New Look show their commitment to Ballincollig by signing a newly extended lease in castlewestcork.ie. A positive story for the retailer and their trading performance in Ireland despite challenges in the UK and for the Centre which is anchored by Dunnes Stores and Sports Direct.
Another new store for Petstop is now open in Athlone with an extensive range for all your pet needs. The quality of fitout and what is on offer is second to none.
Bannon is continuing to seek locations nationwide for Petstop with another store in Wexford planned in the coming weeks!
Image by: Petstop
Bannon’s latest monthly Retail Pulse has now gone live.
In this publication, Neil Bannon discusses the concept of a “vibecession” and whether such a term is descriptive of the current Irish economic picture.
To view the full report, please click here.
Shopping centres serve as more than just places to shop; they are social hubs that bring communities together. Among the amenities that enhance the shopping experience, family rooms stand out as vital spaces that promote inclusivity, convenience, and well-being for families. These designated areas cater to the needs of parents and caregivers, offering a range of amenities that make outings with children more manageable and enjoyable.
Shopping Centres have a responsibility to meet customer expectations and adapt accordingly. By providing a safe and comfortable space for all members of the community, family rooms promote social inclusion and ensure that everyone can participate in the shopping experience, without barriers.
Convenience is another significant aspect of family rooms given the challenges of navigating crowded centres with young children. Family rooms offer a convenient place for nappy changing, breastfeeding and bottle feeding.
By catering to the needs of families, shopping centres can attract a loyal customer base and differentiate themselves from competitors. Additionally, positive experiences in family-friendly environments are likely to lead to repeat visits and word-of-mouth recommendations, ultimately driving foot traffic and increasing revenue for retailers.
An example of this type of project in the community is the recently installed family room at Swords Pavilions Shopping Centre. Opened in May 2023 and located on the ground floor, it has created an environment for privacy and has received excellent customer feedback.
The Bannon Property Management team works with shopping centres across Ireland, to support them in enhancing the shopping experience and promoting community well-being. By providing a welcoming space with essential amenities and fostering a sense of inclusion and support, these facilities contribute to making outings with children more manageable and enjoyable for families.
Author: Aoife McGovern, Surveyor, Bannon
Date: 26th February 2024
Online shopping is a current reality for today’s retail consumer, but its recent penetration of total retail sales appears to have plateaued. In December 2019 pre pandemic, the total turnover generated by online sales excluding motor trades was 5.9%. Five years on, the CSO statistics released for December 2023 indicated that online sales were at 6.2%, virtually the same as its 2019 equivalent results.
The current narrative surrounding online shopping is that it is consistently on the rise in popularity. Contemporary statistics contradict this narrative. As expected, online sales increased dramatically during the covid-19 pandemic due to lockdown and the closing of retail stores. In November 2020 during the second lockdown, online sales reached a staggering 16.5% of the total turnover generated, excluding motor trades. This statistical outlier fed into the widely held narrative that online was on track to taking over the retail market. Despite Covid and lockdowns causing a peak in online sales, present day data conveys that turnover generated by online sales have reverted to where they were in 2019.
It was inevitable that there would be some reduction in online sales when stores reopened but the prevailing idea at the time was that online sales would hold onto to some of the gains that it had made. One explanation as to why the online platform did not retain its momentum is that the fight for retail sales is not a one-sided battle. This is perhaps most evident in the Black Friday / Cyber Monday phenomenon. Black Friday started as a US retail sales event for the day after Thanksgiving. It was quickly adopted by online retailers who came out with Cyber Monday. Black Friday is now an established part of the retailer market in Ireland annually. It is a clear bunfight for spending between retailers of all sizes and trading formats. The retailer has adapted to the needs of the consumer who for the time being prefers to shop in store for the overwhelming majority of their purchases.
Author: Alison Manning, Graduate Surveyor, Bannon
Date: 8th February 2024
Our first Retail Pulse of 2024 has now gone live.
In this publication, Neil Bannon looks at a year of growth in the retail sector in 2023 building on 25 years of growth in Ireland.
To view the full report, please click here.
Commercial property managers face new challenges in 2024. These challenges need to be addressed using knowledge, expertise and technological innovation. As the economic, social, and technological spheres evolve, property managers are forced to look at what measures can be implemented to ensure the smooth operation of commercial spaces.
Based on industry data and expertise, the Bannon Property Management team forecast 6 key challenges for 2024:
Economic uncertainty:
The global economic volatility has impacted businesses and the real estate industry. Maintaining profitability and sustainability of commercial properties whilst navigating inflation, interest rate fluctuation, economic uncertainty and the aftermath of the COVID-19 pandemic, is a complex balancing act. Property managers play a vital role in offsetting these factors by implementing costs saving strategies and ensuring value for money for occupiers. It is also essential that property managers stay informed about market trends, fostering relationships and embracing technology for efficient operation of real estate assets.
Sustainability and Environmental, Social and Governance Compliance:
In 2024 there will be a continued focus on environmental, social, and governance (ESG) criteria in the real estate sector. Property managers are tasked to implement sustainable practices, reduce carbon footprints and enhance energy efficiency in commercial properties. This is driven by both client goals and legislative requirements. Solutions to meet these standards not only contribute to environmental conservation but also enhance the marketability of the properties. Bannon in partnership with sister company Evia has developed and implemented numerous complicated and effective ESG projects on behalf of clients to effectively deliver on these tasks in 2024.
Technological Integration:
The rapid advancement of technology is transforming the way commercial properties are managed. Property managers are faced with the challenge of integrating smart building technologies, data analytics, and automation systems to optimize operations. This will involve significant investments in upgrading existing infrastructure and training personnel to harness the full potential of these innovations. Bannon collates and interprets a huge amount of data in relation to assets under our management. This data and its interpretation offer significant insight to Bannon when recommending projects to clients for individual asset maintenance, management and performance.
Remote Work Impact:
The widespread adoption of remote work has altered the dynamics of commercial spaces. Property managers must respond to the changing demands for flexible office spaces, hybrid work models and the need for advanced digital infrastructure. Adapting commercial properties to meet the evolving needs of tenants in this new era of work will continue to be a crucial aspect of property management in 2024.
Rising Operating Costs:
Escalating operational expenses, including property maintenance, utilities and insurance, pose a significant challenge for property managers. Balancing the need to keep costs in check while delivering high-quality services to tenants requires strategic financial management. Bannon is acutely aware of the impact high operating costs have on the attractiveness of assets from both an owners and occupiers’ perspectives. Cost management underpinned by value for money remains a key cornerstone of Bannon property management ethos.
Tenant Retention and Experience:
With a competitive commercial property market, tenant retention is crucial for property managers. Providing a positive occupier experience, addressing concerns promptly, and fostering a sense of community within commercial spaces are vital to retaining occupiers and attracting new ones.
Commercial property managers continue to navigate a complex landscape. Successfully addressing the issues highlighted requires a proactive approach, strategic planning and a willingness to embrace innovation. As the real estate industry continues to evolve, property managers who can adeptly navigate these challenges will be well-positioned for success in 2024 and beyond. The Bannon property management has a proven track record in embracing and implementing best in class approaches. A certainty for 2024 is that this will remain the case.
Author: William Lambe, Divisional Director, Bannon
Date: 24th January 2024
Our final Retail Pulse of 2023 has just gone live. All in all, an exceptionally busy year for the team at Bannon and the Retail sector.
Neil Bannon concludes this Retail Pulse with a recap of 2023 and why there is reason to be positive when looking forward into 2024. The glass is always half full!
Finally, everyone at Bannon would like to wish all our clients and friends a very Happy and Peaceful Christmas. See you all in 2024!
To view the full report, please click here.
