Dublin is the capital city of Ireland and is the commercial centre for business, culture, entertainment, education and tourism. The Irish economy has experienced significant growth over the past four years. The recovery, which was initially driven by exports, has now become more broad based with domestic demand seen as the key driver of growth in 2016 and for the years ahead. This is underpinned by a strong bounce back in the labour market, which saw the unemployment rate fall to 7.1% at the end of 2016 and an additional 223,000 persons employed since the crisis low in 2012.
Grafton Street is the prime retailing street in Dublin and indeed Ireland. Rental values on the street have increased significantly from the crisis low in 2012, standing 60% higher today. Increased demand from international retailers for large floor plates, combined with the cross-city Luas works, has sparked development activity in the surrounding areas of both Grafton Street and Henry Street which is the other main high street in the city. Although in the early stages, once completed, these developments will expand and strengthen the current city centre prime retail landscape. Dublin continues to be a popular destination for tourists, with latest figures highlighting 2016 was another record year for overseas visitors in Ireland.
The Grafton Street area is Dublin’s, and indeed Ireland’s, premier retail location. The pedestrianized street, which boasts close links to all main forms of transport in the city, is home to numerous high-end fashion retailers and internationally recognised brands. In Q2 2016, Grafton street was the thirteenth most expensive main shopping street in the world achieving Zone A rents of approx €5,920 per square metre per annum.
HENRY STREET / MARY STREET
Henry Street / Mary Street is the second principal shopping street in Dublin. It is located on the northside of the River Liffey which divides the north and south side of the city. Henry Street runs from the Spire on O’Connell Street in the east to Liffey Street in the west at which point, the street becomes Mary Street. Many large international retailers have located on the street in recent years due to the availability of large floor plates and lower rents when compared to Grafton Street.
DUNDRUM TOWN CENTREDundrum Town Centre opened in 2005 and is located in the affluent and densely populated suburb of Dundrum in south County Dublin. The centre boasts excellent regional accessibility via the Dublin M50 ring road and LUAS light rail. The centre provides 120 shops, 38 restaurants, a 12-screen cinema and 3,400 car park spaces. Anchor tenants include Harvey Nichols, House of Fraser, M&S, Penneys and Tesco. A number of international brands have debuted in Ireland at Dundrum Town Centre including Hollister, Hugo Boss, Michael Kors, Five Guys and Jamie’s Italian.
BLANCHARDSTOWN CENTREBlanchardstown Centre opened in 1996 and boasts over 180 stores, 3 Retail Parks, 25 Restaurants and 7,000 car parking spaces. It is located on the N3, just off the M50 motorway making it easily accessible by car and numerous bus routes. Anchored by Dunnes Stores, Debenhams, M&S and Penneys, the centre attracts over 16.8 million customers per annum. Key fashion occupiers include Zara, H&M, River Island, Mango and Bershka. Recent lettings at the centre include Quiz, Sostrene Grene, Ann Summers (due to open in Q1 2017) and Disney (pop-up). The Blanchardstown Centre is also home to Ireland's largest TK Maxx, Lifestyle Sports and 53 Degrees North.
LIFFEY VALLEY SHOPPING CENTRELiffey Valley Shopping Centre opened in 1998 with a gross floor area of 46,000 sq m (495,144 sq ft), 100 tenants and 3,000 car parking spaces. It is located in west County Dublin at the junction of the M50 motorway and the N4 routeway. Anchor tenants include Dunnes Stores, Marks & Spencer, Next and a new Penneys store extending to over 50,000 sq ft. New restaurant occupiers to the recently opened extension at the Western End of the scheme include Prezzo, Milano, TGI Friday’s, Eddie Rockets and Cosmo. Key fashion occupiers at the scheme include H&M, New Look, Topshop and Bershka.
SWORDS PAVILIONSSwords Pavillions opened in May 2001 and is located in Swords, North County Dublin. Located just off the M1 and M50 motorways, the centre is easily accessible by car and numerous bus routes. The centre has over 100 stores, an 11 screen cinema and 2,000 car parking spaces. Anchor tenants include Dunnes Stores, Super Valu, TK Maxx and Next. Sostrene Grene recently opened at the centre and there are deals agreed with Milano and Five Guys for a new restaurant quarter at first floor level which is scheduled to open in late 2017.
THE SQUARE TOWNCENTRE, TALLAGHTThe Square Towncentre is located just off junction 11 of the M50 motorway in Tallaght, County Dublin. The Square was completed and opened in 1990 and is home to 163 shops, restaurants and cafes including Debenhams, Tesco and Dunnes Stores. The centre comprises over 53,000 sq m (570,492 sq ft) of retail accommodation which is spread across 3 levels and has an annual footfall north of 21.7 million. The centre is accessible by the Luas Red Line and several Dublin Bus routes. Recent entrants to the scheme include cosmetics retailer Inglot, Gino’s Gelato, Chopped, Ginzeng and Kay’s Kitchen.
|SHOPPING CENTER TO WATCH OUT FOR|
|Center Name||CHERRYWOOD TOWN CENTRE, SOUTH COUNTY DUBLIN|
|Total Size (Sq.m)||53,500 sq m|
|- Retail GLA||Exact split to be confirmed|
|- Leisure/Entertainment GLA||Exact split to be confirmed|
|Planned Opening Date||Q2 2020|
|Consumer Profile||High income earners|
|Description||388 acre site including 150 acres of parkland located in an affluent suburb of South County Dublin. Planning due to be submitted in Q2 2017 for the retail element of a wider mixed use scheme including residential, office, retail and leisure.|
|KEY AREAS / STREETS/SHOPPING CENTERS||CONSUMER PROFILE||MAJOR RETAILERS PRESENT||NEW ENTRANTS||TYPICAL RENT FOR UNIT OF 2,000 SQFT||RANGE OF UNIT SIZES|
|Grafton Street||Middle to higher income. Tends to attract more mature shoppers and tourists||Brown Thomas, Marks & Spencer, Hugo Boss, Massimo Dutti, Disney, Ted Baker, River Island, Molton Brown||Space NK, Dune, & Other Stories, Victoria’s Secret (opening Q3 2017)||€600 psf||300-20,000 sqft|
|Henry Street / Mary Street||Lower to middle income. Younger age profile shopper||Arnotts, Debenhams, H&M, Zara, Marks & Spencer, Dunnes Stores, Aldo, River Island, JD Sports||Ann Summers, The Health Store, Topshop upsize (opening Q3 2017)||€450 psf||300-50,000 sqft|
|Dundrum Shopping Centre||Higher to middle income shoppers||Harvey Nichols, House of Fraser, Gant, LK Bennett, Penneys, Marks & Spencer, Coast, Next, Zara, H&M, Karen Millen, Superdry||Five Guys, Zizzi, Calvin Klein, Mint Velvet||€430 psf||500-50,000 sqft|
|Blanchardstown Shopping Centre||Middle income consumer||Debenhams, Dunnes Stores, Marks & Spencer, BT2, Penneys, Zara, H&M, Mango, River Island, Superdry, Schuh||Quiz, Disney (pop-up), Sostrene Grene, Ann Summers (opening Q2 2017)||€300 psf||500-25,000 sqft|
|Liffey Valley Shopping Centre||Middle to lower income shoppers||Marks & Spencer, Next, Dunnes Stores, New Look, Bershka, H&M, Boots, Office||Penneys, Quiz, Milano, Prezzo, TGI Friday, Cosmo||€270 psf||500-25,000 sqft|
|Swords Pavillions||Middle Income Consumer||Super Valu, Dunnes Stores, TK Maxx, H&M, Next, Zara, River Island, JD Sports, Mango, Schuh, Selected||Sostrene Grene, Xti, Milano and Five Guys (In legals)||€180 psf||500-25,000 sqft|
|The Square, Tallaght||Middle to lower income consumer||Debenhams, Tesco Dunnes Stores, Heatons, Dealz, H&M, New Look, Superdrug, Eason||Gino’s Gelato, Inglot, The Works, Chopped, Ginzeng, Kay’s Kitchen||€140 psf||500-50,000 sqft|
Data as of March 2017
The food and beverage market in Ireland has become very competitive in the last 12-18 months with a number of new UK entrants including but not limited to Zizzi, Prezzo, Cosmo, Five Guys and Casual Dining Group. These have joined operators already trading in Ireland such as Milano, Nando’s, Eddie Rockets and TGI Friday. Restaurant opportunities are limited, particularly in Dublin, so a number of these operators are now offering aggressive rents with up to 15 years term certain to secure locations.
Popular restaurant locations in Dublin City Centre include Temple Bar and the surrounding streets off Grafton Street such as Dawson Street, South William Street and South Great Georges Street. As restaurant accommodation is so limited in supply, it is likely that premiums will soon be required to secure prime opportunities with food planning permission already in place.
Nightlife in Dublin is quite diverse. Dawson Street, South William Street and South Great Georges Street boast lots of trendy bars and niche cocktail bars with young professionals being the target market. Camden Street and Harcourt street are home to many nightclubs and late bars and would be widely regarded as the student nightlife destination mid-week and the go to place for tourists and young professionals at the weekend.
In relation to F&B in shopping centres, the Irish market is still behind the UK in that the total offering within most centres occupies less than 10-12% of the overall floorspace. The current F&B offering is mainly focussed around QSR led food such as Subway, Bagel Factory, O’Brien’s, KFC and McDonalds. There are also a number of dedicated coffee houses, who are equally expanding rapidly, such as: Costa, Starbucks, BB’s Coffee and Caffe Nero.
There is a definite move from landlords towards dedicated restaurant quarters similar to the Pembroke District in Dundrum Town Centre. Liffey Valley recently unveiled a new external restaurant quarter adjacent to the cinema at the scheme where Prezzo, TGI Friday’s, Milano, Eddie Rockets and Cosmo have all taken space. Swords Pavilions are hoping to create a restaurant hub at first floor level. They have applied for planning permission for three restaurant units and are reportedly in legals with Milano and Five Guys for two of the units.
|KEY AREAS||CONSUMER PROFILE||FOOD & BEVERAGE OPERATOR INCLUDING||RENT FOR 3,500 SQFT UNIT|
|Temple Bar||Late night lively, tourist driven||Bars and Pubs, independent operators||€80 - €100 psf|
|Dawson Street||Business professionals and tourists||Marco Pierre White, Café En Seine, 37 Dawson Street, Milano, Carluccios, Costa, Fire, Blue, Harrys||€80 - €100 psf|
|St Stephens Green/Grafton Street||Business Professionals, Shoppers and Tourists||Bewleys, Starbucks, Peploes, Hugo’s, Bang,Wagamama’s, TGI Friday, Burger King, McDonalds, Shanahans||€80 - €100 psf|
|South William Street||Business Professionals, Tourists||Dakota, Farrier & Drapper, PYG, Alfie’s, Nandos||€65 - €85 psf|
|Camden Street||Young Students, Tourists||Flannery’s, The Jar, Whelans, Opium, The Palace, Bunsen||€60 - €70 psf|
|Harcourt Street||Young Professionals, Students, Tourists||Odeon, D Two, Sophie’s, The Dean, The Black Door||€60 - €70 psf|
Data as of March 2017
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