Henry Street, the once-thriving shopping destination in Dublin, Ireland, has been struggling in recent years due to the rise of online shopping and increasing competition from other areas of the city. However, the introduction of several new big brand stores on the street is helping to bring it back from the brink. In this article, we’ll explore how these new additions are breathing new life into Henry Street and what it means for the future of shopping in the area.
In the world of retail leasing, Henry Street in Dublin 1 is experiencing a surge in activity and catching up to the Grafton Street area in terms of take-up of vacant shops. Grafton Street had previously been grabbing all the attention, but Henry Street is set to make a comeback. According to Savills, two years ago there were an unprecedented number of vacant shops in the city centre, but the recovery since then has been phenomenal. With anchor deals from H&M, Flannels, and Tessuti, the opening of the flagship Sports Direct store, and more leasing activity, Henry Street is poised to have just three vacant shops totalling 4,500sq ft of trading space by the end of the second quarter. There are clear drivers for retailers seeking space on Henry Street, namely street fashion and the halo effect of JD Sports, as well as occupancy ratio. Rents have also risen, with recent deals pushing the Zone A per sq ft rate into the €250 range. All in all, it seems that Dublin 1 retail is entering a sustained positive cycle.
In conclusion, the recent openings of big brands on Henry Street in Dublin have had a significant impact on the area’s revival. With footfall increasing and retailers seeing a surge in sales, the future looks bright for this once-struggling shopping district. While challenges still exist, such as rising rents and online competition, the renewed sense of energy and excitement on Henry Street bodes well for its continued growth and success. As shoppers return to the high street, it’s clear that physical retail still has a crucial role to play in our communities and our economy. So next time you’re in Dublin, be sure to stroll down Henry Street and see for yourself the power of big brand openings in bringing a struggling area back to life.
