The Central Bank of Ireland’s most recent stats of household savings for February 2024 were neutral, having only increased by 0.7% from January. Reflecting on previous years statistics can provide a better insight into the extent of household savings in Ireland. Since 2019, savings have risen to 47%. This echoes the public’s continued desire to save since the financial crash of 2008. The public has remained cautious with their money since the crash with household savings having increased 85% from 2008. Annual household savings have begun to stabilise in recent years. The increase in savings from February 2021 to 2022 was 7.2%, dropping to an increase of 5% from February 2022 to 2023. In the last year it increased by only 3.3%, reaching €153.6bn.

This is interesting from a consumer spend perspective. Whenever Irish consumers are eventually comfortable with the level of their savings, now an average of over €30,000 per person, will the surplus cash that they have been squirreling away find its way into the tills of Irish retailers?

Irish Consumer confidence improved again in June reflecting a 10.4% y-o-y increase. Tentative signs that food and energy price inflation might have peaked seem to have encouraged a slight easing in concerns around household finances. The exceptionally good weather may have also boosted the mood of many consumers, but the modest monthly gain suggests financial clouds are still hanging heavily over many households and economic sunshine is still hazy for some.

One doesn’t have to go back too far into the archives to find headlines relating to markets in Dublin. Recent headlines include the uses of the Fruit & Veg Markets in the north inner city, the future (or fate) of the Iveagh Markets in The Liberties and plans for a market use at CHQ alongside EPIC, Europe’s leading tourist attraction (World Travel Awards). With the concept such a visited topic one looks to examples, both here and abroad, of where markets exist in cities as major attractions, creating hubs of activity that provide a platform to promote local, independent businesses, producers and suppliers and exhibit the tastes and cuisines of the area.

In Ireland, the most prominent example is of course Cork’s famous English Markets. Developed and owned by the Council, this traditional food market first opened in 1788 and remains as a hub of retail activity, with independent, local stallholders (some generations old, others local start-ups) selling a variety of fresh food and artisanal goods. While the dominance of a grocery offer suggests the target clientele are largely locals, a combination of atmosphere and architecture makes the market a major attraction for the City.

The Time Out Market in Lisbon is considered as a must-do when visiting the Portuguese capital. The market was founded by the publishing company with a vision to showcase the best business ideas and projects in Lisbon. The market now contains restaurants, shops, bars and a music venue alongside fruit & veg, meat, fish and flower vendors. London’s Camden Market has developed into a retail, food & drink destination in London, comprising over 1,000 shops, stalls and stands with an array of unique independent offers. Other examples include Mercado in London and Mercado de San Miguel in Madrid.

A common theme of these markets is the presence of independent, local operators. These operators allow the markets offer something unique and different from the traditional high street or shopping centre mix. The artisan nature of these vendors can serve to promote the markets as a tourist destination where visitors can experience local cuisine and support local producers. The planning submitted for the proposed market offer at CHQ is an opportunity for an exciting market offer to break into Dublin and the recent pop-up, Me Auld Flower market in the Fruit & Veg Market in Smithfield as part of the St Patrick’s Day Festival may indicate that more exciting development lies ahead.

If you want to discuss the retail dynamics of City & Town Centre further you can contact us @consultancy@bannon.ie

Author:                 George Colyer, Surveyor, Bannon