The changing taste of Irish consumers is reflected in the nature of the companies taking up the vacant slots, showing a shift in preference from product to experience. There is a growing emphasis on leisure, wellness, and food and beverages.
“This trend is reflected in several high-profile leasing deals in Dublin this year,” the report from CBRE Ireland said.
“Gloria by Big Mamma signed a 20-year lease for 702 sq m at 41 Westmoreland Street. Mowgli, the popular Indian street-food brand with a strong UK presence, has signed for 302 square metres at 41-46 South Great George’s Street on a 20-year lease, marking its debut in the Irish market.”
In the same sector, the Mark Moriarty Studio is to open a test kitchen at a unit in Wilton Park, while The Ivy Asia has signed a 25-year lease on Dawson Street, and brands such as Lina Stores and Joe & the Juice are said to be actively seeking space in Dublin.
New entrants into prime “high-street” shops include Lovisa at 11 Grafton Street, Arket at Grafton Place, Normal on Mary Street in Dublin, and Accessorize at 19 Henry Street.
The Irish retail market continues to demonstrate resilience and adaptability
The CBRE Ireland report noted, however, that retail parks remain the most in-demand retail format, yet no new ones have been delivered in recent years.
“CBRE’s analysis shows a viability gap between construction costs – estimated at over €4,000 per square metre including land – and capital values, of approximately €3,844 per square metre, making development unfeasible under current conditions,” the company said.
It urged planners and policymakers to address this gap, especially as housing construction picks up in regional areas. Supporting retail infrastructure will be needed for that growing population.
Bernadine Hogan, head of retail at CBRE, said: “The Irish retail market continues to demonstrate resilience and adaptability. Vacancy rates on prime high streets are falling, and we’re seeing strong demand from both domestic and international brands.
“The volume and quality of recent leasing activity – particularly in the food and beverage sector with deals like Mowgli, Big Mamma and Mark Moriarty Studio – reflect a sector that is evolving in line with consumer expectations.”
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