Independent retailers in the Republic of Ireland are set to feel the squeeze from large international players tempted by the market’s impressive growth rates, according to a new report.

Published by Verdict Research, part of Datamonitor, the report said that the Irish Republic’s E24.4bn retail market has grown by 34% over the past five years.

Retailers are attracted to Ireland because of strong economic growth and a favourable demographic profile, with purchasing power in Ireland among the highest in the EU, said retail analyst Daniel Lucht. As a consequence many Irish independents operating across various sectors are set to disappear.

"The likes of Tesco, IKEA and Home Retail Group will aggressively grow their market share over coming years," he said.