The first phase of the €135 million Skycourt redevelopment of Shannon town was officially opened yesterday with the creation of 300 jobs.
Mr Barry Boland, of Beaux Walk Properties, the company behind the development, said it was a major and permanent economic boost for the area.
"If we were a manufacturing industry the announcement would be heralded as a significant coup," he said, adding that the project has been delivered on time and within budget.
The Skycourt development is the single biggest investment in Shannon since the town was established over 30 years ago as Ireland's first new town.
It is unique in having no streets, and having all its shops under one roof.
After two decades of not realising its anticipated growth, Shannon recorded a 16 per cent growth in population in the last census.
According to a study carried out by Beaux Walk Properties, the town's commercial sector was losing a potential €60 million per annum, or 76 per cent of potential revenues, as a result of the town's chronically inadequate retail infrastructure.
The report found that Shannon town had only one-sixth of the retail outlets of other towns of comparative size, while Saturday was the quietest shopping day in Shannon as locals went elsewhere to shop.
However the provision of 32,000 sq ft of retail space for Dunnes Stores and 30,000 sq ft of new retail units in the first phase of the Skycourt development is expected to address Shannon's loss of retail business to Limerick and Ennis.
Mr Boland confirmed that Skycourt is to lodge a planning application with the council for a six-screen, multiplex cinema and a 120-bedroom hotel.
He added that a proposal to build a Shannon headquarters for Enterprise Ireland at Skycourt had been withdrawn.
"Implementation of the Government's decentralisation plans have been slower than we had hoped, and we have to get on with implementing the Skycourt masterplan."
