The Bannon retail team are at MAPIC for the annual retail conference. The International Retail Network (TIRN) cocktail drinks are in full swing with a really positive outlook from retailers for 2025!
Neil Bannon joined Newstalk Mandy Johnston on Down to Business on Saturday to discuss the trend that retail property prices in the provincial retail sector seem to be increasing in value.
For the full discussion, please click here.
Our latest monthly Retail Pulse has now gone live. In this publication our retail leasing team review recent openings/signings in the run up to a busy Christmas period.
Separately in our “Expert Insight” section Neil Bannon looks at the evolution of lease agreements and the frustration among some European headquartered retailers with the complexity of Irish leases. In general “less is more”, however in the context of Irish leases the inverse would appear to be the case.
Full report available here.
It’s fantastic to see KIKO MILANO open their doors on 2 Henry Street this morning. This one has been a while in the making and we at Bannon are proud to deliver this retail first to Ireland on behalf of our clients Irish Life Investment Managers.
Italian cosmetic giant KIKO Milano was founded by Antonio Percassi in 1997 and operate more than 1,000 standalone stores in 63 in countries around the world.
The opening is another positive testament for Henry Street, and Kiko join Lovisa Pty Ltd in choosing Henry Street as their first location for Irish expansion in 2024.
It was a pleasure working with Tom Pope at Lightlease who acted on behalf of KIKO Milano.
For remaining limited leasing opportunities owned by Irish Life Investment Managers on Henry Street please contact Jennifer Mulholland or James Quinlan.
Great to see the latest additions to The Crossings @ Adamstown, where Belfry & Co Café and ABC Gyms have officially opened their doors. These new openings will provide the area with a range of options for fitness, dining and coffee.
They join Dublin Bay Vets, THE GRAFTON BARBER, Tesco Ireland and Aldi Ireland who are open and trading with further openings to come soon. In an area experiencing such rapid residential growth, these openings are crucial in establishing a vibrant town centre for the Adamstown community.
For further enquiries, please contact Darren Peavoy or Mark Hayden.
Another busy few weeks for the OAKBERRY Ireland team, capped off with the official opening of Oakberry Maynooth!
Maynooth marks store number six for Oakberry in Ireland, with another few potential surprises to come in the run up to Christmas.
Thanks as always to OAKBERRY for their continued trust and to Coonan Property who acted on behalf of the landlord.
For further enquiries, please contact Daniel Murphy or Mark Hayden.
Wishing all at Shaws Department Stores a very successful opening this morning at Golden Island Shopping Centre Athlone. It was a pleasure to have acquired the unit on their behalf. We will be looking for more locations over the coming months.
Our latest monthly Retail Pulse has now gone live. In this publication our retail leasing team focus on city centre footfall, occupancy rates and the knock on effect on leasing activity.
Separately in our “Expert Insight” section Neil Bannon looks at some of the key macro-economic changes in the last 10 years which are impacting the retail sector. It’s hard to find the negatives in any of the data!
Full report available here.
The Bannon retail team has had a busy few weeks working with our client, Davy, to complete a series of lettings and lease renewals across Harbour Place, Thurles, and Dungarvan Shopping Centres.
In Mullingar, we’re excited to welcome Eden Medical Clinic as the latest addition to the occupier line-up in Harbour Place. Existing occupier Love Lucy has also renewed their commitment to the centre for another five years.
Thurles Shopping Centre will soon be home to Mobile King, who are preparing to open their second Irish store in the coming weeks.
In Dungarvan Shopping Centre, Carriglea Cáirde Services will establish a new community hub, offering crucial services and support for people with intellectual disabilities in West Waterford.
These transactions underscore the continued strength of regional retail centres, and we’d like to extend our thanks to Davy for their continued trust and partnership.
For leasing enquiries, please contact Ali O’Gorman or Daniel Murphy at Bannon.
Great to see our client Swatch opening their latest international flagship and their first full sized Irish store.
Great to see another exciting addition to The Square Tallaght line-up with the opening of beauty and wellbeing brand, Rituals UK & Ireland, on level 2 last week.
The new store boasts an impressive modern fit-out and offers the full Rituals suite of body care, skincare, home fragrances and wellness products. Rituals is already proving very popular among The Square customer base and we wish them well for the years ahead.
For further leasing queries, please contact Daniel Murphy or James Quinlan.
Our latest monthly Retail Pulse has now gone live. In this publication our retail leasing team focus on leasing activity in new developments.
Separately in our “Expert Insight” section Neil Bannon looks at the importance of a deeper understanding of data (the Relevance of Relativity) and how this is impacting investors appetite for the sector.
Full report available here.
We are delighted to announce the arrival of luxury jewellery brand Austen & Blake to Henry Street, as they prepare to open their second Irish store.
This exciting addition highlights the ongoing resurgence of high street retail and retailers growing confidence in Henry Street as a premier shopping destination.
Austen & Blake will sit alongside neighbouring brands on the street, including Lovisa Pty Ltd, Pandora, and SWAROVSKI.
We look forward to seeing the store when it opens.
For further leasing opportunities please contact the Bannon retail team.
Lovisa opened their new store over the bank holiday weekend in Dundrum Town Centre showcasing an impressive fit out!
This marks another exciting new addition to the centre which has seen significant activity with the recent openings of Mango and Space NK.
For further leasing opportunities please contact Ali O’Gorman, James Quinlan or Daniel Murphy.
Another new store for Petstop in Waterford! The quality of fitout and what is on offer is second to none with an extensive range for all your pet needs. Congratulations to all the team and we wish you the best of luck 
Image by: Petstop
Pandora opened their doors in Marshes Shopping Centre, Dundalk on Friday. The fit out is fantastic and this international retailer is a great addition to the strong occupier mix. There was a real buzz around the shop over the weekend and the brand is being warmly welcomed.
For remaining lease opportunities, please don’t hesitate to contact Jennifer Mulholland or Ali O’Gorman.
Our latest monthly Retail Pulse has now gone live. In this publication our retail leasing team review activity during the first half of the year.
Separately in our “Expert Insight” section Neil Bannon looks at the ongoing juxtaposition between the replacement cost of retail developments and recent Economic and Social Research Institute (ESRI) population projections. To put it simply the value of almost all existing retail assets is less than the cost of creating a new equivalent. For this reason, one must assume that there is unlikely to be any new retail stock of any significance for the foreseeable future and the demand for existing stock is likely to remain high.
Full report available here.
It has been a pleasure to be involved in delivering many of these deals for our client Hammerson. Both Lane7 and Rongcheng will be great additions to the Pembroke District F&B and Leisure offering.
A busy few days for the Bannon Retail team touring Liverpool, Manchester and Birmingham looking at new retail and leisure openings and getting a handle on new market trends!
Thank you to our clients Hammerson for kindly arranging an excellent and very informative tour of Bullring & Grand Central Birmingham with Dan Murphy and Ruth Amor yesterday!
Delighted to see EZ Living Furniture open their doors in Drogheda Retail Park yesterday! Another fantastic brand addition to an already impressive line up.
For further letting opportunities, please contact James Quinlan.
The retail team track the evolution of Occupiers on Grafton Street whilst Neil Bannon highlights the positive indicators that suggest a benign outlook for retail sales.
To view the full report, please click here.
Our latest monthly Retail Pulse has now gone live. In this publication our retail leasing team highlight Irish occupiers and franchisees with ongoing expansion requirements.
Separately in our “Expert Insight” section Neil Bannon looks at recent household net worth data from the Central Bank of Ireland and the impact that a reduced gearing ratio may have on retail spend.
To view the full report, please click here.
OAKBERRY have recently opened their second Irish store in Blackrock, Dublin.
Oakberry, the world’s leading providers of Acai Bowls with over 700 stores worldwide, have officially opened their doors on Blackrock’s Main Street. The brand is committed to bringing health-conscious, delicious options to their customers, with other locations due to open in the coming months.
Bannon are now seeking opportunities nationwide for openings in Q3/Q4 of this year. If you have any potential locations in mind, please don’t hesitate to reach out to Mark Hayden or Daniel Murphy.
The next phase of openings in The Crossings @ Adamstown is under way! Urban Vets and THE GRAFTON BARBER have now opened their new stores, in what will be the new Village Centre for the Adamstown area. They join Tesco and Aldi who are already open and trading. The Urban Vets and Grafton Barber additions are the start of the 20 further retail and food units which will make up The Crossings.
Demand for the scheme has been strong and we are excited that more lettings will be announced very soon. We look forward to seeing more stores opening and the creation of the Village Centre which will become a hub for the wider Adamstown community.
For more information on the few remaining units feel free to contact Darren Peavoy or Mark Hayden.
Great to see The Pantry now open and trading in The Swan Shopping Centre, Rathmines. A really nice brand providing a high quality food offer to compliment the existing tenant mix. Further new store openings to be announced in the coming weeks.
We have limited space remaining, please don’t hesitate to get in touch with Jennifer Mulholland to discuss any requirements.
Our latest monthly Retail Pulse has now gone live. In this publication our retail leasing team focus on the Food & Beverage sector and in particular the most active brands in the market place.
Separately in our “Expert Insight” section Neil Bannon looks at the most recent CSO data, specifically retail sales, inflation and household savings. Are Irish consumers ready to break open the Piggy Bank?
To view the full report, please click here.
The Bannon Retail Team at Completely Retail Marketplace today with good interactions and positive discussions taking place with retailers looking to expand.
James Quinlan Darren Peavoy, Jennifer Mulholland and Daniel Murphy
Bannon would like to extend a big congratulations to Christine Dolan on being named 𝐀𝐥𝐥-𝐒𝐭𝐚𝐫 𝐒𝐡𝐨𝐩𝐩𝐢𝐧𝐠 𝐂𝐞𝐧𝐭𝐫𝐞 𝐈𝐧𝐝𝐮𝐬𝐭𝐫𝐲 𝐁𝐮𝐬𝐢𝐧𝐞𝐬𝐬 𝐏𝐞𝐫𝐬𝐨𝐧 𝐎𝐟 𝐓𝐡𝐞 𝐘𝐞𝐚𝐫 𝟐𝟎𝟐𝟒 by the All-Ireland Business Foundation. Your hard work and dedication as a Centre Manager at Quayside Shopping Centre Sligo have not gone unnoticed, well done on this well-deserved recognition!
Bannon is very proud to be working with fantastic Centre Management teams across a wide network of shopping centres and retail parks.
Full Article Published by All Ireland Business Times
Congratulations to Petstop on the opening of their new store in Wexford! The quality of fitout and the range of pet products on offer is truly impressive. We wish the team all the best with their new store and look forward to the next opening in the coming weeks. Well done!
Image by: Petstop
Bannon’s latest monthly Retail Pulse has now gone live.
In this publication, Neil Bannon highlights that consumer spending keeps pace with inflation supporting continued high occupancy levels.
To view the full report, please click here.
Specsavers have just opened their newest optical and audiology store in Gateway Shopping Park, Galway. The 4,300 sq. ft. letting brings Phase 2 of the scheme to full occupancy. A great achievement for all involved as this is the largest retail development in the West of Ireland in recent times. Gateway Retail Park now boasts a strong and diverse tenant mix and is proving a strong draw for Galway shoppers.
Get in touch with Darren Peavoy to discuss further letting opportunities.
Exciting times ahead for OAKBERRY and their Irish expansion with 4 new stores due to open over the coming weeks!
It was a pleasure to represent such a dynamic brand in securing these locations, and we look forward to further assisting the growth of the Oakberry store network around Ireland.
Bannon are now seeking opportunities nationwide for openings in Q3/Q4 of this year. If you have any potential locations in mind, please don’t hesitate to reach out to myself or Mark Hayden.
Ronald Quinlan covers the upcoming openings in today’s Irish Times ⬇
Lots happening in Dungarvan Shopping Centre, Co Waterford in the last few months with the opening of Pamela Scott, Zara Lily, Integrity Martial Arts, Lana Thai (signed) and Eason’s committing to a new long-term lease along with a full store re-fit.
These new occupations and store investment demonstrate a continued confidence in the performance of regional shopping centres.
Get in touch with James Quinlan, Darren Peavoy, Jennifer Mulholland, Lorcan Keenan, Daniel Murphy, Ali O’Gorman and Mark Hayden to discuss further opportunities.
Another one in the Back of the Net! Liverpool Football Club are now open and trading in their upsized store in Ilac Shopping Centre. The Club which has such a strong Irish fan base opened to trade in Ilac over 10 years ago. The strength and performance of the brand led to a requirement for additional space and we are delighted to deliver this new letting for our clients Hammerson and Irish Life Investment Managers.
For remaining leasing opportunities, please don’t hesitate to contact Jennifer Mulholland, Lorcan Keenan, Ali O’Gorman.
New Look show their commitment to Ballincollig by signing a newly extended lease in castlewestcork.ie. A positive story for the retailer and their trading performance in Ireland despite challenges in the UK and for the Centre which is anchored by Dunnes Stores and Sports Direct.
Another new store for Petstop is now open in Athlone with an extensive range for all your pet needs. The quality of fitout and what is on offer is second to none.
Bannon is continuing to seek locations nationwide for Petstop with another store in Wexford planned in the coming weeks!
Image by: Petstop
Bannon’s latest monthly Retail Pulse has now gone live.
In this publication, Neil Bannon discusses the concept of a “vibecession” and whether such a term is descriptive of the current Irish economic picture.
To view the full report, please click here.
Shopping centres serve as more than just places to shop; they are social hubs that bring communities together. Among the amenities that enhance the shopping experience, family rooms stand out as vital spaces that promote inclusivity, convenience, and well-being for families. These designated areas cater to the needs of parents and caregivers, offering a range of amenities that make outings with children more manageable and enjoyable.
Shopping Centres have a responsibility to meet customer expectations and adapt accordingly. By providing a safe and comfortable space for all members of the community, family rooms promote social inclusion and ensure that everyone can participate in the shopping experience, without barriers.
Convenience is another significant aspect of family rooms given the challenges of navigating crowded centres with young children. Family rooms offer a convenient place for nappy changing, breastfeeding and bottle feeding.
By catering to the needs of families, shopping centres can attract a loyal customer base and differentiate themselves from competitors. Additionally, positive experiences in family-friendly environments are likely to lead to repeat visits and word-of-mouth recommendations, ultimately driving foot traffic and increasing revenue for retailers.
An example of this type of project in the community is the recently installed family room at Swords Pavilions Shopping Centre. Opened in May 2023 and located on the ground floor, it has created an environment for privacy and has received excellent customer feedback.
The Bannon Property Management team works with shopping centres across Ireland, to support them in enhancing the shopping experience and promoting community well-being. By providing a welcoming space with essential amenities and fostering a sense of inclusion and support, these facilities contribute to making outings with children more manageable and enjoyable for families.
Author: Aoife McGovern, Surveyor, Bannon
Date: 26th February 2024
Online shopping is a current reality for today’s retail consumer, but its recent penetration of total retail sales appears to have plateaued. In December 2019 pre pandemic, the total turnover generated by online sales excluding motor trades was 5.9%. Five years on, the CSO statistics released for December 2023 indicated that online sales were at 6.2%, virtually the same as its 2019 equivalent results.
The current narrative surrounding online shopping is that it is consistently on the rise in popularity. Contemporary statistics contradict this narrative. As expected, online sales increased dramatically during the covid-19 pandemic due to lockdown and the closing of retail stores. In November 2020 during the second lockdown, online sales reached a staggering 16.5% of the total turnover generated, excluding motor trades. This statistical outlier fed into the widely held narrative that online was on track to taking over the retail market. Despite Covid and lockdowns causing a peak in online sales, present day data conveys that turnover generated by online sales have reverted to where they were in 2019.
It was inevitable that there would be some reduction in online sales when stores reopened but the prevailing idea at the time was that online sales would hold onto to some of the gains that it had made. One explanation as to why the online platform did not retain its momentum is that the fight for retail sales is not a one-sided battle. This is perhaps most evident in the Black Friday / Cyber Monday phenomenon. Black Friday started as a US retail sales event for the day after Thanksgiving. It was quickly adopted by online retailers who came out with Cyber Monday. Black Friday is now an established part of the retailer market in Ireland annually. It is a clear bunfight for spending between retailers of all sizes and trading formats. The retailer has adapted to the needs of the consumer who for the time being prefers to shop in store for the overwhelming majority of their purchases.
Author: Alison Manning, Graduate Surveyor, Bannon
Date: 8th February 2024
Today, 1st February 2024, marks the launch of Ireland’s Deposit Return Scheme.
Over recent months, retailers throughout our nationwide retail management portfolio have been installing reverse vending machines in anticipation of this momentous occasion.
The DRS represents a substantial step toward achieving a more sustainable future. In line with the Single Use Plastics Directive, Ireland must ensure the separate collection of 77% of plastic beverage bottles placed on the market by 2025, with a further increase to 90% by 2029.
We invite you to join us in championing a sustainable future.
Our first Retail Pulse of 2024 has now gone live.
In this publication, Neil Bannon looks at a year of growth in the retail sector in 2023 building on 25 years of growth in Ireland.
To view the full report, please click here.
The latest Retail Sales figures indicate a very positive environment for retailers trading in Ireland. Since 2019, the last pre Covid year, retail sales have grown by over 25% in value terms, 20% when you exclude motor sales (which grew by a stunning 40% during the same period).
This growth is not restricted to the booming retail park sector, the value of clothing and footwear sales grew by almost 19%.
CSO (Central Statistics Office Ireland)
Commercial property managers face new challenges in 2024. These challenges need to be addressed using knowledge, expertise and technological innovation. As the economic, social, and technological spheres evolve, property managers are forced to look at what measures can be implemented to ensure the smooth operation of commercial spaces.
Based on industry data and expertise, the Bannon Property Management team forecast 6 key challenges for 2024:
Economic uncertainty:
The global economic volatility has impacted businesses and the real estate industry. Maintaining profitability and sustainability of commercial properties whilst navigating inflation, interest rate fluctuation, economic uncertainty and the aftermath of the COVID-19 pandemic, is a complex balancing act. Property managers play a vital role in offsetting these factors by implementing costs saving strategies and ensuring value for money for occupiers. It is also essential that property managers stay informed about market trends, fostering relationships and embracing technology for efficient operation of real estate assets.
Sustainability and Environmental, Social and Governance Compliance:
In 2024 there will be a continued focus on environmental, social, and governance (ESG) criteria in the real estate sector. Property managers are tasked to implement sustainable practices, reduce carbon footprints and enhance energy efficiency in commercial properties. This is driven by both client goals and legislative requirements. Solutions to meet these standards not only contribute to environmental conservation but also enhance the marketability of the properties. Bannon in partnership with sister company Evia has developed and implemented numerous complicated and effective ESG projects on behalf of clients to effectively deliver on these tasks in 2024.
Technological Integration:
The rapid advancement of technology is transforming the way commercial properties are managed. Property managers are faced with the challenge of integrating smart building technologies, data analytics, and automation systems to optimize operations. This will involve significant investments in upgrading existing infrastructure and training personnel to harness the full potential of these innovations. Bannon collates and interprets a huge amount of data in relation to assets under our management. This data and its interpretation offer significant insight to Bannon when recommending projects to clients for individual asset maintenance, management and performance.
Remote Work Impact:
The widespread adoption of remote work has altered the dynamics of commercial spaces. Property managers must respond to the changing demands for flexible office spaces, hybrid work models and the need for advanced digital infrastructure. Adapting commercial properties to meet the evolving needs of tenants in this new era of work will continue to be a crucial aspect of property management in 2024.
Rising Operating Costs:
Escalating operational expenses, including property maintenance, utilities and insurance, pose a significant challenge for property managers. Balancing the need to keep costs in check while delivering high-quality services to tenants requires strategic financial management. Bannon is acutely aware of the impact high operating costs have on the attractiveness of assets from both an owners and occupiers’ perspectives. Cost management underpinned by value for money remains a key cornerstone of Bannon property management ethos.
Tenant Retention and Experience:
With a competitive commercial property market, tenant retention is crucial for property managers. Providing a positive occupier experience, addressing concerns promptly, and fostering a sense of community within commercial spaces are vital to retaining occupiers and attracting new ones.
Commercial property managers continue to navigate a complex landscape. Successfully addressing the issues highlighted requires a proactive approach, strategic planning and a willingness to embrace innovation. As the real estate industry continues to evolve, property managers who can adeptly navigate these challenges will be well-positioned for success in 2024 and beyond. The Bannon property management has a proven track record in embracing and implementing best in class approaches. A certainty for 2024 is that this will remain the case.
Author: William Lambe, Divisional Director, Bannon
Date: 24th January 2024
Our final Retail Pulse of 2023 has just gone live. All in all, an exceptionally busy year for the team at Bannon and the Retail sector.
Neil Bannon concludes this Retail Pulse with a recap of 2023 and why there is reason to be positive when looking forward into 2024. The glass is always half full!
Finally, everyone at Bannon would like to wish all our clients and friends a very Happy and Peaceful Christmas. See you all in 2024!
To view the full report, please click here.
It has been a busy year for the Retail Agency Team and as 2023 begins to draw to a close, we start to look forward to 2024. Below we set out a sample of some of our Retail Acquisition Clients who have active requirements for further store expansion next year.
Please get in contact with Jennifer Mulholland, James Quinlan, Darren Peavoy, Lorcan Keenan, Daniel Murphy, Mark Hayden and Ali O’Gorman with potential opportunities.
In this publication our leasing team summarise some of the more significant recent transactions and Neil Bannon focuses on footfall levels on our two most prominent high streets, namely Grafton Street and Henry Street, where current activity has proved very much contrary to previously predicted bad news speculation.
To view the full report, please click here.
Our retail team are attending MAPIC, joining our colleagues at The International Retail Network (TIRN) stand.
Get in touch for a chat with James Quinlan, Darren Peavoy and Jennifer Mulholland on Irish Retail Opportunities. We look forward to seeing you there!
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