globe retail outlook data

 

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Ireland

Dublin is the capital of the Republic of Ireland, with over 40% of the Irish population residing in the Greater Dublin area it is number one retail destination in the country. While Dublin is the largest retail market, there are significant high street retail and shopping centre offerings in Cork, Galway and Limerick, as well as neighbourhood retail and a large volume of neighbourhood convenience stores.

In conjunction with the economic boom that Ireland experienced in the late 1990s and the first half of the 2000s, the Irish retail property market underwent massive growth.  While the growth in consumer spending and purchasing power saw the largest gains in the years between 2000 and 2004, the retail property market saw its biggest period of growth from 2005 through to the end of 2008. The amount of retail park and shopping centre space nearly doubled in that period to stand at over 3.2 million sq m, with virtually no new retail accommodation developed in the Irish market since 2008.  Over the last year a number of prime retail assets were traded and have undergone significant asset management reviews, which could see a number of extensions and improvement developments commence in the near future.

Along with a recovery in the wider economy, almost all sectors of the retail industry have witnessed a growth in the volume of retail sales since the beginning of 2014. The improving retail sales environment has brought with it a wave of occupier activity in not just prime retail locations across the country but also in a number of provincial and retail park locations. International retailers are continuing to compete for the few available prime schemes in the cities, with available units in prime locations attracting interest from a number of new entrants to the Irish market. High street and shopping centre rents remain at very competitive levels in comparison to their historic levels, now standing at an average of 65% from peak, albeit stronger in prime retail locations. Considering the correction in prime rents that has occured over the last number of years, in tandem with Ireland’s status as the only English-speaking member of the Eurozone with a strong level of Foreign Direct Investment, Ireland remains on the radar of global retail brands

Our Top Tip For
New Arrivals

Plan your mode(s) of transport in advance. Public transport options are few and far between by continental European standards, especially outside Dublin and the town centres. If you’re venturing out from the capital, be sure to familiarise yourself with the various buses and trains you’ll need to reach your destination. You can now buy a LEAP card which will work across all forms of transport during your stay. Otherwise, car rental prices are reasonably competitive and there’s a bike rental scheme in place in Dublin if you’d rather cycle.

Currency

Euro (EUR)
EUR €1
USD $1.23
GBP £0.88

Language

English/Irish Gaelic
Hello: Hello/Dia duit (Djee-a gwitch)
Thank you: Thank you/Go raibh maith agat (guh rah mah ah-gut)

International Dialing Code

+353

Time Zone

GMT

Cost of a Pair of Jeans

100.00 EUR

Cost of a Cup of Coffee

3.00 EUR

Cities in Ireland

Contact Us

FLORENCE STANLEY
Connaught House
Number One Burlington Road
| florence.stanley@cbre.com