Bannon – The Conduit to A Seamless Acquisition Strategy

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The Bannon Retail team is acquiring stores on behalf of national and international retailers with a variety of use categories including Card Factory, Lush, Pret A Manager, Eason, Jump Juice Bars, Matt Britton, McCabes Pharmacy, Tuthills, Gino’s and L’Ombre Hair & Beauty.  As part of our work, we advise them on their rollout strategy across Ireland.

On meeting a potential acquisition client, we study the retailer to understand their brand placement and their customer profile. This together with other research allows us to accurately assess where best to locate them.

We secured the acquisition instruction for Smiggle (the Australian go to brand for school, lifestyle and stationery products) and by way of a sample case study we set out below the service provided and our contribution to a successful store roll out.

 

The Brief:

On successfully pitching our acquisition services, our brief from Smiggle was to provide a full service in identifying new store locations and negotiating lease terms on their behalf.

Stage 1:

Smiggle was a new entrant to Ireland.  We began by educating them on the current economic climate, the retail market within Ireland and the retail hierarchy across the country. Leasing structures in Australia are quite different to those commonly used in Ireland.  We prepared a detailed presentation on the standard leasing terms in Ireland to include lease length, owner and occupier renewal rights, upwards downwards rent reviews, break options and sub-letting terms. We also assisted them in securing a legal team to represent the company in Ireland.

Stage 2:

Understanding the retailer’s model, we used our expertise to advise where their initial focus should be placed for unit acquisition. We completed a table of target locations and collated an individual pack on each detailing footfall, scheme size, current retailers, available units and sample costs. We toured the Country with them and agreed the target towns and cities where they wished to secure representation.

Stage 3:

We began searching for suitable available units within the agreed target locations. We commenced negotiations and proceeded to agree rental terms, tenant incentives, lease structure, break options and additional tenant specific requirements. On finalising terms, we assisted the legal team in bringing the lettings to lease signing. We assisted them in appointing a fit-out contractor and liaised with the team to provide unit plans and the technical information required to prepare fit out drawings for owner approval.

Outcome

Smiggle saw a stronger opening in Ireland than in any other territory they trade in. The conclusion to the roll out strategy saw the opening of stores in Dundrum Town Centre, Blanchardstown Town Centre, Swords Pavilions, Ilac Centre, Mahon Point Shopping Centre, Crescent Shopping Centre and Winthrop Street in Cork.

Based on our understanding of the market and the Smiggle brand, our advice was an initial roll out of 5-10 store openings. We achieved this target, and the occupier was extremely pleased with our seamless acquisition strategy and the stores secured.

The Bannon Retail team specialises in both owner and occupier representation nationwide. We complete on average c. 170 retail transactions per year. Understanding the market is key whilst advising both owners and occupiers across their portfolio. We collect over 250 pieces of turnover data weekly/monthly, and we use this data and experience to maintain insight as the leading advisors to the retail market across the country.

Author:                Jennifer Mulholland, Divisional Director, Bannon

Date:                   15th June 2022

 

Neil Bannon on Dublin City Centre

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One of our recent Retail Pulse reports was referenced by David McWilliams in his article in Saturday’s Irish Times. The article suggests that one of the reasons for vacancy in the city centre is that Owners are demanding rental levels “priced to a pre COVID world” hoarding vacant property. The reality is very different, from a position of relative stability through 2018 & 2019 High Street rents dropped sharply, i.e. 40% by Q4 2020. They started to recover some of this loss in 2021 but are still down about 30% from 2019 levels. Current values on Grafton Street are just over half the level they were at the Celtic Tiger peak whereas values in every other real estate sector are now above their 2007 level. These are not my figures but are sourced from the MSCI Index.

From the Bannon perspective we have recently concluded 3 deals on Grafton Street and are in active discussions on many more. I don’t share David’s pessimism on Dublin City Centre and expect to see a more diverse and cosmopolitan retail mix emerge over the next year as these deals come to fruition, perhaps even a “vivacious metropolitan centre”.

If you want access to data on the retail and other sectors, click here.

 

112/113 Grafton Street

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Bannon is delighted to have been part of a very successful launch today of 112/113 Grafton Street. A superb retail building redeveloped to the highest standard by Irish Life Investment Managers. 13,000 sqft of top quality space now available through Bannon and joint agent Savills.

Bannon adds Citywest Shopping Centre to its impressive retail property portfolio

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Date 31st May 2022: Retail property market leader, Bannon, has been appointed by Ardstone to manage Citywest Shopping Centre.  This is the latest in a series of new wins for the firm.

The Citywest area was launched in the 1990s with the building of the business campus and hotel, the largest in the country.  The development, was followed by an explosion of residential property, with planning in place for additional houses and apartments.  In 2007 Citywest Shopping Centre was opened with retail units varying in size from 816 to 7,502 square feet.

Bannon is Ireland’s largest, domestically owned commercial property consultancy firm.  It manages over 50 retail shopping centres and retail parks across the country, covering seven million sq.ft. of commercial real estate worth c. €2 billion.  As market leaders, Bannon has advised and managed the country’s most notable retail spaces in the last thirty years such as Stephen’s Green S.C., Dundrum Town Centre, Blanchardstown S.C., Swords Pavilions. and The Square Tallaght.

Commenting on the new addition to their portfolio, Director of the Bannon Property Management team, Ray Geraghty said “Bannon are delighted to be working with Ardstone on what is another very significant shopping centre instruction. This instruction is further validation of the unrivalled expertise which the Bannon property management team possess. We are looking forward to bringing this experience to bear over the coming months which will be particularly relevant given the proposed residential development which Ardstone have planned for the site adjacent to the shopping centre.’’

For further information contact: Ray Geraghty Email: rgeraghty@bannon.ie Tel: 01 6477900.

Neil Bannon joined Newstalk Bobby Kerr on Down to Business

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Neil Bannon joined Newstalk Bobby Kerr on Down to Business on Saturday to discuss the medias negative perception of the Irish retail market.

While a negative narrative persists in the media, Neil points to CSO data that shows that the three-month moving average of retail sales values is substantially higher in March 2022 than it was Pre-Covid.

Neil & Bobby also discuss the future of Irish High Streets, how they were affected by Covid and the reset on Grafton Street with the arrival of new brands.

For the full discussion, please click here.

Bannon Retail Pulse Report – May 2022

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We are delighted to share our latest Bannon Retail Pulse.

The ongoing global macro-economic uncertainty is having a significant impact on consumer sentiment. Inflationary concerns coupled with an anticipated rise in central bank interest rates has provided a more uncertain backdrop and is something we will be keeping a close eye on in the coming months.

To view the full report, please click here.

Consumer Sentiment

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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.

Bannon Retail Pulse Report – April 2022

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We are delighted to share our latest Bannon Retail Pulse. This month we focus on the Food & Beverage Sector where we report on strong take-up and low vacancy across the sector. Our Retail Pulse is updated monthly and all are available on our website bannon.ie.

To view the full report, please click here.

 

Tipperary Crystal is now open in Stephens Green Shopping Centre.

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Bannon is delighted to welcome Tipperary Crystal to Stephens Green Shopping Centre.

We wish the team the very best of luck with the opening.

Benefits of Property Management Due Diligence for Investors

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At Bannon we manage over 75 individual commercial assets including Shopping Centres, Retail Parks, Neighbourhood Schemes, Multi Let and Single Let Offices. This represents over 7 million sq.ft of commercial real estate in Ireland, with an estimated value of €2 billion.

Given our involvement and exposure within this industry, we are regularly engaged to assist purchasers with the property management due diligence process associated with large scale property transactions. This process is particularly complex when it comes to the purchase of multi let retail assets.

When concerns are presented, an investor can only then appreciate the importance and benefits of a pre – sale due diligence. It highlights the perils associated with buying an asset and ultimately determines the price they will pay for the asset on closing.

A typical due diligence process will involve several specific fields of expertise, namely: Legal, Tax, Building Surveying, Planning, Sustainability, Property Investment and Management.

Once engaged, Bannon will work closely with the relevant advisors to ensure a thorough review of all property management related topics are analysed. As part of a due diligence process for a commercial property we would typically provide advice concerning the following items;

  • Lease review & creation of a bespoke tenancy schedule suited to our clients’ requirements
  • Rent arrears
  • Service charge arrears
  • Service charge budget & apportionment
  • Benchmarking of service charge budget line items Vs Bannon portfolio
  • Floor area measurement comparison
  • Sinking fund
  • Insurance programme review (Incl. reinstatement cost assessment)
  • Benchmarking of footfall Vs Bannon portfolio (if applicable)
  • Facilities management contract review i.e., cleaning, security, landscaping, PPM (Preventative Property Maintenance) etc.

The list above is dependent on the complexity of the asset in question and can be amended to take account of asset specific variables.

Ordinarily the above information would be readily available from a data room which would be set up by the vendors agent. Once the information is received it takes some time to comprehend and consolidate such a vast quantity of information into a format which is easily understood by both our client and legal representative when negotiating the finer detail on closing of a sale.

In advance of such negotiations, we will equip our client with the findings from the due diligence process, paying particular attention to areas of concern. Common concerns which can arise from a due diligence process include;

  • Apportionment of arrears on closing (both rent & service Charge)
  • Underfunding of the sinking fund
  • Outlining the existing landlord voids – specifically relating to service charge
  • Summarizing concessions given to tenants but not properly documented – This has been common throughout the recent Covid period
  • Outlining agreements with tenants that do not have an executed deed of renunciation
  • Maintenance issues which need to be addressed as a priority

If you are considering an investment in a commercial property, please do not hesitate to reach out to a member of the Bannon Property Management team.

 

Author:                 Eugene Burns, Associate Director, Bannon

Date:                     27th April 2022

 

Completely Retail Marketplace Event

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An early start this morning for our Bannon retail team for the Completely Retail Marketplace event in London. It has been great to meet people in person to discuss our Landlord and Tenant requirements.

Niche Area of Supermarket/Convenience Going Concern Valuation

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Property valuations tend to be of the ‘bricks and mortar’ variety, i.e. producing a valuation of the physical building either with vacant possession or based on an investment income stream.  In addition to these traditional valuations, the Bannon team regularly undertake specialised valuations of a trading going concern.  This involves valuing not only the building but also accounting for the value attributable to the business carried on therein.  It is a niche aspect of valuation, whereby we, the valuer are required to understand both the property and the business to arrive at a value based upon the marriage of both elements.

Where traditional property valuations are often based upon comparison transactions including lettings and sales which set benchmarks against which a valuation is assessed, the valuation of a going concern is much more nuanced.  One of the main impediments to such valuations is that going concerns are rarely openly traded in the commercial markets and therefore tangible comparison evidence is often scarce or completely lacking.

Even were there to be a bountiful supply of comparison transactions, the intricacies of the valuation of a going concern involves a much deeper understanding of the general industry in which the business operates, as well the mechanics of the subject business.

Bannon has carried out many valuations of convenience store and supermarket going concerns for many years.  Based on long-established relationships with retail clients, we have a deep understanding of how these businesses function and the key criteria that impact their trading performance.  This understanding provides Bannon with the insight to analyse the trading profit and loss accounts of the business.  We understand the profitability of the operation based on establishing a sustainable EBITDAR (Net Earnings) position and the route and cost required to achieve that position.

In forming a view on a stabilised Net Earnings position, we review a number of items including but not limited to the following:

  • Turnover history to interpret the strength of the business.
  • Operating costs of the business making an assessment as to savings that could be accrued, or conversely where costs should be increased.
  • Costs that directly relate to the daily operation of the business.
  • Costs that are not intrinsic to the day-to-day operation of the business.   
  • Any capital expenditure that has been invested or is proposed and the likely impact that this will have on the strength of turnover or costs savings.
  • Assess competition – existing and proposed.

After concluding a stabilised Earnings position we then conclude a capitalised value, only after taking account of required capital expenditure and acquisition costs.

A further point that is becoming increasingly important in assessing a business are the ‘Green’ credentials of the building and the operation.  Those businesses that have embraced ESG and invested accordingly should see benefits in more efficient operations resulting in cost savings.   Businesses that have been slow to move with the times will experience higher costs that will impact the bottom line and reduce operating margins.

The valuation of supermarket going concerns is a highly niche aspect of commercial valuation practice.   As market leaders in the retail sector, Bannon is uniquely placed to carry-out such valuations.  Contact Ben Semple, Divisional Director and Registered Valuer from the Bannon Valuation Team for more information.

Email:  bsemple@bannon.ie

Dated:  13th April 2022

 

 

Pret A Manger to expand into Ireland creating 500 jobs

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Around 500 jobs are to be created across the island of Ireland by coffee and sandwich chain Pret A Manger.

The company is to open up to 20 shops within the next decade, as part of its entrance into the Irish market.

The outlets in the Republic and Northern Ireland will be rolled out by Carebrook Partnership Limited under a franchise arrangement.

The first shop is set to open on Dawson Street in Dublin this summer, creating 25 jobs.

“Setting up shop in the Republic of Ireland and Northern Ireland has been our plan for a long time, and we’re thrilled that we’re finally able to make it happen,” said Pano Christou, Chief Executive Officer at Pret A Manger.

“There has long been demand from our neighbours on the island of Ireland to bring Pret’s freshly prepared food and organic coffee, and now with the backing of Carebrook Partnership Ltd we’re able to do so.”

“We look forward to making this partnership a success.”

Carebrook Partnership Ltd has worked with Pret for three decades and runs many of its stores in London where it is a common sight on city centre streets.

Carebrook is majority owned by UK and US food sector veteran, Gerard Loughran, who grew up in Nenagh, Co Tipperary.

Ray McNamara from Dublin, who has 25 years’ experience in the Irish food industry and owns Ann’s Bakery is also a minority shareholder.

“We’ve been working with Pret for over three decades, ever since they arrived in London,” said Gerard Loughran, CEO, Carebrook Partnership Ltd.

“Having grown up in Tipperary, and with more than two decades of experience in the hospitality and food industry, I’ve always wanted to bring Pret to Ireland and Northern Ireland, so I’m delighted that this will soon become a reality alongside my co-owner Ray, who has great connections and links to the food sector in Dublin with 25 years’ experience.”

“We look forward to welcoming our new customers, soon.”

Last year Pret announced that it would aim to double the size of the business within five years, including launching into five new markets by the end of 2023.

Pret is owned by investment group JAB and founder Sinclair Beecham.

It currently has shops in the United Kingdom, United States, Hong Kong, France, Dubai, Switzerland, Brussels, Singapore and Germany.

Article by RTE

Retail Parks Prove to be Resilient During Covid

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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

Adamstown community retail portfolio guiding at €1.9m

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Agent Bannon is guiding a price of €1.9 million for a community retail investment opportunity comprising four retail units and a standalone creche at Adamstown in west Dublin.

The units, which are below a modern residential development called the Sentinel Building, are occupied by Londis (with a guarantee from parent company BWG), Mizzoni’s Pizza and Pamper Yourself, together with one small vacant unit. The creche is operated by Giraffe Childcare. All of the units are presented in excellent condition throughout and benefit from prominent road frontage.

The annual passing rent is currently €163,375 with substantial reversionary potential. The asking price offers the prospective purchaser an attractive initial yield of 7.84 per cent, rising to a potential double-digit yield on the letting of the vacant unit and the settlement of the outstanding Londis and creche rent reviews. The properties extend to a total floor area of 15,264sq ft and have a weighted average unexpired lease term (Wault) to break of 6.43 years and a Wault to lease expiry of 8.72 years.

The subject units are in the southeast of Adamstown and 750m from Adamstown train station. The surrounding area is predominantly in residential use with a mix of high- and low-density housing. Current population estimates suggest a resident population of about 5,000 and once fully complete this is projected to be 25,000 people.

Ros Tierney of Bannon expects to see “significant interest from investors seeking a high-profile grocery and necessity portfolio with value-add potential through asset management”.

Article by The Irish Times.

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 

The Latest Coup for Retail Property Experts Bannon

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Ireland’s largest, domestically owned commercial property consultancy firm Bannon, has been appointed by Davy Real Estate to manage Stephens Green Shopping Centre. Located in the most prestigious and cultural area of Dublin city centre, the shopping centre comprises over 320,000 sq. ft. of lettable retail floor area.

Bannon manages over 50 retail shopping centres and retail parks across the country, covering six million sq. ft. of commercial real estate worth c. €2 billion. As market leaders, Bannon has advised and managed the country’s most notable retail spaces in the last thirty years such as Dundrum Town Centre, Blanchardstown S.C., Swords Pavilions. and The Square. Commenting on the appointment, Director of the Bannon Property Management team, Ray Geraghty said “We are extremely proud to be working with Davy Real Estate on Ireland’s most iconic retail destination and the first premium shopping centre built in the country. The appointment is further validation of the team’s unrivalled experience managing assets in the retail sector.”

Since the start of 2022, Bannon are responsible for the management of the shopping centre which includes over 100 retail outlets. As the retail sector emerges from the effects of COVID-19 lockdowns, Bannon’s management role will involve the smooth day-to-day running of the busy centre and ensuring rent and service charge collection is maximised for Davy Real Estate.

Ray Geraghty continued “Our experience is supported by a strong cross departmental approach in Bannon. The Property Management team work seamlessly with the Consultancy, Agency and Professional Services arms of the business. This results in a consistent line of communication to our clients. We are excited to get to know the occupiers of Stephens Green Shopping Centre, and working closer with them, centre management and the investors to make the centre stronger, more profitable and more sustainable.”

Bannon Retail Pulse January 2022

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We are delighted to launch our new look Retail Pulse.

2021 had a challenging start for the majority of occupiers and investors as uncertainty on the back of Covid continued to take a hold on the sector. As the year progressed however retail sales improved across most of the sub-sectors which contributed to occupancy rates remaining high. We remain very confident for 2022.

Keep an eye out for our monthly bullets as we track movement and give our insight into the retail sector.

To view the full report, please click here. 

Retail Sales Data Report

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Despite month on month reductions, recently released CSO Retail Sales Index figures for December 2021 report a 3.6% increase in sales values and 2.2% reduction in sales volumes when compared to 12 months prior however these figures do not paint the full picture. When motor trades and bars are excluded, these figures rise to increases of 5.4% and 0.4% respectively. The true strength of the retail sector shows through when the data is compared to pre-pandemic levels which shows a 10.2% increase in sales values and 11.4% increase in sales values compared to December 2019.

Taking a deeper dive into the data it is evident the traditional festive rush was more subdued in December 2021 with a stronger November trade showing evidence of consumers forward planning.

Top performing sectors for December 2021 were bars following their recent reopening (value increase 39.8%, volume increase 36.5%) and pharmaceutical, medical and cosmetic articles (value increase 11.1%, volume increase 9.9%).

Shop Local this Christmas

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Since the retail sector emerged from lockdown in May 2021 we have worked with 20 retailers who have invested in store refits cross our portfolio of 31 shopping centres and 19 retail parks. Shop local this Christmas!

 

Shop Local this Christmas

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Despite the uncertainty of COVID, it is great to see such optimism across our property management portfolio with over 40 new openings since we emerged from lockdown in May 2021. Shop Local this Christmas!

Dublin City Council session with Neil Bannon

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Our chairman and head of Consultancy Neil Bannon was invited to present to Dublin City Council this morning on how to tackle retail vacancy in Dublin City Centre, really positive session with great sharing of ideas & initiatives.

Regatta Great Outdoors store is now open in Nutgrove Shopping Centre

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We’re delighted to see the new Regatta Great Outdoors store open in Nutgrove Shopping Centre, Dublin 14.

This was our first acquisition on behalf of our new client Regatta Ltd.

The super smart looking store, which will also incorporate Craghoppers and Dare 2b products, will serve the catchment well and the strong customer base who are embracing the outdoors even more since the arrival of Covid.

It was a great team effort to get the store open and ready for Black Friday and the run into Christmas, working with Brian Fox and the Regatta Team and Andrew Johnston.

We are continuing to look for more opportunities countrywide.

Investors follow footfall into retail parks as high street shuts up shop

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Covid-19 has flipped the performance of retail assets on their head. The previously-held view was that the prime to tertiary hierarchy was – city high street, major town centre, retail park, grocery retail and local necessity centres. However, in terms of demand and performance from the occupiers on the ground, this traditional hierarchy has now been reversed and is resulting in differentiation within a sector previously considered by many investors as a homogeneous entity.

Footfall

Footfall is a very effective barometer to highlight this shift. High street has undoubtedly been the most negatively impacted retail market sector with Covid-19 decimating footfall and in-shop spend. Bannon estimates that there are almost 40 shops either vacant or available on Grafton Street and Henry/Mary Street out of a total of 162. Similarly the hospitality sector, including food and beverage, like non-essential retail, has been severely impacted during Covid-19. Despite a strong recovery city centre footfall counts for Q3 2021 were still 30 per cent below 2019 levels. According to the IPD Index year-on-year total returns within the sector are showing minus 12.5 per cent.

In stark contrast the necessity retail sector (being grocery, medical and service-related offers) as well the retail parks have proved to be exceptionally resilient through Covid and continue to perform very strongly. Car counts in many retail parks for Q2 and Q3 2021 exceeded 2019 levels with retailers reporting considerable turnover growth. Provincially convenience-focused shopping centres have remained resilient with limited vacancy as shoppers choose convenience and to shop locally. We are seeing footfall levels return by up to 90 per cent of their 2019 equivalents.

In the latter half of 2021 the ‘money’ began to follow the data into retail parks as is evidenced by the position taken by AM Alpha in Nutgove Retail Park (€66.3 million) and M&G Investments through the acquisition of the Parks Collection Portfolio (€74.5 million) and the agreed acquisition of Manor West (€56 million). We estimate retail parks transactions will represent more than two thirds of all retail transactions in 2021 and will be the only retail sector within the IPD showing positive total returns for 2021 (currently running at plus 6.3 per cent).

Inflation

Supported largely by the threat of inflation, the resurgence in the retail grocery sector had already commenced pre-Covid in the UK and Europe, with long-let standalone grocery often trading at yield levels of between 4 and 5 per cent. This demand is beginning to emerge in the Irish market, with a shrinking gap between what the sector is trading at in the UK and the perceived value in Ireland. More recently we have seen a number of transactions which are at materially stronger yield levels than market expectation and these are due to sign before the end of the year.

Due to the structural limitations in scalability in the “grocery market” sector in Ireland (where most anchor stores are owner occupied) and the large delta which is developing between “pure grocery retail” and “necessity retail” (being service, health, medical and food-related occupiers) this sub-sector may come into more mainstream investment focus in 2022. The disconnect between the emerging grocery yields (5 per cent to 5.5 per cent) and those in the supporting “necessity retail” (9 to 10 per cent plus) seem irrationally high, especially as the necessity retail operator’s turnover is derived from the same customer base as their high-value grocery anchor neighbours. These centres along with retail parks serve to highlight opportunity within the sector where the negative narrative in the overall retail sector is keeping yields high despite resilient trading.

Rod Nowlan is an executive director at Bannon

Article by The Irish Times 

Boojum is now open in Blanchardstown Centre

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Another great brand coming to Blanchardstown Centre. The addition of Boojum will bring a boost to the F&B offering of the centre and the catchment. It was great working with Sharon Walsh, Andrew McPhail and Gareth Shiells on the letting with discussions commencing pre-Covid and taking a few twists and turns before agreeing this super new store. Congratulations on the opening and we wish you the best of luck.

Winter Maintenance – Case Study

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Background

The Property Management team at Bannon currently manage over 70 commercial sites across Ireland. The portfolio is made up of Shopping Centres, Retail Parks, Business Parks and Office Parks.

In recent years there has been an unquestionable shift in weather patterns, and this is particularly noticeable in the colder winter months. One such example was the severe weather experienced in February 2018 when Storm Emma hit Ireland. During the course of the storm, we saw significant accumulations of snow across our sites and temperatures as low as –11.0°C.

In any given year we see c.100 million visits to Bannon managed sites across the country and maintaining safe access to these sites is a crucial part of our role as Property Managers. We manage this risk by appointing contractors to carry out gritting services during periods of cold weather and snow clearance when required.

A number of years ago we recognised the obvious synergies associated with managing our winter maintenance services on a portfolio basis. For that reason, we have split our portfolio into three distinct zones (see below) and we tender the contract every 3 years.

Zone 1 – Greater Dublin Area

Zone 2 – South & South East

Zone 3 – Midlands, West & North West

Tender

A sub-team of Property Managers were appointed to oversee the tendering of the Winter Maintenance contract for the portfolio. The following tender process occurred;

Phase 1 – Review of portfolio geography and creation of 3 distinct zones

Phase 2 – Preparation of Request for Tender (RFT) document

Phase 3 – Shortlisting of suitable contractors including a visit to contractors’ facilities

Phase 4 – Issue RFT to shortlisted parties

Phase 5 – Review & analysis of tenders

Phase 6 – Selection & contract award to winning tenderers

In total the RFT was issued to 10 contractors and we received 6 complete tender submissions. The submissions were assessed and ranked based on pre-set criteria. All but one tenderer submitted a proposal for all three zones. The sub-team assessed the proposals and made a recommendation to the directors of the department to appoint three separate contractors (one per zone). This recommendation was followed and the contracts were awarded to the following parties;

Zone 1 – Greater Dublin Area – SAP Landscapes

Zone 2 – South & South East – O’Brien Facilities

Zone 3 – Midlands, West & North West – Ken Fitzsimons Landscaping

Benefits

The benefits of carrying out a procurement process of this nature are far reaching, to include;

  1. Value – The buying power of procuring the same service across 70 sites at the same time.
  2. Service – The inclusion of strict KPI’s in the respective contracts means a consistent approach across the portfolio.
  3. Health & Safety – Once predicted weather conditions meet a certain pre-agreed criteria our contractors will automatically mobilise to all sites and carry out gritting. In so far as is possible we have attempted to remove any subjectivity from the decision-making process.
  4. Insurance – Each appointed contractor has undergone an extensive vetting process to include a detailed review of their insurances.
  5. Administration – The associated burden of managing individual contractors across 70 sites has been significantly reduced.

Overall, we have seen significant benefits in procuring our Winter Maintenance services on a portfolio wide basis.  Our retail clients can enjoy consistency of service across all sites.  With a proactive and data driven approach, we ensure that footfall does not drop and visitor health and safety is managed.

 

Neil Bannon on the Future of Dublin Retail

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Neil Bannon is a leading expert on retail property in Dublin. In the upcoming December 2021 issue of the Dublin Economic Monitor, Neil provides his thoughts on the future of the Capital’s retail core.

In advance of the publication, the below video gives a snapshot of Neil’s views on Dublin’s retail sector and the outlook for the future.

Article by Dublin Economic Monitor 

FitPink is now open in Blanchardstown Centre

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We often rush to welcome international brands to Irish high streets and shopping centres, potentially overlooking the quality of home grown indigenous brands. With that in mind, its great to have been involved in bringing Donegal originated FitPink Athleisure to Blanchardstown Centre.
This is the first physical store for FitPink in Rep of Ireland which no doubt will go from strength to strength, capturing the move to active lifestyles which people have embraced over the last 2 years. Best of luck to Jenni Timony and her team in the new venture and hopefully we will see some more stores opening around the country in 2022.

Costa Coffee is now open in The Retail Park Liffey Valley

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Bannon are delighted to announce the opening of Costa Coffee at The Retail Park Liffey Valley in their new bespoke coffee pod.

SOSU, POCO and Walker & Hunt Opening in Blanchardstown Centre

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Great to see a host of new store openings in Blanchardstown Centre with three very exciting brands, SOSU by Suzanne Jackson, POCO By Pippa and Walker & Hunt being the latest additions to the ever-growing Tenant mix in the run-up to the Christmas trading period.
Bannon are pleased to be involved in the leasing of Blanchardstown Centre which has continued to show great resilience as a shopping destination throughout all of the challenges faced over the past 19 months. We are also excited to watch the centre go from strength to strength once the ongoing mall redevelopment is complete.

Quintain’s €500m investment in Adamstown gets under way

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Irish housebuilder Quintain has turned the sod on its €500 million urban hub investment in Adamstown, west Dublin, commencing construction on a 279-unit apartment development aimed at the build-to-rent market. UK grocer Tesco has also signed up as an anchor tenant at the development.

Called The Crossings, Quintain’s first phase of development at the new urban centre in Adamstown will include 279 apartments and more than 91,000sq ft/8,500sq m of space to house two major supermarkets, 20 retail units and five restaurant outlets, along with a multi-storey car park.

Quintain is the housebuilding unit of US private equity giant Lone Star, which has accumulated a massive Irish landbank.

Construction of the apartments has a completion date of mid-2023. Planning permission for a second phase of 185 apartments has been granted and further phases are planned for submission in late 2021 and early 2022.

Quintain has a buyer lined up for the first tranche of its buy-to-rent scheme but Eddie Byrne, joint managing partner with the developer, says “it’s too early to say who it is”.

New urban centre

Getting this forward funding is key to the construction of such a developments, he says. “You really need to be able to have a buyer lined up in advance.” The Crossings will form an integral part of a new urban centre at Adamstown, which, over the next four to five years, will see the construction by Quintain of almost 1,000 residential units, mostly apartments/duplexes, with a “very small number of houses”.

On the retail side, Tesco has signed a lease for a 40,000sq ft/3,700sq m store, which is set to open in January 2023, with a second leading supermarket anchor store set to open a

Bannon has been retained as agents for the leasing of the retail units, which will serve an estimated potential shopping population of more than 100,000 people drawn from Adamstown, and the neighbouring suburbs of Lucan, Celbridge and Leixlip.t the same time.

To date, Quintain and its affiliates have built 1,000 homes in Adamstown, with over 85 per cent occupied by first-time buyers, launching developments such as Tandy’s Lane and Somerton.

Earlier this year it received planning permission to construct 235 new homes at Aderrig in Adamstown, to include 159 houses and 76 apartments. The scale of its total investment in the area is expected to be north of about €3 billion.

Green open space

In June, Quintain completed and transferred ownership to South Dublin County Council of Tandy’s Lane Park, which will provide local residents with easy access to green open space. Another 27-acre green open space – Airlie Park – is set to open by the end of the year and will include a cricket pitch and Astroturf pitches, while a two-acre village green will provide a centre piece for The Crossings development.

Michael Hynes, joint managing partner with Quintain Ireland, said, “This investment will contribute to the social fabric of the area, and is supported by the handover of Tandy’s Lane Park to South Dublin County Council. We are very confident in the strong level of demand there is to live in the area, which will be boosted by the new amenities we are delivering.”

Quintain owns 220 acres in the Adamstown/Lucan area, where it plans to develop up to 5,000 new homes and 250,000sq ft of commercial space. The company’s broader land portfolio covers 460 acres of prime assets in Ireland at Adamstown, Clonburris, Portmarnock, and Cherrywood.

Adamstown was launched in 2005 as Ireland’s first new planned town since Shannon, Co Clare, in the 1960s.

Article by The Irish Times 

Shop Local

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The retail industry in Ireland employs c285,000 people. That is 12.5% of the working population. As leaders in the sector, we are very proud at Bannon to manage over 50 shopping destinations across the country. These destinations are home to over 1,100 businesses who in turn employ 10’s of thousands of local people. Supporting trade locally is supporting your local community. As we reset after COVID, make the right choice, shop local.

Pink is now Open on South William Street

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South William Street is getting a blast of colour with the new Oliver Dunne restaurant Pink, which opened its doors yesterday.

This deal started as we entered lockdown 2021 and it showed the belief that a seasoned and experienced operator has in Dublin City Centre trade.

It was a pleasure negotiating the deal on behalf of the landlord and wishing the team in Pink all the best of success for the future.

First Sky Store in Ireland Coming Soon to Blanchardstown Centre

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Another first for Blanchardstown Centre and part of a run of some exciting announcements for the scheme. Having the first Sky Store in Ireland will bring some interesting animation and events to the centre.

We are delighted to have advised Falcon AM and Blanchardstown Centre on this letting working with Eoin Feeney on the successful deal.

Starbucks open state-of-the-art coffee pod at Naas Retail Park

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After a highly anticipated wait, coffee lovers in the Naas and surrounding areas finally get to see Starbucks open in Naas Retail Park. It is a state-of-the-art 2,500 sq. ft coffee pod with in-store seating as well as a customer collection drive-thru lane for customers who want to grab a coffee on the go. There are also three e-charging car park spaces located at the front of the store for the charging of electric vehicles.

Arguably the most famous coffee company in the world, Starbucks was founded in 1971 in Seattle and currently has more than 15,000 stores in over 50 countries. This will be Starbucks 105th store in Ireland and their third store in County Kildare.

The new opening of Starbucks is a wonderful addition to the strong line-up of retailers currently in Naas Retail Park. At present the retail park is home to Harvey Norman, B&Q, JYSK, Carpet Right, Choice, Currys PC World, Halfords and Right Price Tiles.

Paddy O’Connor from Sigma Retail Partners is the Asset Manager for Naas Retail Park, said “From the outset we have always seen the requirement for a coffee offering at the retail park, therefore we are more than delighted to have such a strong brand like Starbucks joining our tenants in the park. There has been a lot of excitement about Starbucks opening ever since construction begun and we are so pleased to finally see it materialise.”

Naas Retail Park is located off junction 10 of the N7 and is just ten minutes from Naas Town Centre. The retail park offers ample free customer car parking too. It also has a GoCargo van for hire on-site that can be booked by the hour or day via the GoCar app or website, to conveniently transport bulkier purchases home.

Article by Sigma Retail Partners 

It’s Official: Penneys arrives to The Square Town Centre

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Penneys will bring its ‘Amazing Fashion at Amazing Prices’ to The Square Town Centre as the much-loved iconic Irish retailer announces that a new Penneys store will open at the centre, marking the continued expansion of the brand in Ireland. The new store will provide a huge boost to the local economy and create 300 new jobs for the community, with doors opening to customers next year.

The new store will be located on the ground floor of The Square Town Centre and will boast 43,000 sq ft of retail space which will feature Penneys’ famous affordable fashion favourites, including the latest seasonal trends along with everyday must-haves for everyone. The much-anticipated arrival of Penneys to The Square Town Centre will mark the retailer’s 37th store in Ireland; a significant milestone for the company that operates in over 395 locations across Europe and North America.

Damien O’Neill, Head of Sales, Penneys ROI, said; “We are really excited to confirm the opening of our new store in Tallaght next year. Penneys is iconic in Ireland; we have a strong presence in Dublin and across Ireland, and it’s really important to us when opening any new store, that we do so in the right location. We couldn’t wish for a better location for our next store in our home market than in The Square Town Centre. In the coming months, our teams will be working hard to bring Penneys’ unique in-store design and customer experience offering to life and we are looking forward to opening our doors to customers later next year.”

Jack Martin, Head of Retail for The Square Town Centre, said; “We are absolutely delighted with this announcement as it has been long overdue for Tallaght. Penneys is a fantastic retailer that will add a great offering to the Centre. For many years, the people of Tallaght have been very vocal in their desire to have Penneys in The Square and I have no doubt they will celebrate this news with us and make this opening a very successful and memorable one. This will bring jobs and prosperity to Tallaght and we are very excited to be partnering with such a great brand.”

Freda O’Donnell, The Square Town Centre’s asset manager from Sigma Retail Partners, said; “We are so pleased to announce that Penneys will be opening in The Square; a huge refit of the space is underway, and we are very excited with Penneys’ plans for their new store. Since we were appointed asset managers of the Square Town Centre in 2018, securing Penneys as a tenant has been a priority for Sigma Retail Partners and we are thrilled that they are joining our tenant line-up. They will no doubt be very successful, and we wish them all the best for now and the many years to come.”

Cushman and Wakefield and Bannon are joint letting agents for the owners of The Square while Penneys were advised by Savills.

The Square Town Centre was acquired by US private equity giant Oaktree Capital in 2018 and it is asset managed by Sigma Retail Partners. It currently has 160 retail units and more than 2,400 car spaces. The Square Town Centre consists of 577,500 sq. ft located on a site of 27 acres. Hugely popular with shoppers, the centre attracts footfall of over 15 million people each year.

Article by Sigma Retail Partners 

Maxi Zoo to open its first Sligo store in Sligo Retail Park

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Maxi Zoo will open their first ever store in Sligo on 9th September at Sligo Retail Park. Their new store is over 7,000 sq. ft and stocks an extensive range of pet products. This store is Maxi Zoo’s 21st store in Ireland and it will create 15 new jobs.

As one of Ireland’s largest pet retailer with 21 stores in the Republic of Ireland, Maxi Zoo opened its first store in Cor

k in 2006 and currently employs over 170 staff. It is part of the Fressnapf Group with over 1,700 stores across Europe, with more than 8,000 products in their extensive range and offers personal consultations for pet owners.

Maxi Zoo is celebrating the opening of their new store with a ‘Spend and Save Incentive’ from 9th – 12th September, with fun and exciting in-store and outdoor activities including a photo booth, in-store DJ, balloon modeller, magician and hourly raffle prizes planned for Saturday 11th September.

“This is a really exciting new store opening for Maxi Zoo as our first step to realising our ambition to extend our offering, first-class customer service and vast product range to pet owners in the West of Ireland,” said Enrico De Luca, Country Manager for Maxi Zoo Ireland. “This marks a new chapter for the business and signals our strategy for continued growth. Over the last 18 months, we have seen our business and sales boosted dramatically with more new pet owners and existing pet owners having a greater desire and disposable income to treat their pets. It’s been wonderful to see the bond that owners have with their pets become even stronger throughout the challenges and uncertainty we’ve faced. Choosing the dynamic region of Sligo in the heart of the North West was a natural first choice of location. Our new store in Sligo will be closely followed with another large store opening in the South West with further plans for expanding Maxi Zoo’s retail network over the coming 12 months.”

Maxi Zoo Sligo store manager Rory Farrell added: “We are so excited to open the doors and to welcome pet owners and their pets in our store. We are always on hand to offer advice on food, as well as coat and harness fitting and a free weight check for your dog. We really do have everything a pet parent might need – after all, happier pets, happier people.”

Paddy O’Connor from Sigma Retail Partners is the Asset Manager for Sligo Retail Park. He said “Maxi Zoo is a very well-known and strong brand in Ireland and Europe and we are delighted that they have chosen Sligo Retail Park as their first store location in Sligo. Their new store’s fit-out looks fantastic and we are confident that pet owners and animal lovers will enjoy their presence immensely. We look forward to them performing very well in the retail park.”

Sligo Retail Park is the primary retail park destination in the North West catchment area with stores catering to a wide variety of customers and accommodates diverse retail use. It has a total of 14 retailers that include JYSK, Currys PC World, Smyths Toys, Homebase, Castle Davitt, Right Price Tiles, Pet Stop Discount, Homestore & More, EZ Living, McDonalds, Costa and KFC, with 1,000 free car parking spaces.

Article by Sigma Retail Partners

Krispy Kreme to open second Irish store in Swords

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Krispy Kreme has chosen Swords Pavilions shopping centre in North County Dublin for the site of its second store in Ireland.

The new Swords shop is due to open this winter and will be located in the former KFC unit, beside Elverys Sports and Penneys in the shopping centre.

Krispy Kreme opened its first store in Ireland – in Dublin’s Blanachardstown – in 2018.

Hammerson and Irish Life are joint owners of the Swords Pavilions shopping centre.

With over 100 retail, dining and entertainment brands at Swords Pavilions, Krispy Kreme joins The Gift Shed, a new pop-up concept by the Kilkenny Group, fashion brand Catch and music store Golden Discs as recent openings in the shopping centre.

Ciara Connolly, Head of Leasing, Ireland at Hammerson, said it was a real vote of confidence in Swords Pavilions that a household name such as Krispy Kreme has chosen to join the centre in the early stages of its Irish expansion.

Article by RTE

Consumers prefer real-life shopping experiences, says leading Irish retailer

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Retail is back and it’s here to stay, says Christine Dolan of Quayside Shopping centre in Sligo Town.

The centre manager believes that the majority of Irish consumers prefer the social experience of a trip to the shops over the convenience of e-tail.

She told the All-Ireland Business Times that Quayside is busier than ever.

“I think people have missed coming into the shops”, she said. “It’s a totally different experience to shopping online.”

“People love the social aspect of a day out shopping and I think most people are sick of the virtual experiences – there are a lot of people who have been quite lonely through the pandemic and you can’t beat meeting up with friends for a lunch date while having a browse through the shops.”

“There’s a great buzz around at the moment and people are starting to mix again and enjoy themselves.”

A 2020 report by Deloitte found that retail is Ireland’s largest industry and the largest private sector employer, employing almost 300,000 workers – with three in four of those employed based outside of Dublin.

Quayside Shopping Centre opened its doors in 2005 as the largest shopping centre in the northwest of Ireland.

With 130,000 feet of floor space the centre boasts 43 retailers including TK Maxx, Lifestyle Sports and Next.

Quayside lost two retailers over the pandemic, one of them was a Carphone Warehouse store which was a casualty of the Group’s decision to close 80 stores in Ireland last year.

Christine revealed that units have since been filled by two new tenants with more set to come on board.

While Christine admits that competing against online retailers will be a tough challenge in the years to come, she is not worried about the long term future of her industry.

“What we’ve proven here time and time again is that we are resilient.”

“We’ve been through a recession and we’ve come out stronger on the other end so I have no doubt that we will get back to where we were pre-pandemic.”

“In fact, I think we’ll be in a better place.”

According to the Central Statistics Office’s Retail Sales Index retail sales increased by 3.3% in June this year compared to May on a seasonally adjusted basis. On an annual basis, retail volumes were 10.6 per cent higher than in June last year.

Interestingly the retail sales figure for June this year was 13.4% higher when compared to two years earlier, before the Covid-19 pandemic.

Quayside Shopping Centre recently landed its third Business All-Star Accreditation in recognition of its contribution to retail in Ireland.

Reacting to the news, Christine said: “I am delighted to be part of an ambitious All-Star Business. To be accredited for the third year in a row is a huge honour and I see it as recognition of the hard work that goes on behind the scenes.”

Quayside’s focus over the next few months is to promote the “shopping centre experience” and Christine revealed that the centre will be introducing an initiative to help local craftspeople and creators.

She said: “We have plans to relaunch our very successful Christmas markets and hope to do this a little bit early this year. The markets provide a wonderful opportunity for local traders who may have been out of work the last while and want the chance to set up a pop up shop or trading stall.”

“We really want to celebrate with our customers and give something back to the local community this year.”

To learn more about Quayside Shopping Centre Sligo, visit their All-Star showcase page here.

Article by All – Ireland Business Times

Mercado 52 is Now Open

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Another fantastic addition to South William St with Mercado 52 opening it’s doors to the public in the past few weeks. This unique multi-concept bar and restaurant is an exciting new venue for Dublin City from the team behind Juanito’s on Drury St. It was a pleasure to work with Cian Hamill and Aviva on this letting and we look forward to working with the guys again in the near future.

Give Bannon a call on 01-6477900 to discuss other similar properties currently available or if you have a property you might be interested in bringing to the market.

 

Thurles Shopping Centre welcomes award-winning store The Gourmet Butcher

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Thurles Shopping Centre has just opened a new store The Gourmet Butcher in the last two weeks. This is their second store with the first one in Clonmel, Tipperary. The new store has a lovely, modern-looking fitout. The Gourmet Butcher are speciality Artisan butchers who are locally-owned and independently run, supplying the highest quality locally sourced meat and dry aged beef.

The owner Kevin Walsh, a Tipperary businessman, decided to expand his operations despite the uncertainty caused by the ongoing pandemic and up to eight jobs have been created in the newly opened store. He said “Thurles Shopping Centre is a location we have been looking at on and off for the last two years. Our business model is a proven model and we won Best Retailer in Tipperary with the Chamber Business Awards two years ago. We think we’ll be a really good fit for the centre – there’s a massive grocery footfall there. We just think that our set-up, which is a traditional butcher with a modern twist, will go really well in that area.”

Sigma Retail Partners, the asset management company for Thurles Shopping Centre, acquired the centre in July 2015 and has put in place an active asset management plan since its acquisition. Emma Leonard from Sigma Retail Partners is the asset manager for Thurles Shopping Centre. She said “We warmly welcome The Gourmet Butcher to the shopping centre and believe they will bring a fresh offer to the centre’s customers. The Gourmet Butcher has received an overwhelming response in their first few weeks of trading and we are confident that they will do very well in the centre. I wish them all the best in their new store.”

Thurles Shopping Centre is walking distance from Thurles Town Centre and has a floor area of 110,000 sq ft. It has a footfall of approximately 55,000 per week and houses 600 car park spaces. Anchored by Dunnes Stores, it has 28 units in total with retailers including Boots, Vodafone, Holland & Barrett and Carraig Donn.

Article by Sigma Retail Partners 

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