Untitled - Cork City Council

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Cork Strategic Retail Study Table 5.8 Estimated Turnover of Current Convenience Commitments, 2013 Sq m net € per sq m Turnover (€ mill) Convenience commitment of 2,000m 2 or over 3,000 11,500.0 34.5 Convenience commitment less than 2,000m 2 21,508 6,000.0 129.0 TOTAL 24,508 163.5 5.28 Existing commitments for convenience floorspace total about 24,500 sq m. Some 3,000 sq m will be large units – likely to be occupied by “high-level” operators such as Tesco or Dunnes, who can be expected to have sales densities around €11,500 per sq m by 2013. The remainder will be for “lower level” supermarket operators or discounters such as Lidl or Aldi, whose sales density would be around €6,000 per sq m. Multiplying through by these densities gives a total turnover of €163.5 million. Assuming that these commitments are implemented, the turnover generated is close to the residual expenditure available by 2013, which is €168 million. So, once again, there is little scope for additional development at this stage. By 2020, however, there will be over €400 million available for additional retail floorspace in the convenience sector. 5.29 We have looked at the position in 2013 for individual zones to see whether there may be some slack in particular areas. To this end, Table 5.9 breaks down the commitments for each zone, calculates their turnover and compares this with the residuals of Table 5.7. (To calculate the turnovers we follow the overall sales density implied by Table 5.8 – that is, €163.5 million divided by 24,500 sq m which is €6,673 per sq m). Table 5.9 Residuals and Commitments by zone, 2013 City and Douglas Rest of Metropolitan Area Ring North Far west Residual for new floorspace (€ millions) 40 90 14 11 14 Committed floorspace (sq m) 7,033 6,744 5,380 3,426 1,925 Sales density (€ per sq m) 6,673 6,673 6,673 6,673 6,673 Turnover of commitments (€ mill) 47 45 36 23 13 Difference from residual (€ mill) (7) 45 (22) (12) 1 5.30 For three zones, the estimated turnover of the commitments exceeds the residual expenditure. In the Rest of the Metropolitan Area there is a surplus of €45 million of available expenditure to support new development and there is a very small surplus in the Far West zone. 5.31 By 2020 there will be more expenditure available for additional retail floorspace in the convenience sector. For the whole Study Area, total growth up to that year is €574 million and deduction of the turnover of commitments gives a residual of €410.5 million. Roger Tym & Partners with Simon Clear & Associates March 2008 38
Cork Strategic Retail Study 5.32 Whilst there is little theoretical need for new retail development (both convenience and comparison) by 2013, with the exception of the Rest of the Metropolitan Area it is evident that it takes time to bring forward new development. We address this issue in the next Section. Roger Tym & Partners with Simon Clear & Associates March 2008 39
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APPENDIX 5 Guidance on Retail Impac
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Appendix 5 : Guidance on Retail Imp
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