DUBLIN City Council has instructed the owner of Korky's shoe shop on Grafton Street to take down a €3,000 three-storey-high sign protesting at high rents on the street.

The sign, which reads: "High rents are killing our jobs", was erected last month by shop owner John Corcoran to raise awareness of problems with upward-only rent leases in the city centre.

The council said the sign is in contravention of architectural and planning regulations on Grafton Street.

Corcoran is also coming under pressure to take down the sign, which has gained global attention, from fellow shop owners, who claim it may have a negative impact on Christmas shopping on the street.

"I don't know if the council is going to push ahead with ordering me to take the sign down, but I think they do understand that I am trying to get a very valid message across," Corcoran said.

"It is not a commercial venture, I am not advertising, it would be different if this were the case.

"Also, on the other hand, other shop owners are saying this might have a bad effect on Christmas shoppers seeing a massive sign like this, and potentially ruin the Christmas spirit. I am considering taking it down closer to the time because of this."

Corcoran said he was losing €300,000 a year as a direct result of his €445,000 upward-only yearly lease.

"I am losing an awful lot of money, but even if I do have to take the sign down I don't think it was a waste of €3,000. That is a pittance in comparison to what I am losing every day in the shop. It was worth it purely to raise awareness of the issue of high rents in the capital," he said.

According to the council's planning control scheme for Grafton Street: "The purpose is to reinvigorate Grafton Street as the south city's most dynamic retail experience underpinned by a wide range of mainstream, independent and specialist retail and service outlets that attract both Dubliners and visitors to shop, sit and stroll, whilst re-establishing the area's rich historic charm and urban character."