As the manager of the menswear outlet James Herron for over 20 years, this is not the first time James O'Shea has seen business suffer.
While feeling the pinch in terms of falling customer numbers, O'Shea points to another aspect of an unstable climate which keeps businesses like his own ticking over.
"While the price of a suit might be outside the budget of some now more than ever, there is a side to this which has actually started to reflect a pick-up in business for us. A lot of men working in offices are now wondering if their job is as secure as they once thought it was.
"As a result, they don't want to run the risk of looking lazy or uncaring about their work or give off the wrong impression, and so image is becoming more important.
"And then there are those running for jobs who, out of around 12 candidates running, want to be the one that stays in the employer's memory and they know the importance falls on image and looking sharp. Ties are back on workers again. Men were beginning to get very comfortable in their jobs before the downturn hit."
O'Shea says the level of business that will resume after the sky-high sales of the boom years will be more in keeping with the real world.
"Things are tough for all businesses like ours without a doubt. But after 20 years, we have managed to hold on to the majority of our customers. It is true that they are buying less and are more worried about what's coming next but in reality business was previously too easy. Now things are just normalising."
O'Shea says the last few years have given him a new appreciation of the customer. "From here on we need to offer more to our customers. We ask now if we can deliver to the customer, if they need anything else, and if we can give any more value at all. Customers refuse to be taken for granted anymore."
Despite recent Central Statistics Office figures showing that flights abroad have fallen by 10% compared to last year, travel agent Declan O'Connell says his business has seen no drop in customers and the number of people booking holidays abroad remains steady.
In fact, the last few weeks has seen a strong upsurge in line with previous years in terms of demand. There are, however, noticeable differences in the way people plan holidays.
"Customers are not booking long term anymore but rather they are coming in and booking around six weeks beforehand. It seems to all boil down to a lack of confidence in that people don't really know what position they'll be in by the time their holiday comes around," says O'Connell.
Part of the reason for the stability in business is actually down to the recession itself, he adds, as people tire of the "doom and gloom and look to get away from it all for a while".
"Some people are coming in and booking holidays for next year as they missed their trip away for this year."
O'Connell says although the usual popular spots are still in favour, tourists are now opting to stay closer to home than before.
"Europe remains very popular, and so too are the cruises we operate. I have no worries about the future of this business."
Fallon & Byrne operates a store and restaurant in the prime location of Exchequer Street in Dublin. Serving and selling speciality foods, it was one of the main city-centre restaurants to feel the harsh grip of the recession. A re-haul of prices, menus and tactics, however, has turned this around, and reservations are once again filling up.
Restaurant manager Kate Kirby, who says that the first half of 2009 was very worrying for herself and her staff, now has a brighter outlook.
"I can see it from the reservations that things are looking up for us. Last Saturday we were full to capacity with 200 bookings, 180 on the Friday and the same for Thursday. From these figures we can see that business is picking up. We were a little bit depressed in here at the beginning of the year when the situation was at its worst and the news wasn't looking good for us but we are looking forward now with optimism as things begin to steady out once again," says Kirby.
In Fallon & Byrne on a Wednesday, the basement level 'Cellar' bar is packed to capacity, the ground-level store busy, and the restaurant half full.
"Being realistic, we are busy but we are not packed. Having said that, we are seeing a very consistent amount of customers coming into the restaurant, both during the day and the evening. It is during dinners that we are seeing the most marked improvements and that is where we make our money.
"Restaurants now more than ever have to be innovative and take the hit on food prices to get the people coming back in again.
"Also, any restaurant that reduces the quality of food in tandem with the reduction in prices should know this will not work."
Galway estate agent Maureen McKeown says that so far, 2009 has been a very slow and worrying year for her business and the housing sector in general, but that the outlook is promising after a recent flurry of movement on the market.
"May was an incredibly slow month. However, the past 10 days have started to show very promising signs.
"There has been a sharp spike in movement in the property market which is great to see.
"There are now first-time buyers who are making moves on the market, some weighing up their options and some actually buying.
"Without a doubt there has been a mass recovery just over the last few days.
"In the first few months of the year I was very worried, but the fact there is now movement again is reassuring.
"Right now, it is both a buyer's and renter's market. Now that the prices have fallen even further, buyers are just deciding to go for it."
McKeown says that although the future is still uncertain, she remains upbeat given the recent revival. "So much is still in question, and things are by no means 100% recovered, but there are bargains to be had which are now being snapped up.
"Part of the problem beforehand was the perception that no job was safe. From my own perspective, there is an element of security coming back into play which is kickstarting the development in this market again. I'm very optimistic now about the future and a further pick-up."
Gary Boland has operated his gardening and maintenance business – Outside Garden Design – since 2004, and says he has never been busier.
Boland can charge up to €30,000 for a garden re-design but customers are not shying away from maintaining their 'outdoor rooms' to the highest standards. "There is certainly still money out there, and people are spending, despite reports to the contrary," says Boland, who has work scheduled up until September.
Furthermore, Boland is in constant communication with builders through his work – where the situation is also looking up. "Builders I've been in contact with have told me they are getting work again now and they are actually getting quite busy again.
"It is not doom and gloom, and not as bad as some are saying it is. I have people calling me from all over Dublin city looking for renovations and looking for work on their gardens. The difference is that now more than ever I am being pushed and have to price my work in a much keener fashion.
"Consumers are now demanding better value for their money, and haggling is becoming more commonplace. I have no hesitation in saying I am very optimistic for my own trade."
Boland does not employ expensive advertising techniques to promote his work, but instead relies on an older form of publicity. "All my work is recommendations and word of mouth, and this is how we get on in maintenance and construction now. You can advertise all you want and spend whatever amount of money you wish on getting your name out there, but word of mouth is the way forward.
"I've been self-employed in this business since 2004 when business was abnormal.
"I would be booked up a year in advance, and to be honest, things are just normal now.
"The only difference is that the messers in the trade are now being weeded out as the emphasis falls on quality and service. But it is still the case that sometimes when I go to price a job, an unregistered and uninsured tradesman will also quote and he can knock 30% off my price because he doesn't pay tax, Vat or insurance.
"So the black market makes it far more difficult for companies trying to do the right thing," adds Boland.
Limerick car dealer Frank Hogan sees good and bad news in the recent market trends. This he blames on both the economy and last year's Green Party emission guidelines.
While the used-car market is flourishing, very few new cars are being bought. "We are finding that the used-car market is strong and we believe it will remain strong. It is the new-car market which is falling apart. It's a combination of the financial situation and John Gormley's green-emissions agenda which confuses customers.
"Also some people do not want to be seen driving an '09 registered car because of the state of the economy – we are left with a catastrophe in this area."
According to Hogan, sales on the new car market have gone rapidly downhill in tandem with a reluctance from finance companies to offer car loans. He adds: "We're launching the latest Mercedes E Class, and there isn't the enthusiasm we'd normally expect for such an occasion."
Also detrimental to car dealers is what he terms the "sterling effect".
"In terms of pricing, this is very damaging. It brought down the value of our own cars as we were forced to live up to the UK's sterling prices."
Hogan continues to rely on the thriving used-car market to stay afloat, and says he is confident that his business will see out the challenges it now faces and continue to operate successfully.
Situated in Dublin's bustling Temple Bar, the Morgan Hotel has not been exempt from the huge strain put on the hotel industry during the downturn. Guest services manager David Schneider has worked in the hotel for two years and has implemented the changes which were necessary to ensure the hotel's survival in an increasingly competitive industry.
"Things were quiet at the start of the year, and despite the fact that we had always been a popular spot for tourists, celebrities, and regular visitors, everyone in here was concerned.
"We found we had to place new emphasis on cutting prices and special offers to attract our customers and ultimately it paid off."
Now, bookings are picking up in the hotel and Schneider says he is seeing some confidence return.
"The fact remains that tourists still want to come to Ireland, and those living in Ireland will save if they have to in order to spend some time relaxing.
"I work here at least 50 hours a week and we have seen a very steady stream of customers recently, and we expect this to keep up," said Schneider.
He acknowledges the challenges which face the hotel sector but is adamant that they are on track to a fast recovery.
"Everyone has their financial problems and no doubt hotels around the country are feeling the pressure but at the end of the day I am happy that we will survive as a hotel and continue to put emphasis on the experience of the customers.
"At the moment we are very busy and expect it to continue long beyond the summer."
Francis Deane, owner of Michael Francis Menswear, in Navan, Co Meath, says the retail industry is still slow, but he is currently reaping the benefits of the seasonal sale and is looking forward to what he believes will be a pick-up in September.
"I am looking to get the rents on outlets like mine reduced, as they are not in line with the current climate anymore. Other premises around Navan have succeeded in getting their rents lowered and that's boosting their prospects.
"Once I achieve this and other financial measures I am confident that by September, business will have picked up. There remains a lot of uncertainty and unemployment is still exceptionally high, but if landlords of premises like this are sympathetic and construction takes off again, I will be hopeful."
Deane, recently elected to Navan Town Council and Meath County Council as an independent, has been in business for over 30 years and plans to be working the same amount again. "In order to make it another successful 30 years there will have to be cutbacks. Rents will have to be reduced and cuts will have to be made."
The biggest challenge for Deane will be to reverse the 30% drop in business over the past year.
He anticipates it will take at least four years to be comfortable again, but before then he would look to the government for assistance in areas such as a reduction in Vat rates. For now though, he says he will continue to slash prices to keep the customers coming in.
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