International homeware chain JYSK to open in Sligo Retail Park

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International homeware retailer JYSK will open a new store in Sligo Retail Park on Thursday, 27th August. The store will have a floor area of 10,000 sq. ft and it will be JYSK’s eighth store in Ireland. It will also be the fifth store in Sigma Retail Partners’ portfolio, the other JYSK stores in its portfolio are Naas Retail Park, Drogheda Retail Park, Navan Retail Park and Parkway Retail Park (Limerick).

JYSK is an international retail chain from Denmark that sells household goods such as mattresses, bedding, sofas, furniture, curtains, dining sets and soft furnishings. JYSK is the largest Danish retailer operating internationally with close to 2,800 stores in 52 different countries, and many more stores will follow with its worldwide expansion plans. It was the founder and Chairman of the board Lars Larsen’s goal from the beginning to open and grow more and more stores and the aim to expand is a central part of JYSK’s plans. JYSK’s first entry into Ireland was in April 2019 with a store in Naas Retail Park.

Roni Tuominen, Country Manager at JYSK UK & Ireland, said: “The appetite for JYSK’s offering is there amongst Irish consumers. As a result we want to find new JYSK locations in towns and cities all over Ireland so we can contribute to the local economy, especially in smaller communities where our job creation will be extremely valuable.”

“We’re very excited to open the first JYSK store in Sligo which will be the centre of our operations in the West of Ireland going forward. We look forward to delivering exceptional quality products at great prices to our Sligo based consumers”, he added.

Patrick O’Connor, Asset Manager from Sigma Retail Partners, said “New retailers always bring a fresh new feeling and a sense of excitement into a retail park. The fact that JYSK is relatively new to Ireland adds even more to this excitement. We are delighted to have JYSK on board in Sligo Retail Park and we wish them the best of luck with their upcoming store openings.”

In addition to JYSK, Harvey Norman is also due to open a 40,000 sq. ft store in October. 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 twelve retailers that include Currys PC World, Smyths Toys, Homebase, Castle Davitt, Right Price Tiles, Homestore & More, EZ Living, McDonalds, Costa and KFC, with 1,000 free car parking spaces.

Article by Sigma Retail Partners 

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Yours Clothing is now open in the Ilac Shopping Centre

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Yours Clothing, a plus-size retailer, is now open in the Ilac Shopping Centre.

Creation of 300 Jobs at Gateway Shopping Park’s Phase 2 in Galway

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The Phase 2 development provided over 150 jobs during the construction phase and is expected to create over 300 jobs in Knocknacarra and Galway when fully occupied. It is also the first provision of new retail space outside of Dublin since 2008.

After the absence of any retail construction activity in Galway for more than 10 years, the brand new Gateway Shopping Park Phase 2 expansion has just been completed, with the first two retailers, Harvey Norman and Boots opening their stores this month. Boots opened their store early July with Harvey Norman opening their new flagship store of 60,000 sq. ft on 22nd July.

The newly completed Phase 2 extension will have open-use retail units, food and beverage units, a creche and also a gym. It will include over 320,000 sq. ft of retail and leisure space and will make it one of Ireland’s largest shopping destinations. Aside from Harvey Norman and Boots, Carraig Donn, Spraoi Early Learning and Evergreen, Esquires are also included in the line-up of new retailers in the expansion.

Gateway Shopping Park already has an impressive list of current retailers, including Dunnes Stores, B&Q, New Look, Next and McSharry Pharmacy. The asset management company Sigma Retail Partners, on behalf of the owners Targeted Investment Opportunities ICAV, worked extensively on the project and the newly expanded retail asset will reinforce the shopping park as a primary shopping destination.

Gateway Shopping Park is located in Knocknacarra on Western Distributor Road, just across from the new gaelscoil that was built last year, Gaelscoil Mhic Amhlaigh. Gateway Shopping Park is also just a 10-minute drive from Galway city centre.

Article by Sigma Retail Partners 

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Harvey Norman open in Gateway Shopping Park in Galway

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Harvey Norman are set to open their premium store in the new Phase 2 development at Gateway Shopping Park, Knocknacarra, Galway on Wednesday the 22nd July. Harvey Norman will anchor the recently completed Phase 2 extension with the existing Phase 1 anchored by Dunnes Stores and B&Q.

The largest retailer of appliances, technology and interiors in Ireland, Harvey Norman, will open a new premium 60,000 sq. ft. store which will trade over 2 levels and will include furniture, bedding, homewares, technology and appliances. There is also a Synge & Byrne café located upstairs. Harvey Norman will be an exciting addition to the already impressive line-up which includes Dunnes Stores, B&Q, Boots, New Look and Next.

Commenting on the store opening, Harvey Norman CEO Peter Hearn said, “We are very excited to open the doors to our Galway store. Our team has created THE key shopping destination in Galway for furniture, bedding, appliances and technology. We are proud to showcase our large range of the latest Irish-made furniture and bedding, we’ve installed a huge kitchen display area, a games hub, a Wonder Photo Shop and more. The biggest global brands highlighted by the latest store fit design plus safe shopping measures are all in place for our Galway customers.” There have been 47 jobs created within the store and warehouse.

Paddy O’Connor of Sigma Retail Partners, the asset managers for Gateway Shopping Park, said “we are absolutely delighted with the opening of Harvey Norman in our shopping park. We are excited to finally be able to welcome Harvey Norman to Galway and wish the Harvey Norman team all the best in their impressive new store. This is the first large scale retail development in the country for a number of years and the confidence shown in the scheme, Galway and also traditional retail can be seen with the quality of the international and national renowned retailers we are partnering with. Harvey Norman and the new Phase 2 tenants will solidify Gateway Shopping Park as a leading retail destination in the Galway catchment”.

The new Phase 2 extension is the first provision of new retail space outside of Dublin since 2008 and the first in Galway in more than two decades. The development provided over 150 jobs during construction phase and is expected to create over 300 jobs in Knocknacarra and Galway when fully occupied.

The Phase 2 extension will have open-use retail units, food and beverage units, a creche and a gym. Gateway Shopping Park will include over 320,000 sq. ft of retail and leisure space and will make it one of Ireland largest shopping destinations.

Gateway Shopping Park already has an impressive line-up of retailers, including Dunnes Stores, B&Q, Boots, New Look, Next and McSharry Pharmacy.

More exciting retailers will be announced in the coming weeks.

Article by Sigma Retail Partners

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New restaurant, Sasta by the River, coming soon to Manor Mills Shopping Centre

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Another exciting addition soon to Manor Mills Shopping Centre in Maynooth, Sasta by the River restaurant, offering healthy food & drinks, including a great selection of vegetarian, vegan and gluten-free options, homemade cakes and pastries.

This new eatery is exactly what Maynooth has been looking for. It is great news to have new local businesses emerging in what has been very difficult times for the retail sector. Keep an eye on Sasta by the River social media pages where they will be documenting their fit-out towards their opening.

Article by Sigma Retail Partners 

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Boots open in Gateway Shopping Park in Galway

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Boots is set to be the first store to open in the new Phase 2 development at Gateway Shopping Park, Knocknacarra, Galway on Wednesday 1st July. Boots will come as an excellent addition to the existing park, currently anchored by Dunnes Stores and B&Q.

Boots will occupy a large store of over 7,500 sq.ft and will come as wonderful news to customers of Gateway Shopping Park and the loyal shoppers in Knocknacarra and the wider catchment.

Boots Ireland is a leading pharmacy-led health and beauty retailer with 89 stores in Ireland and over 2,000 employees. Boots is at the heart of the communities it serves and is a staple health and beauty retailer for many people in Ireland. Customers visiting the new store will have access to a wide range of pharmacy services, including prescription service, blood pressure monitor, vaccinations, healthy heart support and hearing care service.

Commenting on the store opening, Store Manager David Boyce said: “We are delighted to open the doors to our new Boots Ireland store in Knocknacarra. The new store will provide local residents with access to our wide range of pharmacy, health and beauty products and services. Our new store has created 16 new jobs in the locality and both myself and the team are looking forward to welcoming customers over the coming days.”

Paddy O’Connor of Sigma Retail Partners, the asset managers for Gateway Shopping Park, said “we are absolutely delighted with the opening of Boots in our shopping park and feel they are a great addition to the existing line-up of retailers. Boots and the new Phase 2 tenants will solidify Gateway Shopping Park as a leading retail destination in the Knocknacarra and wider Galway catchment”.

The new Phase 2 extension is the first provision of new retail space outside of Dublin since 2008 and the first in Galway in more than two decades. The development provided over 150 jobs during construction phase and is expected to create over 300 jobs in Knocknacarra and Galway when fully occupied.

The Phase 2 extension will have open-use retail units, food and beverage units, a creche and a gym. Harvey Norman is also scheduled to open a new flagship 60,000 sq.ft store in July. Gateway Shopping Park will include over 320,000 sq. ft of retail and leisure space and will make it one of Ireland largest shopping destinations.

Gateway Shopping Park already has an impressive line-up of retailers, including Dunnes Stores, B&Q, New Look, Next and McSharry Pharmacy.

More exciting retailers will be announced in the coming weeks.

Article by Sigma Retail Partners 

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How much do our Local Authorities rely upon retail rates?

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Businesses across Ireland contribute approximately €1.5 billion in commercial rates to Local Authorities across the country each year. This is a critical source of income for each of the 31 Local Authorities in the State and typically accounts for between 16% and 53% of their revenue stream with the national average standing at 33%. According to the latest available statistics collection rates averaged 86% nationwide in 2017, significantly less that the corresponding LPT collection rate which stood at 97%.

Within the Dublin City Council administrative area commercial rates income of €353.5m has been budgeted for the 2020 financial year. Of the 21,000 commercial properties within the city it is estimated that some 34% are classified as retail properties following the last Revaluation process. Therefore, the total annual rates income from retail properties alone in Dublin City is in the order of €120m, representing almost 12% of the Council’s total annual revenue for 2020.

The reliance on rates income from retail properties is even more pronounced in Dun Laoghaire-Rathdown which is home to the country’s largest retail scheme. Dundrum Town Centre alone contributes €9.2m in annual rates income representing just over 10% of the Council’s budgeted rates income for 2020.

In the midst of the current Coronavirus pandemic most businesses, particularly those considered non-essential and which have been forced to shut their doors, are intensively considering cash-flow and how to eventually get their businesses re-open for trade, if at all. It’s likely that overheads such as wages, rent and payments to Revenue will take precedence over commercial rates.

For its part the Government has recognized that ratepayers, particularly small and medium retailers, hospitality, leisure and childcare operators are likely to be the businesses that are most adversely affected. However, they have stopped short of issuing an exemption from commercial rates unlike the U.K Government which announced that all retail and hospitality firms will be exempt from business rates for 12 months. In the absence of such tangible Government intervention on the issue Local Authorities will be facing major funding difficulties and hard choices over which of their services to cut as additional revenue raising measures will not be palatable.

Niall Brereton

Neil Bannon – Retail on the High Street

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There has been a lot of talk about the future of the bricks & mortar of Irish retail and flagging local retail performances – most of which has been framed through the arrival of online sales.

But is it all as worrying as we’re led to believe?

Neil Bannon, Executive Chairman of Commercial Property Consultancy firm Bannon joined Bobby to discuss how retail is faring in Ireland and ask if all the doom and gloom is actually warranted?

Click here to play via Newstalk website

Specsavers open in Manor Mills Shopping Centre in Maynooth

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Specsavers have now joined the tenant line up in Manor Mills Shopping Centre. The store is equipped with the latest eye and ear testing technology. Maynooth is the only Specsavers store in North Kildare.

Specsavers now have over 1,980 stores worldwide including 79 in Ireland. The chain offers optician services for eyesight testing and sells glasses, sunglasses, contact lenses and hearing aids. Founded in 1983, Doug and Mary Perkins started the business with their first store opening in UK and through the years, Specsavers have partnered with international celebrities such as Kylie Minogue and Will.I.Am in their exclusive eyewear range with Specsavers.

Jenna Culligan, from Sigma Retail Partners, asset managers for Manor Mills Shopping Centre, said “One of our asset management strategies from the outset for the shopping centre has been to bring in a wide variety of retailers to cover all aspects of the needs for our shoppers and residents alike.”

Built in 2005, Manor Mills Shopping Centre is centrally located within Maynooth town itself and is located adjacent to Maynooth University. The shopping centre is home to 30 retailers including Dunnes Stores, Costa Coffee, Carraig Donn, Eason and Hickeys Pharmacy. There are over 500 free car parking spaces in a covered car park. A significant amount has already been invested into the rebranding of Manor Mills Shopping Centre and plans for further investment are set to continue.

Article by Sigma Retail Partners

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Harvey Norman to open Knocknacarra store in April with the creation of over 60 jobs

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Harvey Norman is to open its new store in Knocknacarra in April with the creation of over 60 jobs.

The major retail outlet will be located at the Gateway Retail Park, on the Western Distributor Road beside Dunnes Stores and others such as B&Q.

Recruitment is ongoing for cashiers, sales, administration, and technical support staff.

Manager of the new outlet, Michael Sloane says the Galway store will be one of the best in the country.

Published Article

Starbucks opens drive-thru location at The Marshes

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The first drive-thru Starbucks on Ireland’s east coast has opened at Marshes Shopping Centre and coffee lovers should keep an eye out for promotions throughout the week.

The move has been hailed by centre management at Marshes as “another vote of confidence in the north east’s most popular retail destination”.

Starbucks operates over 20,000 outlets globally, but this is only the second drive-thru in the Republic of Ireland.

The first Starbucks drive-thru in Ireland opened in 2018 at Shannon.

The new drive-thru is located at the Dunnes Stores entrance to the centre, beside an An Bóthar Iarainn and the link road to the Avenue Road/Tom Bellew Avenue.

“We are delighted with this wonderful development at Marshes,” said centre manager Seán Farrell.

“Marshes continues to enjoy great success and the opening of the Starbucks drive-thru is another vote of confidence as the centre experiences more growth and renewal.”

This is the second Starbucks outlet in the centre, the coffee chain has had a store in Marshes since 2014.

Published Article

Retail Sales volume increased by 3.6% in December 2019

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The volume of retail sales increased by 3.6% in December when compared to November on a seasonally adjusted basis and increased by 5.8% on an annual basis.

Note: ‘Black Friday’ is included in the December reporting period for the RSI, which covers the 5 weeks 24/11/2019 – 28/12/2019. In 2018 ‘Black Friday’ was covered in the November reporting period.

When Motor Trades are excluded, the volume of retail sales increased by 2.8% in December 2019 and rose by 5.0% when compared with December 2018.

The sectors with the largest month on month volume increases were Food, Beverages & Tobacco (11.7%) and Motor Trades (5.3%).  The sectors with the largest monthly volume decreases were Other Retail Sales (-10.0%) and Books, Newspapers & Stationery (-3.0%).

There was an increase of 3.4% in the value of retail sales in December 2019 when compared with November 2019 and there was an annual increase of 4.6% when compared with December 2018. If Motor Trades are excluded, there was an increase of 2.9% in the value of retail sales in the month and an increase of 3.0% in the annual figure.

Unadjusted indices are available on CSO Statbank.

Online Sales

The sector with the highest share of its sales online in December 2019 was Online & Mail Order at 87.5%. This sector accounted for 1.0% of turnover in the 2017 Annual Services Inquiry. For Electrical Goods the online share was 13% and for Clothing, Footwear & Textiles it was 7.3%.

Published Article

Eason puts Blanchardstown Centre store on the market for €16m

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One of only a handful of independently-owned retail units at the highly successful Blanchardstown Centre has been brought to the market by agent Bannon at a guide price of €16 million.

The property, which is being offered as a sale-and-leaseback opportunity, will be the subject of a new 25-year lease to its current owner, the leading book and stationery retailer,Eason, at a market rent of €1.1 million per annum, reflecting an initial return of 6.25% for the prospective purchaser.

The subject property comprises a large double unit extending to 1,125 sq.m (12,104 sq.ft) over two floors and is centrally located within the Blanchardstown Centre, enjoying frontage on to both level 1 and level 2 malls.

At level 1, the unit is located opposite the new flagship 12,500 sq.ft JD Sports which is under construction and due to open later in the year. At level 2 the unit is situated directly opposite the Hollister flagship store, which is due to open in the third quarter of this year. This is in addition to a number of other new developments within the scheme including a new Aldi at level 1 and nine new restaurants at level 2. Other high-profile occupiers in the retail scheme include Dunnes, Penneys, M&S, BT2 , Boots, H&M and Zara.

Blanchardstown Shopping Centre scheme is Ireland’s largest shopping and leisure destination and is majority owned by Multi/Blackstone, who acquired their interest from Green Property in 2016 for close to €950 million implying a yield level for mall units in the region of 4.75%.

New units

In terms of the subject property, Bannon say there is scope in the long term to increase the rental income by dividing its existing space at levels 1 and 2 into two or even four units. Were these new units to be let independently of each other, the selling agent believes the estimated rental value grow to as much as €1.28 million.

The lessee of the current combined unit will be Eason Limited. This entity is the lessee on all the major Eason’s units in Ireland including the four other M50 shopping centres being Dundrum Town Centre, Liffey Valley Shopping Centre, The Square Tallaght and The Pavilions Swords.

Eason Limited had a turnover of €109 million in the year ended January 2018, with a profit after tax and restructuring costs (€3.3m) of €700,000. The profit after tax for the year ending January 2019 is expected to be approximately €3 million bringing the balance sheet value to around €6 million. Full accounts for 2018 and 2019 are available on request.

Quite apart from securing an attractive initial yield of 6.25%, the purchaser of Eason’s Blanchardstown unit will have the benefit of a 10-year parent company guarantee from Eason Operations Limited (EOL). This guarantee will be limited in terms of financial exposure to three years’ rent. Full draft accounts for EOL will be made available to prospective purchasers of the Blanchardstown unit on request.

Eason’s sale of the Blanchardstown unit forms part of a wider disposal of 13 of its properties which it announced in 2018. The company estimated at the time that the sale of this property portfolio could generate a windfall of about €60 million. Some €20 million of these proceeds are set to be transferred to Eason’s retail business with the remainder divided among its 220 shareholders.

Warehouse

The first and most significant transaction in the process saw Eason secure €19 million from the sale in January 2019 of its 17,176 sq.m (184,886 sq.ft) St Margaret’s warehouse on 8.4 acres in north Dublin to Irish property company Iput. Eason’s flagship store on O’Connell Street remains on the market on a sale-and leaseback basis at a guide price of €24.5 million.

Commenting on the sale of Eason’s Blanchardstown unit, Rod Nowlan, director at Bannon, says: “This is an opportunity for smaller institutional funds and private investment houses to gain access to an asset quality usually reserved for super funds.”

Published Article 

Eason to relocate Cork store after selling premises to Ashley company

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Books and stationery retailer Eason has sold its store on Patrick Street in Cork to a company connected with Sports Direct owner Mike Ashley, as part of a wider plan to relocate to a larger store in the city centre in 2021. Ownership of the store was held by Eason Holdings, which operates the retailer’s property portfolio. Eason Retail, a related entity that operates the network of shops, had 19 years left on its lease of the Patrick Street premises. The retail arm has negotiated an exit from the lease with the building sold to SDI (Cork) Ltd, an entity connected with Mr Ashley’s business empire.

Eason has told staff it plans to relocate the Cork shop to a purpose-built store, which is being sourced by estate agent Bannon. The staff will not be affected by the transition.

Leaseback deals

Last May, Bannon quoted €6.6 million for the Patrick Street property. This move is part of a wider drive by Eason to do sale and leaseback deals on some of its major properties. Eason opened the current 22,000 sq.ft store after acquiring the property from the ESB in 1986. Under the terms of the transaction, the retail business will continue to operate from the premises until next year.

Liam Hanly, managing director of the Eason Group said: “The sale of the Patrick Street property provides Eason with an opportunity to move to a new fit-for-purpose premises in Cork city centre that will meet the future needs of our customers and our employees. The decision is consistent with our strategy for growth for the business and responds to changing consumer behaviours in what is a very competitive and dynamic book market.”

Ciarán Hancock

Eason to relocate Cork store after selling premises to Ashley company

Blanchardstown Centre in line for €16.5m makeover boost

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Blanchardstown, one of the country’s largest shopping and leisure facilities, is to get a €16.5m interior design makeover.

Multi Corporation, the pan-European retail platform that manages the centre, hopes to transform the look of the popular north-west Dublin shopping destination.

The upgrade works, which are the first of their kind since Blanchardstown opened in 1996, are already under way, with a target completion in 2021.

They will be carried out in conjunction with the ongoing 5,000 sq.m extensions to include a new Aldi and a flagship JD Sports.

The interior works include new tiling, ceiling and wall finishes to give the centre an entirely new look and feel, according to management.

The works also include upgraded toilet facilities with enhanced provisions for disabled customers and families.

“We are delighted to be making this significant investment of €16.5m in interior upgrades for the centre,” said Pat Nash, managing director of Multi Ireland & UK.

“In keeping with our sustainability programme, all new lighting will be energy efficient. In total, the works will see the replacement and upgrade of 11,000 sq.m of centre interiors. It is going to totally transform the look and feel of the centre.

“The upgrades will significantly enhance the overall customer experience. And to ensure we are not disrupting anyone, construction work will take place outside shopping hours.”

Multi Corporation is a pan-European manager and re-developer of shopping centres and other retail assets in 14 countries.

It is owned by Blackstone, which acquired the Blanchardstown Centre in 2016 from Green Property for €945m, in one of the biggest property deals in the history of the State.

Blanchardstown Centre, which is visited by more than 16.5 million shoppers every year, has 112,000 sq.m of retail complexes, with more than 180 stores, including Debenhams, Marks & Spencer and Penneys, as well as restaurants and leisure facilities and a nine-screen cinema.

Published Article

Shake Dog to launch its first Dublin restaurant in Ilac Centre

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IRISH diner Shake Dog is set to open its first Dublin restaurant in the Ilac Centre on Henry Street in March 2020.

The popular American-style diner serves various comfort food dishes including burgers, fries, shakes, salads and chicken tenders.

The diner already has flagship restaurants across Cork, Limerick, Waterford, Tipperary, Galway, Wexford and Drogheda and uses fresh and locally sourced ingredients.

Opening in March 2020, Shake Dog will occupy a 308 sq.m. unit in the Ilac’s Central Square.

The restaurant also caters for vegetarians with various veggie friendly options.

Commenting on the news of the upcoming Dublin restaurant, Brian Dunne, founder of Shake Dog, said: “We are really excited to be opening our first Shake Dog in Dublin in such a central and busy location.

“The team at the Ilac Centre has been a pleasure to work with and we can’t wait for the centre’s customers to discover our menu.”

Billy Reid, General Manager at the Ilac Centre, added: “Shake Dog is an exciting Irish brand which will be a great addition to the new dining offering at the Ilac Centre.

“We look forward to introducing this new national restaurant to customers.”

Published Article

MacDonagh Junction – a magical shopping centre and much, much more

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MacDonagh Junction is the larges shopping centre in the South East. But that is a massive under-statement for the Kilkenny centre is so much more.

It is a cultural hub, an entertainment base, a tourist attraction and a place where people meet to eat and enjoy everything from a quick coffee to a leisurely gourmet experience.

MacDonagh Junction is Kilkenny city’s residential, commercial business and leisure quarter, with an architectural style that perfectly suits its historic surroundings.

It is home to 100 luxury apartments, 40 top quality retail units, and a landmark office building. It has restaurants, space for performances, a community youth centre and leisure facilities including a bowling centre.

MacDonagh Junction is a platform for leading Irish and international retailers. The anchor tenants include Dunnes, H&M, River Island, Next and TK Maxx.

“There has been a good uplift in our retail performance over the last six years with sustained measured footfall growth, resulting in improvements in performance across mos of the brands trading at MacDonagh Junction,” says the centre’s manager, Marion Acreman.

This, she explains, has enabled MacDonagh Junction to attract brands that enhance the tenant mix and offer customers an outstanding range of fashion, food and leisure services.

Shopping at MacDonagh junction is always a pleasure. “We have top class experiential services, including a baby -feeding suite, height-adjustable changing bench and free wifi,” explains Marion. “And we have a wheelchair and buggy loan service from our award winning Age Friendly Accredited business.”

The main event space at MacDonagh Junction is known as Workhouse Square. This is a covered outdoor space with access from the main street and direct access from the shopping mall itself.

It is a courtyard-style space with a number of food options, including the Courtyard Bar & Grill, a fully serviced restaurant operated by the award winning chef, David Rousse.

The built environment at MacDonagh Junction merges beautifully with the historic buildings of both the Famine Workhouse and Goods Shed of the old railway station.

And MacDonagh Junction is home to a unique heritage offering, the free Kilkenny Famine Experience Tour. “We have targeted uses that enable us to offer lifestyle services such as optician, beauty, art classes, youth centre, banking and bowling,” says Marion.

MacDonagh Junction offers a free personal shopper service throughout the centre. It’s great opportunity to get personalised style and fashion advice from Karen Morrissey. And here’s another little bonus – there are electric charging points in the Blue Car Park at MacDonagh Junction.

The run-up to Christmas is an exciting time at MacDonagh Junction where they have been celebrating the launch of the new Star Wars movie with a whole platoon of characters to meet, greet and entertain you.

Nore Valley Park are providing an immersive festive programme in Workhouse Square. You can meet Santa and his mischievous elves and see his reindeer. You may even get the chance to bottle feed a baby reindeer.

It’s all part of the MacDonagh Junction magic.

“The benefits of doing business in Kilkenny are immeasurable and we hear that from locals and visitors on a daily basis,” says Marion Acreman. “We are acutely aware of the changing retail environment and feel the way forward for us is offering the experience people are asking for to include being open when people have time for leisurely visits and enhancing the experience to ensure the customer is valued and heard.”

Published Article

Retail Realities by Neil Bannon

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Consumer demand in Ireland is up, but new retail outlets are few and far between, and rental Growth is modest. 

Before writing a piece on the retail market, I should address the elephant in the room: retail has become a dirty word in the property market. Investors are happy to buy private rental sector (PRS), sheds, hotels and offices without recourse to supply demand dynamics or potential technological disruption, but they are spooked by retail. The impact of technology on remote working is ignored in the office market, but the ability to buy from home has become the obsession of the investment community. Like many issues in the world today the narrative has drowned out the reality. Retail real estate, like all other markets, is driven by the dynamics of supply and demand. What has spooked the market is the arrival of a new element of supply it doesn’t understand – the internet. Online shopping is just another form of supply into the market, another conduit through which consumers can purchase products and services. It has a different impact on different products and services because some, such as music, are easily supplied online, whereas others like getting your hair cut or buying a cup of coffee are clearly not. Most things we buy fall somewhere in between and can be acquired through multiple channels, and it is in this non-binary world that retailers are targeting consumers. A simple way to think of the impact of online is as additional supply into the market because, as with all markets, the supply-demand dynamic will ultimately determine value.

The danger of comparison

Now that we have outed the evil internet, let’s consider what’s happening in Ireland’s retail market and how this compares to other markets in Europe. Except that’s quite difficult. Retail is local and consequently direct line comparisons expose different approaches across Europe and can be very misleading. For example, in Ireland we have retail parks – collections of large sheds beside big car parks where in most cases you can only sell bulky goods due to strict planning restrictions. In France they have a lot of retail warehouses but they can sell anything from shoes to deckchairs, and in most cases they are stand-alone boxes. In the UK, shopping parks with the same form of development but with much greater open use are more common. In Germany, the supermarket business is dominated by discounters who in large part rent their stores, whereas in Ireland around 90% of the supermarkets are owner occupied.

Searching for common statistics in such widely different markets is dangerous. In a recent representation to a European institutional investor, we were quoted vacancy rates that they had been sent indicating that Ireland suffered from similar vacancy rates to the UK. As Bannon is instructed on about 25% of Ireland’s stock of shopping centres and retail parks, we were able to advise that our composite vacancy rate was only 7%, significantly lower than they had been advised, meaning that either the stats they had been given were incorrect or the rest of the Irish market is having a torrid time and the owners of these assets should appoint Bannon quickly to sort out their vacancy issues. The same problems arise with respect to rates per square metre, growth in rents and yields. Euro-wide stats should be taken as a broad guideline only. We look beyond the statistical morass to what makes retail really tick, which brings us back to the supply-demand dynamic.

Stagnant supply

Supply in the Irish retail market has been stagnant for over a decade. Other than a couple of stragglers that were committed to construction when the lights came on in the casino in 2008, nothing has opened and nothing new has been started. This makes physical supply very easy to measure. During the recession Bannon data based the entire market, and keeping it up to date to accommodate new supply has been depressingly easy. There have been some stand-alone supermarkets but the pace of new development here has also been light and mainly focused on openings by the discounters Lidl and Aldi. The mainstream supermarket players are currently opening stores at the rate of one every five years.

Goodbody Stockbrokers measured the supply in the Irish market per capita in 2017, which showed us to be mid table in Europe, and 20% less than the UK. Strikingly, the US, where all the scary mood music is coming from that the internet is going to kill shops, has six times the supply of the Irish market. Think of the five biggest shopping centres near you and then imagine there’s five more of each of them within easy reach and you get a sense of the oversupply in that market. Since the Goodbody report the supply ratio has further improved as the population continues to grow, whereas new retail supply is minimal. There are now 500,000 more people in Ireland since we last built a new shopping centre and the pipeline for new retail centres is limited to the Special Development Zones (SDZs) where retail is required to match the large increase in housing supply.

UK woes

Since the low point of the recession in 2012, retail sales have grown by 34%, household disposable income has grown by 7%, and consumer savings are now at an all-time high, as is household net worth. Supply is stagnant but consumer demand has grown strongly, so rents should be charging ahead. But growth has been modest. The reason has been the poor demand for space from UK retailers. Traditionally, UK retailers dominated demand for Irish shops, in many cases squeezing out domestic players. By way of example, 11 shopping centres opened in Ireland in 2007 (Bannon let seven of them). They all opened fully let and UK retailers dominated, especially in the fashion space. In Athlone Towncentre over 70% of the space was occupied by UK-based retailers.

The current retail recession in the UK means that this demand has dropped dramatically. We lease a retail portfolio for Oaktree and Sigma Retail Partners, and recent analysis of their portfolio shows that only 18% of leasing has originated from the UK, with increasing presence from European retailers. This trend is likely to be reinforced by Brexit.

So, in summary, the Irish retail market is in good shape, largely full and supported by an excellent demand-supply dynamic in terms of consumer demand and muted development. However, rental growth is modest as we wean ourselves off an over-reliance on the UK-based retailers. When investors will get over their irrational fear of the sector is anyone’s guess.

Published Article

Introducing Barking Mad Pet Boutique to Rathmines!

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Barking Mad, who work with local Irish & renowned international producers to supply premium pet food & accessories are now open in The Swan Centre Rathmines.

Visit Barking Mad Pet Boutique today! Show them this image and get 10% off! T&Cs apply.

Cork city shopping to become sensory-friendly on Sunday mornings

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Some of the biggest retail names in Cork City centre have united to provide a sensory-friendly shopping hour.

The stores have all agreed to turn off their in-store music, dim the lights, switch off the till noises, and suspend shelf stacking to provide a quiet, calm and stress-free shopping environment for their first hour of trade every Sunday morning.

Their staff have also received specific customer service training to help meet the needs of those who decide to shop during the quiet hour.

The Cork Business Association (CBA), which is supporting the initiative, said while mainly aimed at those with autism, Down syndrome, Alzheimers, epilepsy, dementia, and people with acquired brain injury, it can also provide a very pleasant shopping experience for many others.

CBA chief executive, Lawrence Owens, described it is a great step towards making the city more family-friendly and inclusive.

“The response from businesses has been really positive and our objective is to grow and expand the provision of sensory-friendly shopping throughout the city,” he said.

“It will be available for the first hour of trade in participating stores on Sunday mornings, and longer where they can. We will monitor it as it rolls out and expand and improve as we go.”

Marks & Spencer, which has pioneered the initiative in its city centre store for about three years, has now been joined by other big retail names including Debenhams, Brown Thomas, Merchants Quay Shopping Centre, Penneys, Vibes & Scribes, Fitzgeralds Menswear, Casey’s Furniture and Diana O’Mahony Jewellers. Participating stores on Opera Lane include H&M, Topshop, Sketchers, and SpecSavers.

M&S general manager, Ray O’Callaghan, said their calm hour has become very important for some of their customers.

The CBA has encouraged other businesses to get involved, and will arrange free training for retail staff.

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Elverys opens new store in Crescent Shopping Centre

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Ireland’s leading authentic sports retailer, Intersport Elverys opens new store in Crescent Shopping Centre.

Quigleys Cafe opens in The Square

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Bannon are delighted to welcome Quigleys Cafe, Bakery & Deli to The Square Tallaght.

The new cafe is now open for business just off the centre mall on Level 2.

Angel Nails are now open at Manor Mills Shopping Centre

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Angel Nails are now open at Manor Mills Shopping Centre, located at Kiosk 4 (bottom of travelator)

Urban Eyes are opening in Pavilions shopping centre

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Urban Eyes are opening in Pavilions shopping centre, Swords!

New Local Independent Sunglasses Store looking to bring the classic and new brands to Ireland.

Retail Sales volume decreased by 0.5% in October 2019

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The volume of retail sales decreased 0.5% in October when compared to September on a seasonally adjusted basis and increased by 3.0% on an annual basis. When Motor Trades are excluded, the volume of retail sales decreased by 2.1% in October 2019 and rose by 3.2% when compared with October 2018.

The sectors with the largest month on month volume decreases were Other Retail Sales (-9.3%) and Fuel (-5.2%).  The sectors with the largest monthly volume increases were Pharmaceuticals, Medical & Cosmetic Articles (8.1%) and Clothing, Footwear & Textiles (3.0%).

There was a decrease of 1.0% in the value of retail sales in October 2019 when compared with September 2019 and there was an annual increase of 1.4% when compared with October 2018. If Motor Trades are excluded, there was a decrease of 2.4% in the value of retail sales in the month and an increase of 0.5% in the annual figure.

CSO Reports

Hollister to open store at Blanchardstown Centre

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Hollister is set to become the latest retailer to join the line-up at the Blanchardstown Centre.

The American clothing brand has agreed a 10-year lease for a 582 sq.m (6,265 sq.ft) unit at the hugely-successful Dublin scheme.

Hollister will join JD Sports who signed up last year for a 1,100 sq.m (11,800 sq.ft) store within a 55,000 sq.ft extension that is under construction. Distributed across two levels adjoining Blanchardstown’s central mall, the development will comprise eight new retail units upon completion next year.

Commenting on Hollister’s decision to locate at Blanchardstown, Pat Nash, managing director of Multi Ireland & UK, said: “This signing underlines the growth of our offering and our ability to provide the broadest retailing choice in both our retail parks and our covered malls.”

Separately, Fingal County Council has granted planning permission for the development of an additional 3,200 sq.m (35,000 sq.ft) extension at Blanchardstown’s Blue Mall entrance.

Existing eateries

This space is being earmarked for the provision of a number of new restaurants ranging in size from 142 sq.m to 861 sq.m (1,528 sq.ft to 9,267 sq.ft). The extension will be located within close proximity to the Odeon cineplex and several of Blanchardstown’s existing eateries including Nando’s Milano and Eddie Rockets.

Developed originally by Stephen Vernon’s Green Property in 1996, the Blanchardstown Centre is acknowledged as one of Ireland’s foremost and most successful retail and leisure operations with more than 16.5 million visitors annually. The scheme includes more than 180 stores and is anchored by Dunnes Stores, Marks & Spencer, Penneys and Debenhams.

Bannon are delighted to be part of the Blue Mall extension with strong interest from both National & International F&B operators.

Published Article

Petstop in Limerick wins AIBMS Retail Excellence Awards

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BIG congrats to Petstop Ltd, in Bannon managed Limerick One Shopping Park for winning Pet Store of the Year and the Top 5 Store award at the AIBMS Retail Excellence Awards on Saturday night! Great to see the store doing so well a year on from leasing the space through Bannon!

Carraig Donn opens in The Square Tallaght

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Carraig Donn are delighted to open their brand new store in The Square Tallaght today from 11am, where they are offering 20% off full price stock, goodie bags for the first 50 customers plus more exclusive opening offers!

 

 

 

 

 

 

Diffney opens pop up shop in The Square Tallaght

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Dublin’s largest menswear fashion Diffney is now open on Level 1 in The Square Tallaght.

 

Retail Sales volume increased by 4.3% in September 2019

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The volume of retail sales increased 4.3% in September when compared to August on a seasonally adjusted basis and increased by 4.2% on an annual basis. When Motor Trades are excluded, the volume of retail sales increased by 2.3% in September 2019 and rose by 4.7% when compared with September 2018.

The sectors with the largest month on month volume increases were Hardware, Paints & Glass (8.8%) and Motor Trades (8.4%). The sectors with the largest monthly volume decreases were Department Stores (-2.2%) and Clothing, Footwear & Textiles (-2.2%).

There was an increase of 3.8% in the value of retail sales in September 2019 when compared with August 2019 and there was an annual increase of 2.8% when compared with September 2018. If Motor Trades are excluded, there was an increase of 2.0% in the value of retail sales in the month and an increase of 2.1% in the annual figure.

CSO Reports

Smyths Toys now the most successful Irish retailer abroad

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The filing of its accounts confirmed last week that Smyths Toys is already making a financial return on its deal last year to acquire the central European operations of Toys R Us.

The family-owned group is now – individually and collectively – profitable in Ireland, the UK, Germany, Austria and Switzerland. That surely makes Smyths the most successful ever Irish retailer abroad.

The two biggest indigenous Irish grocers, Dunnes Stores and Musgrave, are larger, more storied, family-owned operations than Smyths. Yet the toy retailer has succeeded abroad where they have failed.

Dunnes and Musgrave both have operations in Spain, but in recent years both effectively abandoned their forays into Britain.

Smyths, meanwhile, has completely conquered the British market, opening more than 100 large retail outlets there in a little over a decade, vanquishing its specialist rivals. Its UK sales are now about €675 million.

Its prospects for maintaining growth in Britain are likely to slow as Brexit keeps sterling weakened, and Smyths runs out of unserviced locations to open new stores. As it already dominates the specialist Irish toys market, Smyths’ most obvious avenue for further growth became Europe.

The global insolvency last year of Toys R Us provided Smyths with a golden opportunity to buy out of bankruptcy the German-Swiss-Austrian stores of its US rival. The accounts filed last Friday show it paid less than €62 million to gain control of more than 90 outlets, which made Smyths profits of almost €14 million in 2018.

As it fine tunes them to better fit its sophisticated big box retailing model, their financial contribution may improve further.

The wider Smyths group is now on course for annual sales of close to €1.4 billion. Despite the success of its foreign forays, the group still made an annual profit of just €36 million.

With margins of less than 3%, Smyths may be tempted to expand its footprint even further if it wants to keep growing profits in years to come.

Published Article

Dunnes keeps top spot in supermarket rankings

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Brexit and the recent wet weather failed to dampen consumer confidence here over the last few weeks as grocery sales grew by 3.3% in the 12 weeks to October 6.

New figures from Kantar show that Dunnes has now been the country’s biggest retailer for a full year as it increased its market share of the supermarket sector to 22.5%, up from 22.1% the same time last year.

Kantar said Dunnes’ continued success, evidenced by 5.5% sales growth in the past 12 weeks, has largely been driven by its Shop & Save voucher campaign.

Meanwhile, SuperValu passed Tesco to take the number two spot for the first time since December 2018.

Kantar said that SuperValu has enjoyed larger basket sizes and growth in some of its core categories in the latest 12 week period.

Charlotte Scott, consumer insight director at Kantar, noted that both Dunnes and SuperValu have benefited from an out of season boom in sales of cleaning products.

“Shoppers have been indulging in a spot of seasonal autumn cleaning, perhaps thanks to the popularity of internet sensation Mrs Hinch and being kept indoors by the recent wet weather,” Ms Scott said.

She said people have spent an additional €7.2m on household cleaning in the past 12 weeks, which is up 5.9% on last year and driven by Ireland’s two largest retailers.

Meanwhile, despite falling behind SuperValu in the retailer rankings, Tesco enjoyed a return to growth this period, with shoppers making an extra trip compared to last year.

Kantar noted that confectionery has been a key category for Tesco, and is growing at an impressive 31.1% rate.

Charlotte Scott said that Tesco’s promotion on tubs of sweets, pricing them at €3.99, has proved particularly popular and it has even had to put quotas in place to limit shoppers to a maximum of four per person.

And Aldi reached a new record market share at 12.6% in the latest 12 week period under review. It saw an additional 21,000 shoppers through its doors, with a particular push to target young families.

Meanwhile, Lidl’s performance at a total level has also improved, with sales up 4.9% and its market share increasing to 11.9%.

Kantar noted that while Lidl’s existing shoppers are visiting more often, and spending more when they do, penetration has dropped slightly by 0.4%.

Published Article

McGarrell Reilly plans new shops at Lusk Village Quarter

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McGarrell Reilly’s plans for a new €75m Lusk Village Quarter in Lusk, Co Dublin, have been amended to include eight units with a combined 1,000 sq m for use as retail, restaurant and café outlets. Its plans also include a 2,500 sq.m supermarket that will be let to the discount operator Lidl, which will be the quarter’s retail anchor.

Lidl expects to be operating on site by December 2020, subject to the granting of amendments to the permission.

The amendments will also allow for two or three other retail units comprising 300 sq.m as well as parking spaces for 128 cars.

Sean Reilly is executive chairman of the development company and James Quinlan of Bannon is handling the commercial lettings.

Demand for these shopping facilities is reflected in a retail impact assessment conducted on behalf of McGarrell Reilly which shows over 85% of Lusk residents leave the area to do shopping.

Amenities will also include a crèche, a public square with a newly commissioned art piece, a village green and a playground. Spanning 15 acres, the project will accommodate over 150 new family homes. Its first phase will provide 56 homes at Station Road, which are now on sale, including 18 social and affordable homes. McGarrell Reilly has spent over €100m to date in Lusk and delivered over 700 homes to the area since the late 1990s.

Article

IPUT granted permission for €75m centre in Carrickmines

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Planning permission has been granted for a large new retail and residential development in south Dublin, despite strong opposition from the owners of the Dundrum Town Centre.

An Bord Pleanála has rejected an appeal by several parties including the Dundrum Retail Limited Partnership against the decision of Dún Laoghaire-Rathdown County Council to approve a €75 million project that will form part of the existing retail park and office development at The Park in Carrickmines.

The developer IPUT has plans for a neighbourhood shopping centre including two supermarkets, retail warehouses, restaurant, café, seven-screen cinema, crèche, offices, car showroom, medical centre and indoor skydiving facility as well as 130 apartments on a 10.5 hectare site close to the M50.

The overall development will extend to almost 84,000 sq m in four blocks extending in height from two to six storeys.

Commenting on the ruling, IPUT said it was “a major step forward in realising our ambition to reinforce Carrickmines Park as the leading out-of-town retail destination in Dublin”.

The development was also opposed by the owners of the cinema multiplex in the Dundrum Town Centre as well as Olivia Buckley, a Fianna Fáil candidate for the Dundrum area in the recent local elections.

DRLP, which is a joint venture between UK property group Hammerson and German insurer Allianz, said it was not opposed to the new development in Carrickmines in principle.

However, it claimed the proposed level of retail floor space was excessive for a neighbourhood centre particularly given there was no significant immediate residential catchment population to justify its scale.

DRLP said the proposed cinema and leisure uses would undermine the viability of existing town and district centres in south Dublin and represented a material contravention of the council’s development plan as well as running contrary to a range of regional and national planning policies.

Ms Buckley opposed the development claiming there was no requirement for another large retail centre or massive cinema complex in south Dublin and expressed concern it would impact on other nearby centres including Dundrum, Stillorgan and Dún Laoghaire.

Oversubscribed

She claimed retail warehousing was already oversubscribed in the capital, while the extension of The Park would also create serious traffic congestion on the M50.

Ms Buckley said it was disingenuous to call what was proposed a neighbourhood centre and branded such a description as “seriously misleading and inaccurate”.

Movies@Dundrum claimed the proposed multi-screen cinema would impact on its business when it relied on the planning system to protect its investment.

However, IPUT said there was a clear and long-standing need for a neighbourhood centre in Carrickmines as it was located in a significant growth area.

Dún Laoghaire-Rathdown County Council also said the development was an appropriate location for the centre as it would cater for new and emerging communities.

In its ruling, An Bord Pleanála said the centre would make a positive contribution to the urban character of the area.

The board said concerns relating to noise, vibration, dust and traffic could be satisfactorily mitigated by various measures and claimed the proposed development would have significant, direct, positive effects for the local population.

“Provision of neighbourhood centre facilities will reduce trips from the area to other locations,” it admitted.

IPUT successfully appealed a number of planning conditions imposed by the local authority that sought to deliver the project on a phased basis, which the developer claimed were overly prescriptive.

However, IPUT failed to overturn the condition which required it to construct a link road to Ballyogan Road before any other construction work began. IPUT claimed it was “unreasonable and unnecessary” and could impact on funding and the viability of the project.

It secured some minor concessions in its challenge to the scale of development contributions imposed by the local authority, which totalled almost €13 million.

Published Article

Swords Pavilions attracts new Rituals boutique to North Dublin

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Hammerson and Irish Life, joint owners of the Swords Pavilions Shopping Centre, have announced that luxury bath, body and home brand, Rituals Cosmetics will be opening its fourth stand-alone store in Ireland at Swords Pavilions, in the heart of North Dublin. Located close to the newly opened Superdry and JD Sports stores the 800 sq ft boutique will open on Wednesday 4th September 2019, enhancing the centre’s premium offer.

Founded in 2000 by Raymond Cloosterman, Rituals Cosmetics is the first brand in the world to combine home and body cosmetics, with an expansive product line including body care, scented candles, fragrance sticks, assorted teas, natural skin care and soulwear.

This latest announcement follows the opening of Swords Pavilions’ new dining quarter earlier this year with American burger chain Five Guys and well-loved pizza brand, Milano having already opened restaurants in the scheme. In July modern Persian kitchen Zaytoon also launched its new format restaurant at the centre.

This will be Rituals’ second stand-alone store opening in Ireland with Hammerson, having signed for a boutique in Dundrum Town Centre which launched in September 2018. The brand also has an outlet store in designer shopping destination, Kildare Village, owned by Hammerson through their partnership with Value Retail.

Simon Betty, Hammerson Director of Retail Ireland, said: “Rituals is a great addition to the brand offer at Swords Pavilions, demonstrating the continued demand from premium brands for high quality retail space in strong consumer catchments such as Swords Pavilions. Lettings such as this are a prime example of our strategy to ensure the centre remains the main retail and leisure destination in North Dublin.”

Rituals UK & Ireland Managing Director, Penny Grivea, said: “We are so excited to be opening another stand-alone store in Dublin at Swords Pavilions, allowing us to introduce the Rituals experience to as many customers as possible. Whether it is enjoying a hand massage at the water island or simply a cup of herbal tea upon arrival, the team can’t wait to help the Pavilions customers slow down and transform daily routines into meaningful rituals. This opening marks an exciting time for the brand, building upon our existing retail presence in Ireland.”

Published Article

Danish retailer JYSK has ramped up its Irish plans

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DANISH HOME RETAIL brand JYSK is planning to open 40 Irish stores within the next five years, effectively more than doubling its previous expansion plan for the country.

The 40-year-old Scandi retailer opened its first Irish store in Naas, Co Kildare in April and has since opened in three more locations. Earlier this year, JYSK – which is pronounced “yusk” – said it was planning 15 stores across the Republic.

The company has since revised these plans and said it now aims to open in 40 locations here over the next three to five years, which it says will help its Irish operation generate annual sales of up to €70 million.

To help source potential locations, JYSK – which sells a range of home furnishings and mattresses – is planning to meet with potential landlords at a showcase in Dublin in mid-September after encountering difficulties with its growth plan here.

Poul Erik Larsen, JYSK’s expansion director, said it has been more time-consuming and expensive to open new stores in Ireland compared to other European locations.

“We have noted that in other parts of Europe, we can issue and sign a lease contract within two to four weeks, whereas in Ireland, this is taking up to 16 weeks in some cases,” Larsen said.

“To achieve the volume of stores we want in the Irish market within two to three years, we need to secure a steady flow of new locations and that is something we’re actively pursuing right now.”

Published Article

Marks and Spencer to anchor €60 million city development

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THERE has been a widespread welcome for news of a proposed development at Arthur’s Quay in which Marks and Spencer would be the anchor tenant.

Limerick’s Tiernan Properties has signed heads of agreement with the British retail giants to become the anchor tenant for a major €60 million development on the city’s Arthur’s Quay.

Chief executive Michael Tiernan told the Limerick Post that the plans are “at an early stage but we will now hopefully have a discussion with Limerick City and County Council and subject to a successful outcome to those discussions, we will move forward.”

The development will be dependent on other factors, mostly delivery of infrastructure outlined in the Limerick 2030 plan which has already been adopted and acted on by the local authority.

The new development will involve a site currently occupied by the former Limerick Tourism office at Arthur’s Quay, but public amenities in the park itself will not be affected.

The British chain has been linked to various sites in Limerick city and suburbs over several decades, but has no outlet in the area.

The clothing, food and homewares retailer has now agreed to be the main tenant in the proposed 18,580sq m (200,000sq ft) mixed-use development.

Tiernan Properties said there had been “significant interest” from other major brands in the project, which is expected to boost footfall in the centre of Limerick.

The developers said getting a “key target” like Marks & Spencer on board “validates the wider project” and would prove pivotal for Limerick.

“We have a lot of work to do but as this is a development in line with the aims of the 2030 plan, we believe it would support that plan,” Mr Tiernan said.

Limerick Chamber chief executive Dee Ryan said the announcement that the Arthur’s Quay development is to go ahead was another major boost for the city and region.

“This is more great news for Limerick and the wider city region. To have this and the Ryder Cup 2026 announced for Limerick on the same day is incredible. It shows where the city, county and region is headed.”

“This huge injection of private investment in retail is an important signal of market confidence and ongoing work to revitalise Limerick city centre. We are powering ahead in so many respects as we develop a thriving urban experience for people who live in, work and visit Limerick.

“The retail community, in particular, welcome a boost exactly like this to help attract more people from Limerick and neighbouring counties into the city,” she added

Mayor Michael Sheahan said that along with all the other plans for Limerick, the multi-million euro investment by Tiernan Properties would help revitalise the city centre.”

“Confirmation that Marks and Spencer is to be the anchor tenant will see the company open its very first store in the mid-west region. It has been a long time coming and I am delighted that such a sought after retailer is opening a store here,” Mayor Sheahan concluded.

Published Article

JYSK store opens in Drogheda Retail Park

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Scandinavian furniture and homeware chain JYSK opened their second Irish store this morning at Drogheda Retail Park as people queued up to get into the new JYSK store which was officially opened at 9.00 am.

Founded in Denmark in 1979, JYSK , (it’s pronounced “Yusk”), is a global retail chain with more than 2,700 stores worldwide selling everything for the home, it has a turnover of €3.6 billion a year and employs some 23,000 people.

The Drogheda JYSK store is the group’s second in Ireland, it opened its first branch in Naas in April and stores are also scheduled to open in Navan later this month and Portlaoise in August.

Intersport Elverys opens in Thurles Shopping Centre

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Intersport Elverys who proudly invested in Tipperary GAA, are delighted to announce they have officially opened their new store in Thurles Shopping Centre with the widest range of GAA, running and training gear for kids and adults.

Intersport Elverys, in partnership with Tipperary GAA invited fans young and old to meet the Inter County players and browse the new store. There was exclusive interviews, fun activities and exclusive discounts on the day.

They were joined by Tipperary players Seamie Callanan, Noel McGrath and Ronan Maher on the day who took pictures and signed autographs with fans.

Elverys

Boots signs up for flagship Galway store in Gateway Retail Park

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Boots has become the latest major retailer to sign up at the landmark Gateway Retail Park in Galway.

The pharmacy-led health and beauty retailer has agreed to take a new 700 sq.m (7,500 sq.ft) premises at the scheme.

Boots are understood to be paying a rent in excess of €35 per sq.ft per annum for its new store which is under construction as part of the second phase of the retail park. Boots will be located immediately adjacent to the new branch of Harvey Norman.

Due for delivery in the first quarter of 2020, the second phase at Gateway will comprise an additional 11,148 sq.m (120,000 sq.ft) of retail space offering eight new retailers, three new food and beverage operators and a gym. Current tenants at the Gateway park include Dunnes Stores, Next, New Look, McSharry Pharmacy and B&Q.

Gateway’s asset manager, Paddy O’Connor of Sigma Retail Partners, believes Boots’ decision to locate at the scheme further underpins it as the destination of choice for retailers in Galway.

Darren Peavoy of Bannon who handled the letting on behalf of the landlord said the remaining units at the scheme are all under offer.

Published Article

Irish Life in bid to grow retail business to €10bn

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Insurance giant Irish Life intends to double the size of its retail investment business over the next five years to €10bn. It also plans to acquire a number of residential developments, investing “hundreds of millions” in residential properties.

Irish Life acquired the sought-after Fernbank development in Dundrum, south Dublin, last year for €100m.

In an interview with the Sunday Independent, CEO David Harney said the company intends to conclude similar deals shortly. “I doubt we will be doing two deals like Fernbank every year, but if we’re doing one deal like it annually we would be pretty happy,” he said.

Harney also confirmed that the company lost out to Brewin Dolphin in its bid to purchase the wealth-management arm of Investec.

“We do think that in Ireland too many people have too much on deposit rather than in broad-based investments.

“We’ve grown our multi-asset portfolios into a €5bn business over the last five years and we’d love to double that over the next five,” he said.

Harney, who was speaking after the launch of the company’s new MyLife health improvement app, also signalled the company’s intention to acquire more wealth management businesses.

Published Article

Irish retailers see encouraging start to 2019

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Irish retail sales values grew by 4.7% in the first quarter of the year when compared with the same period in 2018, aided by a ‘mild late winter’ and ‘early spring’, research showed.

While these figures are robust, it must be highlighted that in this period last year, Ireland found itself under a blanket of snow and was suffering the disruptive effects of Storm Emma, according to Retail Ireland latest Retail Monitor which the group published today.

“After a rocky fourth quarter of 2018, in which trade ebbed and flow almost by the day, retailers will be hoping that a level of consistency to trade can be found in 2019,” Thomas Burke, director of Retail Ireland, said.

“It is clear that retail sales patterns in the second half of 2018 were heavily impacted by Brexit related commentary.”

Brexit Extension

The Ibec group that represents the sector, highlighted in its report that an extension to the Brexit negotiating period until October seems to ‘have calmed nerves somewhat’.

“The daily game of brinkmanship is no longer leading news bulletins, and for hard-pressed Irish retailers this is good news. On the back of this we have seen an uptick in consumer sentiment as people’s worst fears of a crash out Brexit, have been allayed, at least for the moment.” Burke added.

There has also been a modest uptick in consumer confidence this quarter coming off the back of some respite from Brexit uncertainty which is reflected in the sales data.

Supermarkets and Convenience Stores

The report showed, that primary driver for volume over value growth continues to be ‘competitive action’ for supermarkets, with the battle for market share between multiples ‘very intense’ and the ‘slower but inexorable’ continuing growth of discounters also contributing to downward pressures.

A buoyant economy has been good news for the convenience sector, which is also in growth, the research indicated.

The Monitor also shows that while sales are up across almost all categories of retail, the ever-present trends of discounting and the continuing shift to online are also evident, particularly in retail categories such as computers and electrical goods and department stores.

In terms of the outlook for the remainder of the year, Burke highlighted that many businesses will have budgeted against the performance of Summer 2018.

“For those categories that are particularly reliant on good weather to drive footfall and sales, clearly this will prove challenging. With no guarantee of a similar prolonged spell of fine weather retailers will have to be creative if they are to achieve such heights once more.” he concluded.

Article

New Costa Coffee store to open in Waterford Retail Park

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Costa Coffee will open a brand new store in Waterford Retail Park on the Outer Ring Road this summer. The new coffee pod will take up a floor area of approximately 2,600 sq. ft and will result in a bright and spacious high-spec coffee offering with outdoor seating. It joins other big-name retailers in the retail park including anchor tenant Harvey Norman, Homestore & More, Curry PC World, Halfords, Home Focus, EZ Living Interiors and Maxi Zoo.

Costa Coffee is a multinational coffee house company and is the second largest coffee house in the world. Costa Coffee is present in 31 countries across the globe and it opened its first store in Ireland in 2005. Its number of stores have been growing ever since and it has multiple stores all over Ireland.

The asset manager for Waterford Retail Park, Jenna Culligan from Sigma Retail Partners, said “We are delighted that Costa Coffee is joining our very strong tenant line-up in Waterford Retail Park. As part of our strategy for this park we identified that food and beverage was missing for the park and we sought to provide this for the retail park. As everyone knows Costa Coffee are one of the biggest coffee chains in the UK and Ireland and we are absolutely delighted to have them on board.”

Waterford Retail Park is easily accessed from Waterford City and is less than a 10 minutes’ drive away. The retail park is located along one of the main access routes to Waterford City from the M8 and N25 (Cork Road) and benefits from free customer parking. Waterford Retail Park is also located close to Waterford Greenway and the new Costa Coffee store will be a great pit-stop for visitors heading to and from the Greenway.

Bannon are the letting agents for Waterford Retail Park.

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Easons launches Munster sale and leaseback deals worth over €4m

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Stationery and book seller Eason has launched sale and leaseback deals for three stores which it owns in Limerick City, Tralee, Co Kerry and Clonmel, Co Tipperary.

The launch provides an opportunity to compare the returns which regional high streets can offer to investors.

For instance with these three properties the net initial yields will range between 7.5% and 11.5%.

The Limerick building is a mid-terraced property extending to 12,573 sq ft of which 9,461 sq ft is devoted to retail. Agents Bannon are guiding €2.2m for the property and offering a 25 year lease at an annual rent of €180,000. This equates to a net initial yield of 7.5%.

Set on a 0.1 acre site, the Limerick building ranges in height from a four storey over basement on O’Connell Street to ground and first floor on Cruises St. The basement extends under adjoining properties at 10 O’Connell Street and 1, 2 and 3 William Street.

Eason’s Tralee store at 25 The Mall, is on a prime stretch directly adjacent to Penney’s. Joint agents Bannon and Walsh O’Sullivan are seeking €1.23m and with an annual market rent of €120,000, they say this equates to an immediate return of 9% after standard acquisition costs are deducted.

The four-storey building extends to a net internal area of 6,483 sq ft incorporating a large retail area of 3,948 sq ft.

The Clonmel store is located at 19/20 Gladstone Street, in the main commercial area of the town centre. Joint agents Bannon and Moynihan Curran are asking €560,000 and with an annual rent of €70,000 this equates to a net initial yield of 11.5%.

Most of the lease terms are similar for all three stores with new leases for 25 years, five yearly open market rent reviews and a break option at the end of year 10.

These sales are part of Eason’s plan to sell 13 properties in the Republic which could generate €60m of which about €20 million would be invested in its retail business. The rest of the proceeds will be divided among its 220 shareholders.

It has already sold a retail outlet in Carlow town which it had let to another retailer and in January Eason agreed a deal to sell its 184,886 sq ft warehouse on 8.4 acres at St Margaret’s in north Dublin to Irish property fund Iput for €19m.

Sale and lease back deals are also among the options being considered for its flagship store on O’Connell Street in Dublin as well as its store on Patrick St in Cork city centre but the future timing and details of those have not yet been decided.

Last month Bannon launched a sale and lease back on Eason’s 11,200 sq ft store at 33 Shop St, Galway City with an €8m guide price. Its annual rent of €525,000 would equate to a net 6% initial yield.

Contact our Capital Market’s Team today on 01 6477900 for more information.

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Limerick One welcomes Petstop

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Bannon are delighted to have secured Petstop for the former Maplin unit in Limerick One Shopping Park.

At a rent of €24 per sq.ft for the 7,500 sq.ft unit, this letting further illustrates Limerick One’s regional importance as a premier retail trading destination.

Davy fund buys majority stake in Navan Town Centre for bargain €43m

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A majority stake in Navan town Centre, which was on the market in 2016 for €62 million, has just been bought for about €43 million.

However, the off-market sale, which was handled by Rod Nowlan of Bannon and has just received clearance from competition authorities, did not include a residential element valued at less than €5 million that formed part of the 2016 offering.

The stake was sold to a fund controlled by Davy at an attractive yield of about 9-9.5%. This is undoubtedly a strong return for an asset of this scale in the Irish market at this time. However, the fall in value of the stake since 2016 is reflective of a softening market for provincial retail assets at a time when traditional retailing faces a significant challenge from eCommerce.

‘Stampede’

Declan Stone pointed to some notable retail transactions recently – principally Kilkenny, Carlow and Globe retail parks (all acquired by Friends First) – but suggested that retail as a sub-sector of the overall Irish investment market had its heyday in 2016 when retail transactions accounted for some 50% of a €4.4 billion market.

“In 2017 it fell to 28% of a €2.28 billion market and up to the third quarter of 2018 only accounted for about 11% of the total €2.53 billion spend,” says Stone.

“For me, the charge into retail in 2016 was somewhat surprising and seemed far more driven by the weight of capital than by underlying occupier demand. Put simply, retail yields tumbled – driving up capital values – but in the background there was little tenant demand to underpin this, and in fact in the intervening 24 months the occupational market has worsened.”

The 65% majority stake in Navan Town Centre came on the market in September 2016 through Savills and Cushman & Wakefield. CarVal Investors had bought loans underpinning the centre during the crash.

A number of deals were reportedly agreed for the stake at a price of about €54 million, but the major international investor concerned did not proceed with a transaction.

Driving force

The 65% shareholding was generating a rent roll of about €4.7 million as recently as 2017.

The balance of the shares in the centre are held by Irish Life.

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Danish home retail brand to open 15 stores in Ireland

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Danish global home retail brand, JYSK, will open 15 stores across Ireland in the next two years, creating more than 200 jobs.

Founded in Denmark in 1979 by Lars Larsen, over the past four decades JYSK has expanded to 51 countries with more than 2,700 stores worldwide employing 23,000 people.

The first Irish store will open in Naas, Kildare in April, with two further stores opening in Drogheda, Louth and Navan, Meath in May, and a fourth store opening in Portlaoise, Laois opening during the summer.

Roni Tuominen, head of retail, said Ireland is a very important market for JYSK, given the prominent position the retail industry holds in the country for employment and the economy. “As a company, we focus on entering a new market each year, and we are excited that 2019 is the year we bring our brand to Ireland. We will open here with our latest concept stores and deliver exceptional quality products at great prices to Irish consumers,” he said.

JYSK offers a range of products for the home, from the bedroom to the garden. The brand has also enjoyed a world-wide reputation for expertise and knowledge in sleeping culture, which continues to this day, offering everything from mattresses to frames and bases.

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Costa Coffee pitch up on Malahide Road

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Costa Coffee is the latest tenant to join the line-up at Malahide Road Retail Centre in north Dublin. Costa is trading out of a 2,000 sq.ft coffee pod that also has the use of outdoor seating. The letting comes just as the landlord, Irish Life, has resurfaced the car park and upgraded signage, lighting and landscaping.

The centre benefits from its location on the Malahide Road dual carriageway, attracting more than 25,000 customers most weeks. It is anchored by Woodies and Lidl, and other tenants include Halfords, Equipet, Right Price and Tiles.

Joint letting agents Bannon and Lisney are currently marketing two available units ranging in size from 4,950 to 9,895 sq.ft.

View letting opportunities

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Harvey Norman to anchor expanded Gateway Retail Park in Galway

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Giant retailer Harvey Norman is to open a substantial new store now under construction as part of the second phase of the Gateway Retail Park in Knocknacarra, Galway.

Australia’s leading retailer, specialising in computers, technology, electrical goods, furniture and bedroom fittings, is to rent the 5,574 sq.m (60,000 sq.ft) flagship store in the thriving park, which was acquired in 2016 by Sigma Retail Partners on behalf of Oaktree Capital.

The new store will form part of a 11,612 sq.m (125,000 sq.ft) extension, bringing the overall retail space to more than 30,192 sq.m (325,000 sq.ft).

The planned extension will be the first large-scale retail space to be completed outside Dublin since 2008 and the first in Galway for more than two decades. When completed, the new retail facilities will provide more than 300 permanent and part-time jobs in Galway.

Harvey Norman plans to trade over two levels after agreeing an annual rent believed to be about €900,000.

Tenant mix

Gateway’s line-up of tenants also includes Dunnes Stores, B&Q, New Look and Next. According to letting agent Bannon, signing Harvey Norman as anchor tenant highlights the undoubted appeal of the centre and its mix of tenants. Bannon is also due to announce the identity of a second international trader, which has agreed rental terms on another store extending to 650 sq.m (7,000 sq.ft).

In addition to Harvey Norman, the second phase of the retail park will have up to six new open-use retail units and four food and beverage outlets,

Darren Peavoy of Bannon said the interest in the available shops was hardly surprising given the absence of new trading facilities in Galway and the fact that new outlets in Gateway Park could be used for fashion and other choices.

Blaine Callard, Harvey Norman’s Irish chief executive, said the Irish business had great momentum right now and the addition of the huge showcase store in Galway would be an exciting addition to the network.

“We see from our online business that there is a huge pent-up demand from Galway customers to shop physically in Harvey Norman . . . it has taken a few years but we have finally found a home in the west.”

Marcus Wren of Sigma said a huge amount of work had been put into planning the new extension to the retail park. He added that Galway City Council had been extremely proactive in bringing this long-awaited development to reality.

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Eateries line up to join Krispy Kreme in Blanchardstown

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Canadian restaurant chain Pita Pit and Japanese eatery Musashi are to join Krispy Kreme in trading out of a newly redeveloped block at Ireland’s largest retail and leisure destination, the Blanchardstown Centre in north Dublin.

Both of the new units will extend to around 170 sq.m (1,829 sq.ft) and will include outdoor seating and dining areas, according to management company Multi Ireland. The expansion of the dining facilities comes after the recent opening of the first Krispy Kreme store in Ireland, which has attracted continuous queues for its own brand of doughnuts.

Pita Pit’s new outlet will be its first in Ireland. Founded in 1995 as a healthy alternative to fast food, the company has more than 500 outlets worldwide, mainly in the US and Canada.

The final unit in the block will be occupied by sushi and noodle bar Musashi, which already has five existing restaurants in Dublin. The new Blanchardstown outlet is the first in a shopping centre environment. Already open at the same block is Esquires, the international coffee house chain.

Multi Ireland has spent the past 12 months redeveloping the block, which had been vacant for several years. Putting this space back into productive use is expected to broaden the appeal of the Blanchardstown offering and add around €800,000 to the rent roll.

Simon Cooper, head of leasing, said Multi Ireland was particularly pleased that Krispy Kreme had selected Blanchardstown for their “debut Irish outlet”.

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