Patrick Street, the heart of Cork City's retail district, has always been a bustling hub for shoppers and tourists alike. With a diverse range of stores, this shopping thoroughfare is constantly evolving to cater to the changing needs of consumers.
Patrick Street Overview
As the city's main shopping thoroughfare, Patrick Street boasts 313,345 sq. ft. of ground floor retail space across 80 retail units (excluding Merchants Quay Shopping Centre). At the end of Q1 2023, the street had an occupancy level of 69%, with a vacancy rate of 30% and a further 1% set for redevelopment. While the majority of the shopfronts on the street are non-fashion units, the larger units (by sq. ft) are primarily occupied by fashion stores.
Retailers and Redevelopments
Irish-origin retailers hold a significant presence on Patrick Street, making up 51% of the stores, thanks to the likes of Dunnes Stores and Penneys. European founders, mainly Danish, represent 3.8% of the retailers, including Ecco, Sostrene Grene, Pandora, and Flying Tiger.
The 1% of shops set for redevelopment include the former Jack & Jones and Vero Moda unit, which will be incorporated into the overall Penneys expansion.
Patrick Street Future
The retail landscape of Patrick Street is set to welcome several new additions. Fraser Group's fashion brand, Flannels, will open in units 113-115, occupying over 7,500 sq. ft. of ground floor space. Mango will open their only Cork store at 106-108 Patrick Street, with approximately 4,400 sq. ft. at ground level. Furthermore, Krispy Kreme has taken over the former Porters Store at 42 Patrick Street, which has a ground floor retail space of 628 sq. ft. Once these three retailers commence trading, the street's occupancy level will rise to 74%.
The sale and redevelopment of the former Debenhams store, which accounts for almost 20% of the total ground floor retail space on Patrick Street, will have a significant impact on the streetscape once finalised.
Patrick Street Footfall
Data obtained from Cork City Council reveals that the average weekly footfall figures for the beginning of 2023 stood at over 505,000 per week. This figure, based on counters in Academy St. North, Academy St South, Daunt Square North, Daunt Square South, Patricks Bridge East, and Patricks Bridge West, represents a 9.4% increase compared to the same period in 2022.
Patrick Street Rents
As of Q1 2023, Prime Zone A Rents in Cork City Centre ranged between €1,500 and €2,000 per sq. m ITZA (in terms of zone A). This pricing reflects the high demand for retail space in the city center, particularly on the prominent Patrick Street.
Conclusion
Despite challenges, such as vacancy rates and the ongoing evolution of the retail sector, Patrick Street continues to thrive as a dynamic shopping destination in Cork City. With new retailers joining the street, increased footfall, and ongoing redevelopment projects, Patrick Street's retail landscape is adapting to meet the changing preferences of consumers.
The future of Patrick Street appears promising, as local and international retailers recognize its potential as a prime location for business. As Cork City Council and private investors continue to support the growth and development of this iconic shopping thoroughfare, it will remain a vibrant destination for both locals and visitors alike.
In conclusion, Patrick Street exemplifies the resilience and adaptability of the retail market in Cork. As new retailers and redevelopments reshape the streetscape, the future of Patrick Street as a premier shopping destination in the city remains bright.