According to the latest research from the CBRE, momentum has been building in the better high street, shopping centre and retail park schemes around the country, most of which now have negligible vacancy on the back of improving retail sales.
As competition for the best pitches continues to escalate, it is expected that evidence of rental growth will begin to emerge in regional as well as urban locations, albeit from a low base.
An increase in the demand for homewares and bulky goods over the last 12 months has led to an improvement in demand for the better retail park schemes around the country, CBRE found.
The new owners of many of the retail schemes purchased over the last number of years are now beginning to make their presence felt with more focused asset management strategies now being adopted. This in turn is freeing up some opportunities in various schemes around the country.
There are a number of retailers looking for premises at present, some of which include new entrants such as US retailer Aeropostale, The Health Store, Quiz Clothing and The Works. The most interesting possible new entrant, however, is Toys’R’Us. The babycare and toy giant is reportedly looking for up to six stores in Ireland and is expected to announce the opening of its first store in Dublin within the coming weeks.
Recent weeks have seen plenty of movement in terms of retail property in Dublin. Clothing giant Next has announced its plans to vacate its Grafton Street store that is soon to be occupied by Hugo Boss. Grafton Street has also seen the opening of a new Lifestyle Sports store. On nearby Dawson Street, Optica have announced its plans to open a store while MD Golf and Caffé Nero have opened new stores on South King Street.
Outside the capital, Homestore & More and SuperValu are to commence trading in Newbridge Retail Park. Superdry is planning to open a store on Cork's Patrick Street while shoe brand Skechers has also commenced trading in the city. Meanwhile, Danish brand Tiger has opened its 15th store in Ireland in Sligo's Quayside Shopping Centre.
A busy couple of months are in prospect for the retail sector with a number of notable transactions expected to be announced between now and mid-year.
© 2015 - Checkout Magazine by Niall Swan
