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Irish Consumer Sentiment Hits 15-Month High

27th June 2023/in Economy, News, Reports

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.

https://bannon.ie/wp-content/uploads/./irish-consumer-26.06.jpg 747 995 Bannon Webpage Admin https://bannon.ie/wp-content/uploads/bannon-logo-trans.png Bannon Webpage Admin2023-06-27 16:50:402023-06-27 16:50:40Irish Consumer Sentiment Hits 15-Month High

Unemployment reaching a record low as weekly Earnings Soar

2nd June 2023/in Economy, News, Reports

The Irish consumer market continues to showcase its strength and resilience. According to the latest report by CSO unemployment has hit a record low of 3.8%, while weekly earnings have reached a new high of €923.48.

This remarkable achievement is even more significant when considering that seasonally adjusted unemployment is now 50% lower than its peak during the Covid pandemic two years ago. Furthermore, the Irish labour force has surpassed 2.7 million for the first time in recorded history, and average weekly earnings are 20% higher than pre-Covid levels. With such positive indicators, the outlook for the Irish retail market is incredibly promising.

https://bannon.ie/wp-content/uploads/unemployment.jpg 643 859 Bannon Webpage Admin https://bannon.ie/wp-content/uploads/bannon-logo-trans.png Bannon Webpage Admin2023-06-02 15:46:592023-06-02 15:47:25Unemployment reaching a record low as weekly Earnings Soar

When the Market Stall’s – Where is Dublin’s Market?

3rd April 2023/in Economy, News, Reports

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 

Date:                     3rd April 2023

 

https://bannon.ie/wp-content/uploads/george.png 442 601 Bannon Webpage Admin https://bannon.ie/wp-content/uploads/bannon-logo-trans.png Bannon Webpage Admin2023-04-03 11:02:192023-04-03 11:25:54When the Market Stall’s – Where is Dublin’s Market?

Retail Healthcheck with Neil Bannon

27th February 2023/in Economy, News, Reports, Retail

Neil Bannon joined Newstalk Bobby Kerr on Down to Business on Saturday to discuss what we might do to attract the investment our towns and cities need right now.

To listen to the full podcast, click here.

 

https://bannon.ie/wp-content/uploads/20210715-M1-111.jpg 1600 2400 Bannon Webpage Admin https://bannon.ie/wp-content/uploads/bannon-logo-trans.png Bannon Webpage Admin2023-02-27 11:15:482023-02-27 11:16:33Retail Healthcheck with Neil Bannon

Why Ireland for retailers? Why Not Ireland.

12th October 2022/in Economy, News, Retail

When a retailer considers expansion within or entry to a new territory, they must assess a wide range of factors to make a financially viable decision. Rather than Why Ireland, the Bannon Retail Team are using economic data to demonstrate to retailers – Why Not Ireland.

To start, there are several key statistics to Why Not Ireland:

  • Ireland is 1st in Europe for Economic Growth.
  • The country is 1st in the World for Business Productivity and Efficiency.
  • Census 2022 reported Ireland’s highest ever population of 5.12 million.
  • Ireland’s population has grown 21% in 15 years and is set to reach 6.334 million by 2050. This is the second biggest population growth projection in Europe. In comparison more than half of Europe is projecting a population decline.
  • Ireland now has more than 2.63 million people in employment the highest level ever recorded. This growth has led to higher wages and higher disposable income levels.
  • Irish households are now 40% wealthier than in 2007.
  • Irish household savings hit an all-time high in June 2022 of €145 billion euro while household debt continued to decline.
  • Retail sales are 29% above 2005 levels.
  • Ireland welcomed 7.2 million visitors during the first half of 2022, in comparison 2019 saw 11.3 million tourists for the full year.

The statistics don’t lie. These hard facts are aiding the post Covid retail recovery, providing confidence to expand to retailers and investors. This is evident in the number of new entrant brands who have recently signed expansion deals in Ireland including Lego, Russell & Bromley, Flannels, Carhartt & Pret A Manager to name a few.

The Bannon Retail Team is in active discussions with a range of additional new entrants. Some are considering Ireland ahead of the UK for store expansion. This is a significant shift away from the traditional route of opening in the major urban UK markets first.

Increased spend and the resulting increase in turnover is aiding retailers to make decisions to expand outside of the prime focus of city centres in Dublin, Cork, Limerick, and Galway. For example, Bannon recently welcomed Rituals to Marshes Shopping Centre in Dundalk. This demonstrates how a brand’s confidence in Ireland has seen retailer expansion strategy grow from Grafton Street to regional towns.

Whilst it might be viewed as a small country for expansion, the data provides a strong business case for retailers to decide Why Ireland should be a primary focus in their ongoing expansion plans.

 

Author:                  Jennifer Mulholland, Divisional Director, Bannon

Date:                     12th October 2022

https://bannon.ie/wp-content/uploads/pret-3-1-1-450x338-1.jpeg 338 450 Bannon Webpage Admin https://bannon.ie/wp-content/uploads/bannon-logo-trans.png Bannon Webpage Admin2022-10-12 11:31:532022-11-01 14:23:58Why Ireland for retailers? Why Not Ireland.

Weathering a perfect storm in Commercial Property Service Charges

5th October 2022/in Property Management, Economy, News, Reports

As per the SCSI / RICS Code of Practice definitions, service charges in commercial property enable an owner to recover the costs of servicing and operating a property. This is for the benefit of the occupiers and users of the services and facilities provided within the property.

The service charge arrangement is dictated by the lease of the property and presents what responsibilities fall to the service charge regime and what responsibilities fall to the occupier.

One of the key roles of the Bannon Property Management team is compiling the annual service charge budgets for the assets under our management.  When doing this work, we are conscious of the impact service charge regimes have on occupiers and owners. If the budget is set too low, cashflow issues arise that affect the smooth operation of the asset. This can lead to a deterioration of the asset which will have numerous implications for users, occupiers and owners.  Alternatively set the budget too high and this impacts on the viability of occupiers to pay and ability to let units.

Having a high service charge per square foot also has an impact on the rental rates the owner can achieve. This in turn negatively impacts the asset value. Therefore, it is paramount that property managers are constantly reviewing, and tracking service charge spend. This is easier said than done.

When setting the 2022 service charge budgets in Q4 2021 no surveyor could have predicted the war in Ukraine and the subsequent disruption this would create in the world economy. It is hard to believe that the Russian invasion of Ukraine has resulted in the increase occupational costs for occupiers in Irish commercial assets!

Given the increase in operational costs worldwide since January 2022, most Irish commercial assets with service charge liabilities are looking at a balancing charge at the end of the year. This is when annual service charge expenditure has exceeded the annual budgeted figure. This is due to service charge budgets being set before an escalation of the War and subsequent impact on the global economy.

The current landscape is substantially different to when we were setting 2022 service charge budgets. With the ongoing energy crisis and global economic conditions, setting 2023 service charge budgets will be more challenging than ever. Significant increases in energy costs coupled with construction costs increasing by 14% over the past 12 months according to the SCSI’s construction cost index (July 21-June 22) have created these challenges. The addition of ERO (Employment Regulation Order) increased hourly rates for cleaning and security professionals, combined with these challenges, means that we are dealing with a perfect storm.

it is imperative that the property manager strikes a balance between having a sustainable and affordable service charge budget, but to also ensure there are funds to maintain the common areas.

This is a fine balance and Bannon predicts service charge regimes will increase significantly in 2023. This will lead to hard choices for asset managers and owners. As market leaders, Irish-owned Bannon manages multiple commercial assets including shopping centres, retail parks and offices throughout Ireland. We have significant experience in setting and managing service charge budgets, helping our clients find this balance.

 

Author:                 William Lambe, Divisional Director, Bannon 

Date:                     5th October 2022

https://bannon.ie/wp-content/uploads/natalya-letunova-ZotTCYgYwyM-unsplash-1.jpeg 1920 2560 Bannon Webpage Admin https://bannon.ie/wp-content/uploads/bannon-logo-trans.png Bannon Webpage Admin2022-10-05 15:02:402022-11-09 16:16:05Weathering a perfect storm in Commercial Property Service Charges

Consumer Sentiment

26th May 2022/in Economy, News, Reports, Retail

Sustained slide in Irish consumer sentiment points to major reassessment of economic and financial conditions.

The KBC Irish Consumer Sentiment Index slipped again in May for the fourth consecutive month. The previous four occasions this has happened in the twenty-six-year history of the survey reflected circumstances in which consumers faced marked difficulties in assessing potentially momentous changes in economic conditions. The last time the survey slipped for four consecutive months was in the summer of 2019 amid concerns over Brexit.

The current slippage follows the conflict in Ukraine and electricity/gas price hikes of 15-40% implemented by energy providers in the past two months. However, credit/debit card and Retail Sales data do not yet point to any material slowdown in spending, with expenditure on hard hit sectors such as accommodation and hospitality still recovering in May.

https://bannon.ie/wp-content/uploads/Consumer-Sentiment-Index-May-22.png 406 739 Bannon Webpage Admin https://bannon.ie/wp-content/uploads/bannon-logo-trans.png Bannon Webpage Admin2022-05-26 11:58:102022-05-26 11:58:10Consumer Sentiment

Retail Parks Prove to be Resilient During Covid

6th April 2022/in Economy, News, Retail, Shopping Centre

Looking back over the past decade the retail property market has experienced a tumultuous time.  Recession following a boom, followed by a resurgence, then the impact of Brexit, Covid, the move to more on-line shopping, and more recently the war in Ukraine.  Retailers and the retail property market have been the hardest hit during this period, and it may be some time before the market stabilises. However, one sector within the retail property market has outperformed in the last 3 years.

Retail Parks have come through the past two years’ experience in an even a better position that before.  The sector has been the beneficiary of multiple factors.

The closure of other retail outlets funnelled consumer spend into retail warehousing parks as the only outlet for frustrated shoppers. This was helped by the nature of retail warehouse parks versus enclosed shopping centres. As large boxes with plenty of space for social distancing, they offer surface outdoor parking and ease of access for click and collect purchases.

What also helped was the focus on the products that are typically sold in retail parks. There was a perfect storm of an increase in home improvements and outdoor activities being a major focus for Covid bound customers acquiring items such as:

  • DIY
  • furniture and soft furnishings
  • the need for new electronics to assist with remote working and learning
  • an increase in pet ownership
  • toys for housebound kids
  • a boom in healthy pursuits driving sales in sports/leisure stores.

This all led customers to their local retail park.

The Bannon Retail Team has seen this resurgence across our extensive portfolio of Retail Parks that we lease and manage. Car numbers in retail parks are up considerably when compared to 2019 numbers, which is a different story when compared to the reduction in footfall that is being experienced in enclosed shopping centre and city centre environments. 

Vacancy rates in retail parks were already low in Q1, 2020.  The acceleration of transactions during and after the third Covid lockdown has pushed vacancy rates to a very low percentage.  Schemes such as Limerick One Shopping Park and The Retail Park Liffey Valley currently have vacancy rates at a long-term low.

New to market retailers and those slow to expand pre-Covid are now seeking increased representation in the better parks in Dublin and provincial locations.  This supply and demand dynamic may encourage owners of retail warehouse parks to start considering expanding their schemes to cater for this renewed demand.

Retailers keen for further expansion include Dutch furniture retailer JYSK, global sports brand Decathlon, Next Home, Homesense, Home Store + More, Party City and EZ Living Furniture/Interiors to name a few.  This sector of the retail market will be keeping us busy for the foreseeable future.  

Author:                 James Quinlan, Director, Bannon

Date:                     6th April 2022

https://bannon.ie/wp-content/uploads/VM_AER_0084.jpg 3017 5363 Bannon Webpage Admin https://bannon.ie/wp-content/uploads/bannon-logo-trans.png Bannon Webpage Admin2022-04-06 11:09:012022-04-06 11:32:54Retail Parks Prove to be Resilient During Covid

Major changes to Leaving Cert will see students sit some exams in fifth year

31st March 2022/in Economy, News, Reports

Major reform of the Leaving Cert is being planned from 2024 onwards which will include spreading project work and exams over fifth and sixth year.

The move aims to reduce student stress levels around the traditional written exams and introduce teacher-based assessment for projects and other course components.

Minister for Education Norma Foley is keen to proceed with reforms which would see students entering senior cycle in September 2023 sitting Paper One in English and Irish at the end of fifth year.

Over several years, 60 per cent of marks for all Leaving Cert subjects will be based on written exams and 40 per cent on additional assessment components such as project work, orals or practicals.

Teacher-based assessment of these additional components will be externally moderated by the State Examinations Commission.

The announcement on Tuesday follows a four-year review of the senior cycle by the National Council for Curriculum and Assessment (NCCA), based on consultations with students, teachers, parents and industry.

The review found while there was broad agreement exams should remain, it proposed giving greater weight to continual assessment, projects or other course components over a two- or three-year period.

On foot of Tuesday’s announcement, a selection of schools will shortly be invited to become pilot schools and participate at an early stage in revised curriculum and assessment arrangements.

Among the changes announced are:

* The introduction of two new subjects – drama, film and theatre studies; and climate action and sustainable development – which will be ready for students in pilot schools starting fifth year in 2024;

* An initial tranche of new and revised subjects will be available in pilot schools from September 2024, when students entering fifth year will study updated subject curricula, with updated assessment models in chemistry, physics, biology and business;

* Future oral exams and the music practical performance will take place during the first week of the Easter break of sixth year, as is the case this year;

* Leaving Certificate Applied (LCA) students will have improved access to maths and foreign languages from September 2022;

* A new qualification will be introduced at level one and two on the National Qualification framework to provide an appropriate level of assessment to some students with special educational needs, building on the equivalent programme at Junior Cycle level;

* Access for all students to a revised transition year programme will be encouraged.

Under Ms Foley’s plans, the NCCA and the State Examinations Commission will develop, in consultation with education partners, how an externally moderated, school-based form of assessment would operate.

However, teachers’ unions on Tuesday moved quickly to voice their opposition to any plan that involves members assessing their own students.

Teachers’ Union of Ireland (TUI) general secretary Michael Gillespie said: “Our members are fundamentally opposed to assessing their own students for State certificate purposes and therefore external assessment and State certification – which retain significant public trust – are essential for all written examinations and all additional components of assessment.”

Association of Secondary Teachers’ Ireland (ASTI) president Eamon Dennehy said certification in State exams must be “entirely externally assessed”.

“This must be retained in all aspects of the development of the Leaving Cert. It is vital that the integrity of the state exams system is maintained,” he said.

Ms Foley said the redeveloped senior cycle aims to deliver “equity and excellence for all”.

“This programme is timely and ambitious – we must not rush, but cannot delay. The timing I have set out will ensure that students will feel the benefits at the earliest possible time, with notice of these in advance.”

She said the reforms will reduce the pressure on students that comes from final assessments based primarily on exams.

“We will move to a model that uses other forms of assessment, over a less concentrated time period, in line with international best practice,” she said.

Ms Foley said these changes will enable the education system to maintain its high standards.

“Our current system has many strengths. But we know that it can be improved, to better support our students, to reduce pressure while maintaining standards, to keep pace with the changes in practices internationally and to meet the needs and expectations of our students and of our society in preparing our young people for the world ahead,” she added.

Article by The Irish Times.

https://bannon.ie/wp-content/uploads/Irish-times-2.jpg 330 620 Bannon Webpage Admin https://bannon.ie/wp-content/uploads/bannon-logo-trans.png Bannon Webpage Admin2022-03-31 11:00:442022-03-31 11:01:17Major changes to Leaving Cert will see students sit some exams in fifth year

Retail Sales

29th March 2022/in Economy, News, Reports, Retail

The CSO (Central Statistics Office Ireland) reported retail sales values for all business increased 4.3% on pre-pandemic levels. Taking a deeper dive this figure includes bars which remain 28.45% below 2019 data. When bars and motor trade are excluded, retail sales values have jumped 11.6% when compared to 2019 and 2020.

This positive performance is despite the level of overseas travelers to Ireland remaining 35% below 2019 and 2020 figures. The full return of tourists to Ireland will spell further good news for the retail sector.

https://bannon.ie/wp-content/uploads/Cillian-post-29.3.22.jpg 494 899 Bannon Webpage Admin https://bannon.ie/wp-content/uploads/bannon-logo-trans.png Bannon Webpage Admin2022-03-29 16:17:072022-03-29 16:17:07Retail Sales
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