ShoppingCentres: The jockeying for trading pitches in the country's largest shopping centre in Blanchardstown has intensified in recent months, writes Jack Fagan
Nine new interesting tenants, including the American coffee shop Starbucks, are to open in the run up to Christmas at Blanchardstown Town Centre in west Dublin.
The jockeying for trading positions in the country's largest shopping centre has intensified in recent months because of the strong trading performance and the steady growth in shoppers visiting the complex, according to Eoin Feeney of agents HWBC.
Regular studies have shown that the average weekly footfall is now 290,000, an increase of 8 per cent on 2004. Owners Green Property Co acknowledge that the runaway success is greatly helped by the availability of free car-parking at a time when other centres charge around €2 per hour.
Car-parking revenue has become a big money spinner in many centres though it frequently means that shoppers spend less time there. Blanchardstown's 7,000 car-parking spaces could bring in up to €14,000 per hour.
However, Green says it is well satisfied with the success of the centre - it is now producing a rent roll of €60 million - and will not be going down that road.
The free car-parking at Blanchardstown has meant that the average time spent there by shoppers is two hours and 30 minutes, according to the most recent findings. Around 25 per cent of all shoppers are now under the age of 24, due largely to the strong line up of fashion tenants in the Red Mall extension.
Not surprisingly, Green is to dedicate a further 9,290sq m (100,000sq ft) in the adjoining retail park to fashion. This will bring the retail park up to 48,772sq m (550,000sq ft) not counting the West End where Cosgraves is gradually converting most of the existing outlets to fashion.
Like the Green-owned retail park, the shopping centre is also to be enlarged to cater for the increased level of business. Construction is to begin shortly on an additional 6,503sq m (70,000sq ft) which will bring the overall net sales area to 71,533sq m (770,000sq ft).
Some of the largest traders are to enlarge their premises. Penneys department store is to be increased in size by 50 per cent from 5,574 to 8,361sq m (60,000 to 90,000sq ft) after experiencing the highest turnover per sq m in any of its outlets.
River Island is also set to almost double its unit to 11,148sq m (12,000sq ft). Vera Moda/Jack N Jones will be getting a new first floor to increase its size from 557sq m (6,000sq ft) to 1,021sq m (12,000sq ft).
The relocation of Next to West End has also provided an opportunity for Green to enlarge that store early in the new year from 492sq m (5,300sq ft) to 1,672sq m (18,000sq ft). The unit will be aimed at large fashion multiples which will be paying a rent of €1 million - a long way ahead of the old Next rent of €337,000.
