Pedestrian Footfall on Dublin’s High Streets Stable. Footfall holding up despite falls in sales.
Dublin, March 29th 2012 – Property consultants CBRE today released their latest footfall counts for Dublin’s Henry Street and Grafton Street for the first quarter of 2012. The analysis clearly show that pedestrian numbers on both streets have remained stable in the first three months of the year despite difficulties in the retail sector, as demonstrated by yesterday’s retail sales data from the Central Statistics Office, which showed a 1.9% annual decline in retail sales volumes in the year to February.
According to Florence Stanley, Executive Director at CBRE in Dublin “Our research indicates that pedestrian footfall on both Henry Street and Grafton Street remains stable despite the economic climate and ongoing difficulties in the retail sector. Footfall on Henry Street in Q1 2012 was on par with this time last year with over 11,600 shoppers per hour recorded on the street. Grafton Street had over 12,100 shoppers per hour in Q1 - a 14.6% increase compared to the same period last year, no doubt boosted by good weather in recent weeks”.
In their most recent assessment of conditions in the retail sector of the property market, CBRE said that although conditions remain very difficult for retailers and are unlikely to improve to any significant degree in the short term, it is encouraging that a number of new brands are actively looking for stores. The property consultants said that there is no doubt that further rationalisation can be expected in the Irish retail market, particularly for retailers who are tied into legacy leases. However, they predict that at this juncture, UK retailers, who are now beginning to experience problems in their home market, are probably a higher risk than indigenous retailers who have significantly cut their cost bases following almost four years of austerity.
CONTACT: Marie Hunt – 01 6185543 /087 2727115 or email@example.com
About CBRE Group, Inc.
CBRE Group, Inc. (NYSE:CBG), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services firm (in terms of 2011 revenue). The Company has approximately 34,000 employees (excluding affiliates), and serves real estate owners, investors and occupiers through more than 300 offices (excluding affiliates) worldwide. CBRE offers strategic advice and execution for property sales and leasing; corporate services; property, facilities and project management; mortgage banking; appraisal and valuation; development services; investment management; and research and consulting. Please visit our website at www.cbre.com.
In Ireland, with offices in Dublin and Belfast, CBRE is the country’s largest commercial real estate services company, now employing over 110 employees and offering a full range of property services including property sales and acquisitions, leasing and management, investment, corporate services, debt advisory, project management, consultancy, valuations and research. Please visit our website at www.cbre.ie or www.cbre.ie/ni.