The owner of Waltons Music Shop has said the business was facing a doubling of its rental costs if it tried to continue in its location in Dublin city centre.

As a result, the iconic city centre store is moving from South Great George’s Street to a new premises in Blanchardstown.

Niall Walton, whose grandfather first opened a Waltons shop on North Great Frederick Street in 1922, also said his margins were also being tightened by the impact of the internet.

However it was a proposed 100% increase in the rent at the end of a 25-year lease at the premises that precipitated the move.

Mr Walton said that North Great Georges St is experiencing an overspill of business interest from Temple Bar and Grafton Street, which is causing higher rents.

The shop received worldwide fame when it featured in a scene from the film Once.

Neighbouring business owners such as Simon McWilliams of Simon's Place Cafe have expressed regret at Waltons leaving.

Mr McWilliams, who has been on the street for 20 years said "it certainly doesn't get any easier," as he had a recent increase in rates as well as rising rents.

Lorraine Higgins of Retail Excellence Ireland said retailers need more help in coping with the changing market.