RETAIL MARKET:THE IMPROVING Parnell Street area of Dublin's north inner city has been given a considerable boost with the opening of a Tesco store in the Cosgrave Group's new Iveagh Exchange.
The UK multiple is near the O'Connell Street end of Parnell Street which has had a chequered history in recent years.
German discounter Aldi has been trading beside the car-park entrance to the Ilac centre for several years.
Tesco will be trading out of a store of 2,787sq m (30,000sq ft) alongside the Chapters book store.
Parnell Street will eventually benefit from the proposed €1.25 billion "Dublin Central" shopping, leisure and office development on the 5.5 acres between O'Connell Street and Moore Street which is being promoted by Joe O'Reilly's Chartered Land.
Arnott's planned "Northern Quarter" shopping and residential scheme will also help the rejuvenation of the north inner city.
The Iveagh Exchange, which was let by Ruth Miley of Savills HOK, will be one of Tesco's largest superstores. It has been rolling out the brand for some time in competition with a range of other convenience store operators.
Tesco's non-food range now accounts for 25 per cent of sales, with a notable increase in the demand for fashion, CDs, books, homewares, mobile phone services and jewellery.
New stores were recently added in New Ross, Tipperary, Clonmel, Nenagh, Edenderry and Clane.
