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FEATURE: IRELAND
Standing
TOUGH
Ireland has suf_f ered greatly at the hands of economic downturn, but there are some
signs of positive movement in Northern Ireland’s retail market
W
hile few, if any, retail markets across the globe have – the centre’s fourth new retailer since July. And that’s not all: Kurt
escaped the recession unscathed, the Irish retail Geiger opened its fi rst store in Ireland at Victoria Square in May; and
market remains particularly fragile. The latest data Ireland’s fi rst Hollister store was unveiled there earlier this year.
from the Central Statistics Of_f_i ce shows that Ireland’s annual The strengthening of the euro is attracting more people over the
retail sales fell by 9 per cent in the year to August 2009. But border from the Republic of Ireland – Murphy confi rms that 20 per
according to a bi-monthly research report produced by CBRE, cent of shoppers have come up from the south – which may have
things are continuing to move tentatively forward. bolstered Northern Ireland’s retail. But as Murphy points out, the key
“Despite the economic backdrop and the pressures that many to survival is to have a solid foundation in the market place.
retailers are currently experiencing, a number of new and existing “Strong retail centres will continue to do well in cities such as
retail tenants continue to expand and take advantage of the Belfast and even in places like Craigavon. When retailers go into
attractive deals on of_f er at present,” says Marie Hunt, director of administration it does create opportunities, and if the scheme is
research at CBRE. strong enough then you will be able to replace them,” she says.
“The most signifi cant transaction announced in recent months This is certainly true of Victoria Square, where new retailers have
was the letting of the former Habitat unit on Suf_f olk Street in Dublin stepped in to fi ll units made vacant by the loss of brands such as
city centre to the Cult fashion brand.” FCUK.
CBRE’s research report notes several other lettings, such as UK But Hunt at CBRE is careful to point out the reality for Ireland’s
retailer Jack Wills’ recently announced plans to open a 283-sq m shopping centres and retailers that aren’t quite as resilient.
unit of_f Grafton Street. Sports Soccer and Next are also due to open “Prospects for global and domestic economic recovery appear to be
stores in Carton Park in Maynooth, and River Island are taking a unit improving. However, the reality for many retailers is that maintaining
in Navan, Co. Meath. Meanwhile in Cork city, the fi rst store of_f_i cially margins is going to continue to prove extremely dif_f_i cult for the
opened in the Opera Lane development, which will eventually provide foreseeable future and there are likely to be many more casualties in
a high-profi le retail mix including Gap, Hennes, Apple and Tommy the retail sector after the Christmas trading period, particularly if the
Hilfi ger. And the Showgrounds development in Clonmel, Co. Tipperary forthcoming Budget impacts further on discretionary spending.
also opened its doors to the public in recent months. “There is increasing evidence of retail tenants successfully
So it seems that, despite the sizable impact the recession has negotiating rental reductions from landlords. However, with demand
had on Irish sales fi gures, the retailers are still taking advantage of weak and an increase in turnover deals, there is as yet only limited
the opportunities in Ireland’s towns and cities. Anne-Marie Murphy, a open market rental evidence to demonstrate the extent to which
director at Savills’ Belfast-based retail team, notes the same trend in headline rents in the retail sector have fallen from peak,” adds Hunt.
Northern Ireland’s retail. “There is activity; things are happening. Deals
are taking a bit longer to get over the line, but major players are Find out more:
taking advantage of the market,” she insists. For more information, please contact the author or visit the website:
Belfast’s Victoria Square, for which Savills acts as managing and

www.shopping-centre.co.uk/ireland
letting agent, has recently seen the opening of a Timberland store

lauren.vanderkar@jldmedia.com
SHOPPING CENTRE November 2009 www.shopping-centre.co.uk
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