Irish retail landscape revealed for the first time
The very first model of the most successful Irish retail centres has been launched by CACI. The analysis – covering the whole of Ireland (Republic of Ireland and Northern Ireland) – reveals Dublin’s dominance as a shopping haven, significantly ahead of its closest competitor, Belfast.
Retail Footprint Ireland is CACI’s comprehensive examination of Irish retail centres, covering over 300 locations across the nation. The ranking takes into account variables such as the number of premium, mass and value retailers in a location, as well as the local shopper population.
Dublin’s wealth and eclectic mix of retail provision place it 41 per cent above Belfast and 60 per cent ahead of Cork in terms of catchment population. However, Belfast leads the Northern Ireland retail ranking with a shopping population nearly one and half times greater than nearest rival, Londonderry.
Retail Footprint Ireland builds on the success of CACI’s Retail Footprint UK, which is currently used by high profile retailers such as Boots and Clarks.
CACI has classified over 40 different types of Irish retail centre according to retail mix, market positioning and evolving shopping role. For example, Dublin is ranked as a Principal Centre, Belfast is a Regional Centre, Newry is an Average Centre and Dundrum is a Premium Out of Town Regional Mall.
Other interesting trends identified by CACI include:
[L]Dundrum (located south of Dublin) has a strong presence of high fashion stores, for example Harvey Nichols and House of Fraser. These premium brands have helped this regional mall to be placed sixth in the Retail Footprint Ireland ranking[/L]
[L]The town of Navan has seen unprecedented growth in the last five years and shopping centre retail space has grown accordingly by 50 per cent in the last five years, explaining its position at number 29 in the ranking[/L]
[L]The border town of Dundalk has a relatively low ranking at number 24 in CACI’s Retail Footprint Ireland. This is primarily due to the dominance of nearby Newry, which benefits from substantial cross border expenditure. However, Marshes shopping centre can be expected to claw back shoppers in coming years[/L][L]Alongside Dublin, the rest of Southern Ireland has developed substantially over recent years with major centres such as Cork, Limerick, Galway and Kilkenny benefiting primarily from this growth. However, there is a lack of balance between the major centres compared to local and rural high streets. This has resulted in these locations attracting shoppers from greater distances than similar centres do in Great Britain[/L]
This in-depth knowledge of the Irish retail landscape enables retailers and advisors to understand the true market size, shopper characteristics and catchment extent of any retail centre in the country. Retail Footprint Ireland users can assess market potential, compare locations, identify where customers originate and prepare prioritised rankings for investment.
Ian Thurman, Head of CACI’s Location Planning Group, believes that Retail Footprint Ireland will be a valuable tool for retailers and property investors: “Retail, commercial and residential development in Ireland has grown at an astounding pace over recent years, fostered by rapid economic growth. This growth of multiple retailing and affluence is never more apparent than in Dublin and Belfast.
“Increased affluence and development offer great opportunities for retailers, property developers, planners, regeneration specialists and town centre managers. However, the complexity of Ireland’s retail landscape makes it increasingly difficult to choose the most successful locations for new stores and retail developments. Multiple retailers have increased their representation in recent years and Retail Footprint Ireland provides the information needed to select the best locations for a new store.”
