Sunday 26 May 2019

Peacocks to open three more fashion retail stores

Peter Flanagan

Peacocks - the UK retail fashion chain specialising in women's fashion and accessories, menswear and children's wear - have announced the opening of three new Irish stores in Waterford, Carlow and Omni Shopping Centre, Dublin, before Christmas.

The three outlets will create more than 45 full and part time positions, helping to revitalise both the town centres and the local economy.

These acquisitions mean Peacocks will have five trading stores throughout Ireland following the recent opening of outlets in Letterkenny in Donegal and and Castlebar in Galway.

Savills acted on behalf of Peacocks in acquiring the new stores.

Peacocks group head of acquisitions, Duncan Costin, said: "At the beginning of summer, we opened two new Peacocks stores in Castlebar and Letterkenny, where trading performance has exceeded all expectations.

"As a direct result of this success we plan to open 8 more stores in Ireland in the near future and could eventually roll out 20 to 30 units. This expansion into Ireland is a very exciting time for the business we look forward to the Peacocks brand becoming a household name across the country."

Acquisitions agent Tegan White from Savills confirmed that they are actively looking for new retail units on behalf of Peacocks:

"Peacocks would like a presence in every major town and city in Ireland; we are carrying out a nationwide search for properties of approx. 5,000 sq ft in busy locations," he added.

Peacocks is part of the Edinburgh Woollen Mill Group which operates nearly 750 stores worldwide and employs in excess of 10,000 people.

Peacock's decision to expand is a sign of the improving market for the retail market across the country and will be taken as a signal that the market is now gettting better beyond Dublin.

While the retail market around the capital has seen a noticeable uptick in activity in the last 12 months, there has been little to shout about outside the city.

Now though, there has been a jump in consumer buying in urban centres around the country.

There has been a surge in deals for well located retail units in Cork, to the extent that nearly all vacant units around Patrick Street are now occupied.

In Limerick and Galway too there has been significant activity.

Last month CBRE research showed the market beyond DUblin had started to turn after years of stagnation.

"Although Dublin has been experiencing strong demand from retailers for some time, we are finally beginning to see recovery emerging outside of the capital, particularly for good shopping centre and retail park units that come available," said the property giant.

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