Diageo blues mean pub doom
DIAGEO's full-year results show just how tough conditions are in the Irish drinks trade.
Contrary to what some lobby groups would have you believe, Irish alcohol consumption is falling -- not rising -- and is now a sixth lower than it was a decade ago. This trend is almost certainly continuing with the numbers from Diageo (the drinks giant which owns Guinness, Baileys and Bushmills) indicating a 5 per cent decline in the group's net Irish sales.
This is reinforced by the latest CSO retail sales figures which show that sales in June fell 8.4 per cent in volume terms compared with June 2011.
While the argument about how much we Irish drink and, probably more importantly, how we drink will run and run. What is indisputable is that the numbers make grim reading for the country's remaining 7,500 pubs.
With 1,100 pubs having already closed since 2005, the trend towards the off-trade accelerating and alcohol consumption continuing to fall, many more pubs will close over the next few years.
Sunday Indo Business