fewer cheques and cash is widely being replaced by card use.

But supermarkets are expanding. Discounters Lidl and Aldi moved into Ireland in 1999 and have both opened scores of branches in the past two decades.

The number of supermarkets is up by 122, or 29%, between 2010 and 2019 from 415 to 537. Lidl alone now has 163 stores in the country and over the past year opened three new outlets.

But the number of sports shops has fallen by 10% as their younger clientele switch to buying more online now. Surprisingly, however, the number of travel agents has not been hit by closures despite the trend to book flights and holidays online, while cinemas have remained resilient to the march of Netflix and online movies.

Overall, the ‘vacancy rate’ – or number of empty premises – has remained virtually static over April, May and June, rising from 13.3% to 13.5%.

However, experts fear the full impact of the Covid19 shock to the commercial property sector has not yet been fully felt and the rate could rise sharply as businesses try to reopen.

Commercial property expert Dara Keogh, of GeoDirectory, which tracks occupancy rates, said: ‘We can expect to see further significant changes in the coming years with the economic impact of Covid19, international tourism in significant decline, the risk of a no-deal Brexit on the table and working from home becoming more prevalent.’