With economic conditions strengthening in the last few months, competition for prime retail locations has intensified, with food & beverage operators providing particularly strong demand, according to new research from CBRE.
Recent lettings on Henry Street and Grafton Street are likely to result in further upward movement in rental values in both areas before year end, the property firm said. Rental growth is also expected to filter down to provincial scehemes over the course of the next year, as retail sales continue to improve.
In terms of new entries to the Irish retail property market, Hugo Boss have taken over the former Next store on Grafton Street, while US retailer Aeropostale has opened a new store at Liffey Valley Shopping Centre and is rumoured to be opening several new stores across the country in the near future.
Outside of Dublin, Superdry announced plans to open its first outlet in Cork city on Patrick Street, where Vision Express have also recently signed a lease; a new 35 store extension to the Kildare Village Outlet Centre in Kildare has been formally launched, and Skechers, Vero Moda and Diesel have all agreed lettings at The Marshes shopping scheme in Dundalk.
Retailers' main focus for the next couple of months will be firmly on capitalising on what is likely to be one of the busiest Christmas trading periods in several years, CBRE added.
© 2015 - Checkout Magazine by Niall Swan