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09/12/2014
Jobs Growth To Boost Christmas Trading
Jobs growth is expected to lead to the best Christmas trading period since 2007, according to a new report from property consultants Savills Ireland.
Dr John McCartney, Economist and Director of Research at Savills Ireland, explained: "Last week’s live register data confirm that unemployment has now been falling for 36 consecutive months. This is great news for Ireland’s shopkeepers because, statistically, there is an almost perfect 1:1 relationship between employment and retail sales. On this basis alone retailers can expect their best Christmas trading period since 2007."
Savills said footfall figures on Dublin’s key retailing thoroughfares are showing year on year increases, suggesting that total pedestrian movements on Grafton and Henry Street could hit the 1.1m per week mark in the run up to Christmas.
Mr McCartney said: "Ireland has generated 28,000 new jobs this year and the figure is expected to rise to over 40,000 in 2015. With the back of our fiscal adjustment programme now broken, confidence is improving and household disposable incomes are gradually beginning to come back. Taking these factors into account, we expect to see a further recovery in sales which will feed through to increased demand for shop space and ultimately to rental growth."
Savills said demand for prime retail space in Q3 of 2014 continued to strengthen. Larry Brennan, Head of Commercial, said: "Demand for space in the Dublin city centre remains high and there have been a number of new flagship store openings in recent months – such as Nespresso on Duke Street, H&M on College Green and Lifestyle Sports and Claire’s Accessories on Grafton St. Demand for space on Grafton St and Henry St from local and international retailers remains high, leading to potential for infill developments in areas off these prime streets."
(IT/CD)
Dr John McCartney, Economist and Director of Research at Savills Ireland, explained: "Last week’s live register data confirm that unemployment has now been falling for 36 consecutive months. This is great news for Ireland’s shopkeepers because, statistically, there is an almost perfect 1:1 relationship between employment and retail sales. On this basis alone retailers can expect their best Christmas trading period since 2007."
Savills said footfall figures on Dublin’s key retailing thoroughfares are showing year on year increases, suggesting that total pedestrian movements on Grafton and Henry Street could hit the 1.1m per week mark in the run up to Christmas.
Mr McCartney said: "Ireland has generated 28,000 new jobs this year and the figure is expected to rise to over 40,000 in 2015. With the back of our fiscal adjustment programme now broken, confidence is improving and household disposable incomes are gradually beginning to come back. Taking these factors into account, we expect to see a further recovery in sales which will feed through to increased demand for shop space and ultimately to rental growth."
Savills said demand for prime retail space in Q3 of 2014 continued to strengthen. Larry Brennan, Head of Commercial, said: "Demand for space in the Dublin city centre remains high and there have been a number of new flagship store openings in recent months – such as Nespresso on Duke Street, H&M on College Green and Lifestyle Sports and Claire’s Accessories on Grafton St. Demand for space on Grafton St and Henry St from local and international retailers remains high, leading to potential for infill developments in areas off these prime streets."
(IT/CD)
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Ireland WeatherToday:Scattered sleet and snow showers will turn increasingly heavy and more frequent in the afternoon across the north. Largely dry with sunny spells in the south, but showers spreading here towards the end of the day. Maximum temperature 4 °C.Tonight:Frequent, often heavy showers of rain, sleet and snow will affect most parts this evening and overnight, but are likely to be most frequent across the northeast. Minimum temperature -1 °C.
