Sunday, September 30, 2007

Perspective

Over the last week or two I have been doing some research into the Irish petrol market for an article I am co-writing with someone from college, and in particular why so many petrol retailers have simply decided that there isn’t enough profit to be made here and are closing up shop and are selling their forecourt sites.
A comment I came upon by Commercial real estate broker Patrick Reardon, really puts the situation faced by the oil majors into perspective

‘‘Looking at it from a business point of view, the sale of petrol and diesel in all of Ireland is equivalent to what is sold in metropolitan Manchester, so it is hardly a priority investment area.”

Things can look a lot different when you see them in relative terms. It also serves to highlight the insignificance of Irish retail on a global scale.

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