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• Irish shopping centre market saturated

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  Helena Deane    Group moderator

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  Irish shopping centre market saturated

  Shopping centre development in Ireland has now gone as far as it can go with Ireland ranking number two in Europe for the number of supermarkets per 1,000 head of population , a new pan-European study reveals.
  
  According to Stephen Murray, European Retail Director of Jones Lang LaSalle, which carried out the study, Ireland ranks second highest out of the 25 countries examined, with approximately 440 m2 of shopping centre stock for every 1,000 people. In sharp contrast, Bulgaria has the least amount of per- capita shopping centre stock, with just 25m2 for every 1,000 people.
  
  “Evidence that Ireland’s current phase of development is petering out is obvious once you examine the percentage of shopping centre pipeline currently under construction; it now accounts for about 5pc of the total current stock. By contrast, the extremely rapid pace and extent of new shopping centre development has been unprecedented. The country’s first shopping centre in Stillorgan opened over four decades ago in 1966. However, the findings of the Jones Lang LaSalle study reveal that since 2003, total shopping centre floor space in Ireland has actually doubled.”
  
  “With much more intense competition for a share of customers’ wallets, the winners in terms of the current phase of shopping centre developments will be those that have a significant range of shops in addition to leisure offerings such as cinemas and restaurants as well as ease of parking. Examples include Blanchardstown Town Centre and Dundrum Town Centre in Dublin and the Crescent Shopping Centre in Limerick.”
  
  “Notwithstanding pockets of clear over-supply – or inappropriate supply in the case of some recent new or pipeline centres such as Limerick – it is probable that these larger established schemes will, in fact, see potential for phased extension developments in years to come. However, in the case of neighbourhood or small district centre schemes, it is unlikely that significant additional development will be seen for at least five years. In order to maintain and maximise property value in such a competitive sector, it will be essential for landlords to maintain improvements in tenant mix; to invest in active asset management, and to ensure a greater degree of partnership with their occupier tenants.”
  
  (Bizworld)
  
  • 07 Dec 2009, 2:17 pm
  Helena Deane wrote: > Shopping centre development in Ireland has now gone as far as it can > go with Ireland ranking number two in Europe for the number of > supermarkets per 1,000 head of population , a new pan-European study > reveals. > > According to Stephen Murray, European Retail Director of Jones Lang > LaSalle, which carried out the study, Ireland ranks second highest > out of the 25 countries examined, with approximately 440 m2 of > shopping centre stock for every 1,000 people. In sharp contrast, > Bulgaria has the least amount of per- capita shopping centre stock, > with just 25m2 for every 1,000 people. > > “Evidence that Ireland’s current phase of development is petering out > is obvious once you examine the percentage of shopping centre > pipeline currently under construction; it now accounts for about 5pc > of the total current stock. By contrast, the extremely rapid pace and > extent of new shopping centre development has been unprecedented. The > country’s first shopping centre in Stillorgan opened over four > decades ago in 1966. However, the findings of the Jones Lang LaSalle > study reveal that since 2003, total shopping centre floor space in > Ireland has actually doubled.” > > “With much more intense competition for a share of customers’ > wallets, the winners in terms of the current phase of shopping centre > developments will be those that have a significant range of shops in > addition to leisure offerings such as cinemas and restaurants as well > as ease of parking. Examples include Blanchardstown Town Centre and > Dundrum Town Centre in Dublin and the Crescent Shopping Centre in > Limerick.” > > “Notwithstanding pockets of clear over-supply – or inappropriate > supply in the case of some recent new or pipeline centres such as > Limerick – it is probable that these larger established schemes will, > in fact, see potential for phased extension developments in years to > come. However, in the case of neighbourhood or small district centre > schemes, it is unlikely that significant additional development will > be seen for at least five years. In order to maintain and maximise > property value in such a competitive sector, it will be essential for > landlords to maintain improvements in tenant mix; to invest in active > asset management, and to ensure a greater degree of partnership with > their occupier tenants.” > > (Bizworld)