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29 LISNEY | REVIEW 2015 & OUTLOOK 2016 RETAIL OUTLOOK VOLUME OF RETAIL SALES - ALL RETAIL BUSINESSES, EXCLUDING MOTOR TRADES 120 115 01: The positive employment and consumer sentiment indicators witnessed in 2015 point towards a strong 2016 for retailers. This will drive demand for retail property across the country, particularly in the larger urban areas. 110 105 100 95 90 Jan 07 Jul 06 Jan 06 Jul 05 Jan 05 Source: Central Statistics Office Jul 07 Jan 08 Jul 08 Jan 09 Jul 09 Jan 10 Jul 10 Jan 11 Jul 11 Jan 12 Jul 12 Jan 13 Jul 13 Jan 14 Jul 14 Jan 15 Jul 15 02: The final months of 2015 saw the number of enquiries for the Henry Street area increase considerably. This will translate into deals in the northern city centre retail core in 2016. Enquiries for retail space in smaller towns outside of Dublin also increased and will led to retailers taking space in the short-term. 03: The uplift in demand for units from UK and international brands will continue. This will spread and will not just be for prime city areas. LISNEY SHUTTER COUNT (2012 - 2015) No. Unoccupied Units 10 9 8 04: Since mid-2013, the sale of ‘furniture and lighting’ and ‘electrical goods’ have grown considerably with the volume of sales up by about 60% and 23% respectively. This is very positive in terms of increased activity in the bulky goods, retail parks sector. Grafton Street Henry Street / Mary Street Ilac Shopping Centre Jervis Shopping Centre Dundrum Town Centre Liffey Valley Shopping Centre Blanchardstown Centre Source: Lisney The Lisney Shutter Count comprises an analysis of closed and non-trading retail units. We have relied solely on what is visible on-site and have not made any further enquiries as to the units’ status. Units are registered as unoccupied even if a lease is in place or if undergoing fit-out / refurbishment. The analysis does not include external units that form part of shopping centres. Temporary lettings, such as those for Christmas are excluded. Pop-up stores (which appear on-site to be more than just temporary lettings) are included in the analysis, which may distort the figures given that certain centres do not utilise such arrangements. Pavilions Shopping Centre 2012 2013 2014 2015 7 6 5 4 3 2 1 0 05: One of the biggest difficulties in 2016 facing retailers seeking prime stores in Dublin is limited availability. This will be particularly the case on key shopping streets and in shopping centres where there are virtually no vacant units. 06: The influx of further new restaurants and coffee shops to the market will face difficulty as very little suitable space is currently available in the city centre. This may result in premiums being paid for leases.
30 LISNEY | REVIEW 2015 & OUTLOOK 2016 RETAIL 12 MONTHS January 2015 started off on a positive note with the volume of retail sales increasing by 3.3% in January and by 8.8% in the 12 months. 6 Grafton Street, Bus Stop, newsagent was let to another newsagent operator. Ecco Shoes took a lease on 47 Grafton Street at a reported rent of ¤210,000 per annum. Bewley’s announced its intension to close its Grafton Street store for a number of months for refurbishment with the café’s 140 staff made redundant. S RS March Mango, the fashion retailer, opened its flagship store at 46/47 Henry Street. Nos. 50 and 87 Grafton Street, the former O2 shops were placed on the market as it rebranded to Three. BB’s Coffee & Muffins chain was sold to a group of investors for a reported ¤10m. The Grafton Group, operators of the Woodie’s DIY chain, reported a 56% increase in pre-tax profits. Dublin city councillors approved plans for the ¤3m redevelopment of the fruit and vegetable markets in Smithfield. S May RS S RS Fitzwilliam Finance Partners gained control of Arnotts by reaching an agreement with Apollo to acquire its 50% stake. Dublin city councillors approved plans to sell a site on Ballymun Main Street to the Alanis Group for the construction of a new shopping centre. Key money re-entered the Dublin market when Lacoste put its Wicklow Street lease on the market, quoting ¤100,000. The lease was subsequently taken by Joules, which opened in November. JUNE S RS February April S RS S RS Clerys on O’Connell Street was sold by Gordon Brothers to Natrium Ltd and the department store was immediately closed. Dealz announced its long-term plan to operate 70 stores in Ireland, adding to its existing 41 stores. Project Jewel loan sale went on the market. It contained the loans relating to Dundrum Town Centre, the Dublin Central retail development site and 50% interests in the Pavilions and Ilac Shopping Centres. This was bought by Hammerson & Allianz Real Estate in November. The owners of Liffey Valley Shopping Centre announced plans for a ¤26m expansion of the centre. Karen Millen closed its store on Grafton Street but confirmed its long-term future in Ireland. Irish grocery market sales were up by 1.2% in the three months to the end of February, following the strongest Christmas figures since 2010. Tesco sales in Ireland declined 6.3% in the year to February. Next announced its plans to close its Grafton Street store with Hugo Boss lined up as the new tenant. HMV moved into the former Karen Millen store at 27 Grafton Street on a temporary basis. Mango took over the former Awear shop in the Blanchardstown Centre. SuperValu’s market share overtook Tesco for the first time. Tesco had been market leader for over 10 years. Ladbrokes Irish retail business entered examinership but later exited in July with the closure of 52 of its 196 outlets.
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