Boost for retail, that's the point
Despite worries over the future of retail, one prominent city shopping centre has reported a strong recovery and resilience post-pandemic and boasts 99% occupancy.
Mahon Point Shopping Centre has reported a 5.5% rise in footfall and sales volumes have increased by 4.5% over the past year, providing a boost in confidence for brick-and-mortar retailers and trade in Cork.
The centre, which is open for almost 20 years, recently welcomed several prestigious brands, secured by letting agents Savills, including the high-end department store Frasers in November 2022, the popular Irish beauty brand AYU Cosmetics and Three mobile in 2023, and the latest addition to women’s fashion, Hobbs, which opened in March 2024.
Additionally, JD Sports is set to open its newly enlarged store at the end of August 2024.
Justin Young, Centre Director of Mahon Point Shopping Centre, commented: “We are thrilled to see such a steady performance and growth at Mahon Point Shopping Centre. It is clear that the ‘physical touch and feel’ aspect of shopping remains important to consumers, despite the drive towards e-commerce.
“We provide a welcoming, world-class shopping experience with a host of amenities that benefit our local community - such as a weekly farmers market, a free style advisor service, a drop-in creche, free parking, and direct bus routes. All of this helps to contribute to the overall rise in footfall.”
Since becoming the first building in Ireland to be accredited with the world-leading sustainability BREEAM (Building Research Establishment Environmental Assessment Methodology) certification in 2015, many strides have been made towards achieving its mission of becoming carbon neutral. From ensuring that none of its waste goes to landfill, to exploring more renewable energy sources and a ground water well which provides its own water supply for nonpotable (non-drinking) requirements, Mahon Point has undertaken several state-of-the-art sustainability projects over the years.
Justin Young added: “We are proud to provide an environment that facilitates a high level of sustainable practices and are committed to continuously innovating and enhancing sustainability initiatives as we adapt towards the future.”
Over the past seven years, significant savings have been made through switching to LED lighting and the installation of solar panels, which produce approximately 25% of the centre’s annual electricity. Consequently, from 2019 to 2023, electrical energy consumption fell by 37% (due to solar power and LED). The balance of energy consumption is provided by 100% green electricity - a combination of wind, solar, bio and hydro energy from an energy provider.
In 2024, a third installation of solar PV panels will take place, further reducing carbon emissions.
There are also plans to install an additional eight high-powered universal electric vehicle chargers on-site for general use this year.
Other sustainability initiatives on the cards for Mahon Point in the near future include replacing the existing gas burners with air-to-water heat pumps, the introduction of green clauses in tenant lease contracts and the expansion of bus services in conjunction with the Bus Connect scheme.
The recent influx of high-end stores, a consistent increase in footfall, and future-focused sustainability initiatives underscore the centre’s importance as a retail destination.
For more, visit mahonpointsc.ie.