McArthurGlen lost €211,000 in airport retail outlets
Published 20/10/2010 | 05:00
McARTHURGLEN, the UK-based retail group that operates outlets across Europe, said revenues at its operations at Dublin Airport last year were curtailed due to the poor economic climate and fewer departing passengers than had been expected.
In accounts just filed for the company's Irish business, McArthurGlen said it paid the Dublin Airport Authority (DAA) a €374,000 licence fee in the six months to the end of last December, while it posted a €211,000 loss for the period.
The licence fee is based on a percentage of turnover and subject to a minimum payment. McArthurGlen's revenues from the Dublin Airport enterprise were €220,000 last year.
The company manages five retail outlets at the airport. One is rented to clothing firm Fat Face; another to women's fashions chain LK Bennett; one to Warners, trading as CK Underwear; one to the men's clothing firm Boggi; and another was rented earlier this year to the UK-based Superdry.
McArthurGlen has a seven-year licence from the DAA and one of the company's units also won a tender to operate seven retail units at the new T2, which is due to open next month. The company warned that the travel retail market in Dublin was experiencing "challenging conditions" in 2010, with departing passenger numbers at the existing terminal set to fall to 9.3 million this year, from 10.3 million in 2009, due to economic factors and the opening of T2.