Retail Sales

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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.

Retail Boom Continues

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Despite the negative narrative in the press recently the Retail Sales figures released by the CSO paint a very positive picture of the sector. Overall the value of retail sales (excluding cars & bars) were up 11.6% on February 2019. The only red figures on the index are bars, department stores and books, all other 19 indicators are positive versus February ’19 & ’20. The real stand out number is Clothing & Footwear which was almost 1/3 higher than in February 2019.

These figures do not reflect the downturn in Consumer Sentiment that has been recorded since the war in Ukraine hit the headlines and in the past the Irish Consumer has proven very sensitive to macro economic events as evidenced in the Summer of 2016 after the Brexit vote. It will be interesting to see how the CSO data is portrayed in the press.

Bannon Retail Pulse Report – March 2022

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We have pleasure in enclosing The Bannon Retail Pulse Report for March 2022. March witnessed further improvement in footfall trends, reflecting the lifting of restrictions earlier in the year. This will improve further as we can now look forward to an increase in tourist numbers in the months ahead. Transactional activity was extremely busy in Q1 and will continue into Q2.

For retail enquiries and intelligence, please contact any of the team.

To view the full report, please click here.

High-end UK retailer Flannels to open at Blanchardstown Centre

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Premium fashion group Flannels has signed a deal for its second Dublin store.

Having committed earlier this year to occupy half the retail space at the Clerys Quarter on O’Connell Street, the luxury retailer is to open for business at the Blanchardstown Centre.

Flannels, which is part of Mike Ashley’s Frasers Group, will occupy the ground floor of the former Debenhams unit. At 45,000sq ft, the space will be the larger of the two outlets committed to by the retailer in the Irish market to date. Flannels’ premises at the redeveloped Clerys store will extend to 30,000sq ft.

Commenting on the opening of the latest store, a spokesperson for Frasers Group said: “We’re excited to open Flannels in Blanchardstown and bring a world-class shopping experience to a new destination. Our ambitious expansion plans mark a pivotal moment for the business, and we’re pleased to be opening in Blanchardstown as part of our next cohort of store openings in Ireland.”

‘Ongoing strategy’

Pat Nash, managing director at the west Dublin retail scheme’s asset manager Falcon AM, added: “Flannels’ commitment to a new lease in Blanchardstown Centre is a huge endorsement of the scheme and follows the completion of a major €17 million mall refurbishment. This is in line with our ongoing strategy to strengthen and reposition the asset . We are excited to be welcoming new retailers to the centre and indeed the Irish market during these unpredictable times.”

Falcon AM made the decision to split the Debenhams’ unit, which comprises more than 100,000sq ft in its entirety, to meet with current retailer demand according to the firm’s leasing director, Sharon Walsh. Ms Walsh said that a further announcement will be made in relation to the upper level of Debenhams’ former premises in the coming weeks.

BNP Paribas Real Estate and Bannon are the joint leasing agents for the Blanchardstown Centre.

Article by The Irish Times

Happy International Women’s Day

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Happy International Women’s Day.

To mark the day and The Square’s Club Together initiative, please watch the video below that celebrates amazing “Strong Women” in the local community.

Tallaght is blessed to have so many influential role models in the community. Their amazing achievements inspire the younger generations and help create a thriving society where equality duly prevails.

We are very fortunate to work with some amazing women in Bannon and across our wider portfolio. Thank you for all your help and support.

The Strength of the Irish Consumer

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The strength of the Irish Consumer was further emphasised this week with the CSO reporting a 2.0% annual increase in weekly earnings to €864.51 for Q4 2021. When compared to pre-pandemic levels this increase jumps to 9.9%.

The CSO Labour Force Survey also reported a year-on-year increase in the Labour Force (8.9%) along with a decrease in unemployment to 5.3% which resulted in record employment of 2.5 million people.

The result of these two factors can only be positive for the Irish retail market.

Author:                 Cillian O’Reilly, Surveyor, Sustainability Manager, Bannon

Date:                     2nd March 2022

The Obsession with the Negative Narrative

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It is fascinating how the Irish media can find the negative in any piece of data. Today’s Irish Times has a headline proclaiming that retail sales are down 1.5%, a downbeat message that seems at odd with the economy at large and our own data. The comparison is between retail sales in January and December. In reality there are very few years when retail sales in January reach 98.5% of those achieved in December given when Christmas falls!

Not worthy of inclusion in the article is that retail sales excl. cars in January were 7% higher than in in pre COVID January 2020! They are 17% higher than January last year but the comparison with COVID impact periods would be as misleading as the IT article. It shows the benefits for investors of real data and expert analysis and the negative narrative does create opportunities for the well informed astute investor. For more information contact Consultancy@bannon.ie

Author:                 Neil Bannon, Executive Chairman, Bannon

Date:                     2nd March 2022

Bannon Retail Pulse February 2022

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Bannon are delighted to bring you our February Retail Pulse. As we look towards a complete removal of COVID restrictions on Monday next what does our latest report tell us about how the market is likely to perform over the coming months?

To view the full report, please click here.

 

 

 

Retail and the art of the “seanchaí”

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There is a word in the Irish language which describes a storyteller. It is “seanchaí”. The author, Frank Rose, has explored storytelling and its effect on human behaviour and decision making in his recently released book “The Sea We Swim In” published by Random House. One of the themes of his book is the role of storytelling in the marketing of products. Telling the story of a product’s journey rather than simply including it in a catalogue, results in increased sales.

This theory is based on the belief that consumers make a purchasing choice based on available product information. When invested in the product’s origin story and journey, they are persuaded to purchase in greater quantities and at a higher price point. Through our retail clients, we see increasing consumer queries regarding the provenance of the goods they are buying and the story of the journey the products have taken to arrive on our shelves.

In recent LinkedIn articles we have provided updates on the great number of retail occupiers who are refurbishing and redesigning the space that they occupy within our centres. In these refurbishments there has been a shift towards lifestyle designs. This allows the retail space to enable and promote the story of the products. Consumers can handle and explore in-store before a potential purchase or online order.

Post lockdown, we have worked with over 20 retailers who have invested in store refits across our portfolio of 50 shopping centres and retail parks. In our recent Retail Pulse Jan 22 / Q4 2021, sales in shopping centres for December 2021 was 6% above the same period in 2019. This shows that there is an increased amount of business available to support this investment in stores.

Consumer behaviour regarding the story, provenance and origin of retail products is also matched by investors’ Environmental Social and Governance (ESG) requirements regarding their property portfolio. In future updates we will highlight case studies on how our current retail stock is being refurbished and redesigned to include sustainability and environmental factors. This may in turn be an opportunity to evolve and harness the consumer movement towards a more immersive retail story telling retail journey.

For now, we at Bannon will continue to be the seanchaí for the Retail Sector in Ireland!

Author:                 Peter Nicklin, Property Management Surveyor, Bannon

Date:                     14th February 2022

 

LEGO to open first Irish store in Dublin this summer

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LEGO is to open its first ever store in Ireland with the new store set to open in Dublin’s Grafton Street this summer.

The new Dublin LEGO store will feature the “Retailtainment” concept which blends physical and digital experiences that allow shoppers to immerse themselves in the LEGO brick, as well as create personalised products.

About 10 to 15 jobs will be created when the new store opens.

Simone Sweeney, Vice President of Global LEGO Retail Development, said the company had been looking for the perfect site in Dublin, so it was very excited when the opportunity came about to open on Grafton Street.

“The new LEGO Store will be amongst some of the biggest and best brands in Dublin, in a shopping district loved by many local families and visitors alike,” Ms Sweeney said.

She said that Dublin has been part of LEGO Retail’s expansion strategy for many years given the existing huge number of LEGO Fans in Ireland and the international customers typically found in the city.

“The new LEGO Store in Dublin will allow builders of all ages to be inspired by endless play possibilities and for new builders to welcome them into a new exciting journey of discovery into the LEGO universe,” she added.

The new LEGO store will be housed at number 41 Grafton Street – the former Topman store – in a building which is owned by Irish Life Investment Managers.

The deal was negotiated on behalf of Irish Life Investment Managers by Savills Ireland and Bannon.

The LEGO Group was founded in Denmark in 1932 by Ole Kirk Kristiansen and its name derived from the two Danish words LEg GOdt, which mean “Play Well”.

Today, the LEGO Group remains a family-owned company headquartered in Billund in Denmark and its products are now sold in more than 140 countries worldwide.

Article by RTE News 

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