Ireland’s leading shopping street was battered by Covid and online rivals. Big brands are giving it a new lease of life – in return for a financial reset
In January 2021, for example, premium German fashion retailer Hugo Boss signed a new 10-year lease on its flagship store at number 67-68, committing to an annual rent of €630,000. The figure represented a 24 per cent reduction on its previous rate.
We’re down to not a huge amount of vacancy and we have had quite a few inquiries. By the end of the year, I expect there will be disappointed parties who couldn’t secure a spot on Grafton StreetThe slow but steady revival of the street resumed in the middle of last year with Skechers signing a new long-term lease for the former Tommy Hilfiger premises. The international footwear giant is understood to have agreed to pay a rent of €900,000 per annum, or some 47 per cent less than the €1.
While Eoin Feeney refuses to be drawn on the names of those trying to find a pitch on the street, he says: “We’re down to not a huge amount of vacancy and [we have had] quite a few inquiries. By the end of the year, I expect there will be disappointed parties who couldn’t secure a spot on Grafton Street.”
Planners are opposed to units being amalgamated on Grafton Street.
Emma Coffey, head of retail at commercial real estate adviser Lisney, says while the street could yet achieve full occupancy, there is a potential issue regarding the size of the units currently available. “It’s down to who the individual retailers are and what requirements they have. It can be challenging to find retailers that want the smaller units,” she says.
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