3rd February 2017 - Bannon
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Joint agency proposal to by
3rd February 2017
Dear Mark, Thank you for inviting Bannon to submit a proposal for the joint leasing role of Blanchardstown Centre. This represents the most exciting retail real estate opportunity in Ireland. We are extremely enthusiastic about the impact Multi and Blanchardstown Centre can have on the market over the next decade. Bannon is best positioned to provide the comprehensive service that is required for such an asset. Our team is the only one in the country with the relevant experience to provide Multi with the full palate of expertise for the leasing and development input roles. Neil, Darren and Jennifer have an unparalleled wealth of knowledge in the retail sector and together were instrumental to the success of some of the best known retail projects in the country. Backed by a full service team they are part of the most integrated property firm in the market. I can personally assure you of the full dedication of our team in re-establishing Blanchardstown Centre as the most valuable retail asset in Ireland. Yours Sincerely Paul Doyle Managing Director Bannon
Submission by
For joint agency role on Blanchardstown Centre to
3rd February 2017
Contents
1. 2. 3.
Introduction The Team Bannon
Page 7 Page 11 Page 21
4. 5. 6.
Understanding The Evolution of Why
Blanchardstown Centre Blanchardstown Centre Bannon?
Page 31 Page 41 Page 49
5
Introduction
INTRODUCTION
Bannon is Ireland’s Retail Specialist
Retail is a complex asset class which has Bannon is Ireland’s largest and most We use this data and experience to
become increasingly specialised over the experienced retail specialist and has an understand how retailers operate, assess
last decade. Blanchardstown Centre has intimate understanding of not just the what they can afford to pay and as a
a unique relationship with the physical physical assets and the wider retail market consequence maximise the rent achievable
and economic environment within which it but also retailer business models. for our clients.
operates and competes for business.
We are involved in the leasing and Bannon act for a number of new to market
To maximise asset value you need a specialist management of more retail schemes than retailers with 120 store requirements over
who has the knowledge and experience any other agency in the country. We have the next 3 to 4 years. We feel exposure to
both nationally and internationally and can a current active involvement in over 58 both landlord and tenant work is essential to
convey this to potential retailers. If the team retail schemes from town centres and give balanced market advice to our clients
is not fully immersed in the retail market at shopping centres to retail parks and local across all sectors of the retail market.
every level; leasing, management, asset developments.
management, development consultancy, Due to the complexity of the retail asset
rent reviews and capital markets, they We collect more than 250 pieces of turnover class, owners need an integrated approach
cannot fully capitalise on Blanchardstown data weekly/monthly and on average to maximise an asset’s value. They need a
Centre’s strength in delivering value through complete more than 150 retail lettings per best in class retail leasing team supported
leasing for Multi. annum. by the most experienced retail asset and
property management teams in Ireland.
9The Team
THE TEAM
Bannon understands Irish retail better than any
other agency and has the experience and the
team to deliver on Multi’s expectations
-
Most experienced leasing and development retail team
in Ireland.
-
This team is working together on prime retail assets longer
than any other team in the market.
-
This team has been involved in more retail schemes than
any other agency in the country.
- This is the team that delivered in Dundrum Town Centre
from scheme concept to the fully let and most valuable
retail asset in the country. Darren Peavoy Neil Bannon Jennifer Mulholland
-
Consistent attendance at Mapic, Revo (BCSC) for over 15 Executive Director Executive Chairman Associate Director
Team leader Development Retail Agency
years and Completely Retail since inception. and Strategy
Retail Agency
- This team actively pursues retailers both here and abroad & Development
and do not rely on associated offices to make introductions
or advise on retailer movements.
- Founding member of The International Retail Network
(TIRN), a collection of bespoke retail agency practices in
the USA, Europe and Asia.
13THE TEAM
Darren Peavoy
- He
has a depth of experience in dealing with - He
provides strategic acquisition advice to a
DIP AVEA MSCSI MRICS both National and International occupiers number of national and international retailers
Executive Director and has secured lettings to retailers such in sourcing new stores in their expansion drive
T: +353 1 647 7900 as Hollister, Hamleys, Snow & Rock, Harvey in Ireland including Carphone Warehouse,
M: +353 86 3805330 Nichols, Superdry, Urban Outfitters, LK Bennett, Smiggle, iFly, Ann Summers, Gino’s, Tuthills
E: dpeavoy@bannon.ie Cath Kidston, H&M, Mint Velvet, Boots, New and Fly London.
Look, Argos and Lidl.
- He
is a key member of The International Retail
-
Darren is a Director in the Retail Agency - He
has also agreed a large number of F&B Network which has offices in the USA, UK,
Department at Bannon with a department of 8 and leisure lettings to operators such as China, Germany, France, Spain, Czech Republic
retail agency surveyors. Rainforest Adventure Mini Golf, Milano, Zizzi, and Belgium. TRIN represent retailers such as
Dunne & Crescenzi, Siam Thai, Pizza Hut, KFC, Inditex, H&M, TK Maxx, Brandy Melville, Uniqlo,
- He
has over 16 years’ experience in all aspects
Yo Sushi, Starbucks, Costa Coffee and Butlers Barnes & Noble, Hugo Boss, Loft, Sandro,
of property and has specialised in retail agency
Chocolates. Bimba y Lola, Aesop, Nike, Wholefoods, Fossil,
since 2003.
Quicksilver and Fnac.
- He
travels regularly to the main retail
- He
was one of the key members of the leasing
conferences including BCSC, MAPIC,
team of Dundrum Town Centre from 2003 e will bring his vast letting expertise and
H
Completely Retail and ICSC to bring new
until its purchase by Hammerson and Allianz understanding of retail development to the
tenants to Ireland and is a member of both
in 2016. role. He has the ability to introduce exciting
Revo and the International Council of Shopping
Centres. international brands to the scheme through
- He
was involved in the development and
his vast national and international contact
design stage of Dundrum Town Centre,
- He has acted for a large number of landlord base and facilitate direct retailer meetings.
Bridgewater Shopping Centre, Arklow, South
clients such as Crossridge Investments,
King Street and Swords Pavilions Phase 3. arren will also bring his understanding of
D
Chartered Land, Davy Private Clients, Green
Property, Key Capital, Grant Thornton, Duff & retailer’s needs, space requirements and
- He has been the lead on the leasing teams of
Phelps and Irish Life. knowledge of who is in the market for space.
7 newly built shopping centres.
15THE TEAM
Neil Bannon
- His
understanding of how retail schemes work - Consequently
he is uniquely positioned to
BCL MSCSI MRICS ACI Arb for tenants given his role in Property & Asset assist Multi in concluding complex transactions
Executive Chairman Management makes him ideally suited for the with leading retailers.
T: +353 1 647 7900 Blanchardstown role where he can combine
M: +353 86 2591205 this with his development expertise to drive If appointed Neil’s role will be to advise the
E: nbannon@bannon.ie profitability for Multi. development team on the form and layout
of the development and ensure it works
- Part of his role has been to undertake an analysis from a retailer and day to day management
-
Neil has 25 years’ experience in the retail of potential spend, catchment penetration and perspective.
property business dealing with shopping the implementation of business strategies for
the schemes to seek to capture as much spend e will also participate in concluding anchor
H
centres and retail parks all over Ireland from
as possible with a view to driving the rent that deals and complex transactions to ensure
the refurbishment and leasing of Galway
can be sustainably derived from the asset. that their requirements do not impact on
Shopping Centre in 1991 to the development
scheme functionality or profitability.
and leasing of Dundrum Town Centre. - He
provides advice to Dublin, Limerick,
-
Neil has been involved in over 60% of the Wexford and Waterford Local Authorities -(the
Republic of Ireland’s shopping centre stock. latter jointly with NAMA) on retail strategies
to enhance their Town Centre’s as retail
-
His involvement with retail assets is destinations.
multifaceted, advising on design, development
strategy, funding options, concluding anchor - Neil
has agreed anchor deals with Tesco,
deals and devising and implementing leasing Dunnes Stores, SuperValu, Aldi, Lidl, House of
strategies. Fraser, Harvey Nichols, John Lewis, Marks &
Spencer, TK Maxx and Penneys.
1718
THE TEAM
Jennifer Mulholland
- Within the last 18 months Jennifer has delivered conferences including Revo (BCSC), MAPIC
BSc Surv (Hons) MSCSI MRICS a number of high profile lettings to retailers and Completely Retail.
Associate Director including TK Maxx, The Works, Skechers,
- Her
clients include Irish Life, Davidson
T: +353 1 647 7900 Starbucks and Pandora.
Kempner, Hudson Advisors, Davy, Tesco and
M: +353 86 7715017
Sawbridge Limited. She has also acted for
E: jmulholland@bannon.ie - She is key advisory to Sawbridge Limited in
Chartered Land, Crossridge Investments,
the refurbishment, extension and repositioning
Green Property and Deloitte.
of Swan Centre, Rathmines and has delivered
- Jennifer is an Associate Director in the Retail - She is a member of The International Retail
15 new lettings since Q3 2014. She recently
Agency Department. Network which has offices in the USA, UK,
secured a 10,000 sq. ft letting to Fallon & Byrne
- She has over 9 years’ experience specialising who are due to open in the coming weeks. China, Germany, France, Spain, Czech Republic
in Retail Agency and has an in-depth and Belgium. TIRN represent retailers such as
- She
provides strategic acquisition advice to a
knowledge of the Irish retail market acting for a Inditex, H&M, TK Maxx, Brandy Melville, Uniqlo,
number of national and international retailers
wide variety of private clients and institutional Barnes & Noble, Hugo Boss, Nike, Wholefoods
in sourcing new stores in their expansion drive
landlords in relation to retail lettings, sales and and Fnac.
in Ireland including Smiggle, Ann Summers,
acquisitions.
Ariella Fashions, McCabes Pharmacy and If appointed Jennifer’s role will be to
- She acted as leasing agent on Dundrum Town Aungier Danger. attract both national and international
Centre from 2008 until its sale to Hammerson retailers to Blanchardstown Centre using
- Jennifer
has just secured new flagship
and Allianz in 2016. She was responsible for her in-depth knowledge of the market and
lettings for Ann Summers and Smiggle within
delivering a number of key retail lettings retailer’s requirements to secure best in
Blanchardstown Centre.
including the first Michael Kors and Selected class tenants who will improve tenant mix
stores in Ireland. She has also agreed leisure -
She understands retailer’s needs and
and drive Zone A rents.
lettings to Beeftro, Funkey Monkey, Taney requirements at national and international
Roast & Brew and Mooch. level and travels regularly to the UK to meet
with agents and retailers directly to ensure the
- She has an in-depth knowledge of the retail
continued delivery of new and exciting tenants
market nationwide and at present is lead
to Ireland. She attends all major retailer
leasing agent on 7 shopping centres.
19Bannon
Bannon by numbers
No.1 44 750
Retail leasing Active retail Retail lettings
team in leasing in last
the country instructions 5 years
250 150 4.5m
Pieces of turnover Retail lettings Sq. ft. of retail
data collected every space let in
in 2016 last decade
week/monthBANNON
Bannon’s Retail Credentials
- Bannon is the largest retail property firm in Ireland with - In the past 5 years alone Bannon has completed Valuations
over 60 dedicated personnel. on more than 50 large shopping centre schemes including
Blanchardstown Centre.
- Bannon employs the largest collection of retail specialists in
the country. - In the past 5 years Bannon has bought or sold 42 Shopping
Centres and Retail Parks, more than any other agency in Ireland.
- Bannon is the market leader in the sector since 2005.
- The Bannon property management team collect and analyse
- Bannon has been involved from inception through to
over 250 individual pieces of turnover data on a weekly /
pre-letting and opening of over 20 schemes.
monthly basis and cross reference these against national
- Bannon concluded 150 retail lettings in 2016 and more than performance data and indices.
750 in the last five years.
- Bannon is a founding member of The International Retail
- Bannon has advised on more retail developments than any Network (TIRN) which is an association of a group of companies
other Retail Agency in Ireland. Our development team has similar to Bannon who specialise in all areas of retail property
advised on over 40 different retail developments across Ireland. consultancy. This extends our access directly to specialised
- Bannon has developed Ireland’s most comprehensive retail agencies and investors in UK, USA, China, France, Germany,
database including all 225 shopping centres & retail parks Belgium, Spain and Czech Republic.
above 5,000 sq.m.
- Bannon lease more retail parks than any other agency in Ireland.
23International Reach
Bannon don’t rely on associated offices for retailer introductions. We engage directly and meet with retailers and their retained representatives.
Sample of International Tenants with whom Bannon have agreed lettings:
24International Reach
25SAMPLE LEASING INSTRUCTIONS
p p p
Dundrum Town Centre (2000-2016) Pavilions Shopping Centre, Swords Ilac Centre
Client: Crossridge Investments Client: Chartered Land / IPUT / Irish Life Client: Irish Life / Hammerson
Size: 111,484 Sq M Size: 41,806 Sq M Size: 46,452Sq M
Units: 160 Units: 85 Units: 85
p p p
Whitewater Shopping Centre, Newbridge (2008-2016) Mac Donagh Junction, Kilkenny Swan Centre, Rathmines
Client: Grant Thornton / Ballymore Properties Client: Davy/Davidson Kempner Client: Sawbridge Ltd
Size: 30,660 Sq M Size: 17,683 Sq M Size: 9,290 Sq M
Units: 87 Units: 50 Units: 35
26SAMPLE LEASING INSTRUCTIONS
p p p
Marshes Shopping Centre, Dundalk Athlone Town Centre South King Street
Client: Kennedy Wilson Client: Davidson Kempner Client: Hudson Advisors Ireland/Lone Star
Size: 25,100 Sq M Size: 17,200 Sq M Size: 6,039 Sq M
Units: 46 Units: 62 Units: 8
p p p
Nutgrove Shopping Centre, Rathfarnham Douglas Village Shopping Centre The Square Town Centre, Tallaght (2008-2015)
Client: Davy Client: Shipton Group Client: Alburn
Size: 21,368 Sq M Size: 21,368 Sq M Size: 53,000 Sq M
Units: 69 Units: 63 Units: 162
27SAMPLE LEASING INSTRUCTIONS
p p p
Gateway Shopping Park, Galway Phase 1 The Park Carrickmines (2009-2015) Bray Retail Park
Client: Targeted Investment Opportunities Client: Elm Holdings Client: Targeted Investment Opportunities
Size: 27,871 Sq M Size: 28,000 Sq M Size: 9,755 Sq M
Units: 14 Units: 10 Units: 7
p p p
Waterford Retail Park Navan Retail Park Sligo Retail Park
Client: Targeted Investment Opportunities Client: Targeted Investment Opportunities Client: Targeted Investment Opportunities
Size: 14,000 Sq M Size: 11,148 Sq M Size: 21,368 Sq M
Units: 8 Units: 10 Units: 18
28SAMPLE LEASING INSTRUCTIONS
p
Drogheda Retail Park
Client: Targeted Investment Opportunities
Size: 25,084 Sq M
Units: 15
p
Naas Retail Park
Client: Targeted Investment Opportunities
Size: 13,936 Sq M
Units: 8
29Understanding Blanchardstown Centre
UNDERSTANDING BLANCHARDSTOWN CENTRE
UNDERSTANDING BLANCHARDSTOWN CENTRE
Overview
112,000 sq. m.
35 Hectare Site Retail and Leisure 180 Shops
Space
2 Adjoining Retail
9 Screen Cinema 7,000 Free Car Spaces
Parks - 38,000 sq. m.
High Occupancy 17 million Extensive Catchment of
Rate c. 98% Footfall Annually over 2 million people,
Core Catchment Population of 660,862
Avg Retail Spend Higher than average
Frequency of Visits -
of €163.00 incl dwell time of
52 times a year
Grocery 127 minutes
Average sales density of top 15 S.C.
tenants is > €7,125 per sq. m.
33UNDERSTANDING BLANCHARDSTOWN CENTRE
Blanchardstown Centre – Tenant Mix
Blanchardstown Centre opened in 1996 and The shopping centre has a higher than average
being 21 years old requires modernisation and anchor representation, by floor area, of 47%.
investment to bring it in line with similar regional This takes into account Dunnes Stores who own
centres of its stature and dominance. their store. This is above the ideal target of 33%
Anchor stores, however on an income (leasehold
The Centre benefits from a strong tenant mix only) basis this is a more aligned figure of 33%.
appealing to a broad shopper profile albeit the
ability to renew and revitalise this tenant mix The representation of MSUs is below what would
has been hampered by the scheme’s ongoing be expected for a scheme of this size and market
success with 61 of the current tenants in position. The lack of right sized stores within
occupation from the original leasing programme. the centre has seen some of the potential MSU
occupiers migrate to the surrounding retail parks.
The retail parks provide a strong draw for a more This spread of users across such a large site can
diverse customer base and are a key component impact negatively on the shopper experience.
to the success of Blanchardstown Centre. The It also makes it more challenging for the retailers
mixed use and bulky goods offer provides a to understand where they belong within the
balanced tenant mix and together work as a scheme.
destination for the catchment. New entrants to
the market and international operators should
be targeted to ensure that a point of difference
is maintained and enhanced in order to increase
penetration to the catchment.
347%
UNDERSTANDING BLANCHARDSTOWN CENTRE 6%
Anchor
MSU
24% 47% SSU
Unit Classification By Floor Area F&B
Leisure / Cinema
Blanchardstown Main Mall Blanchardstown 7% Main Mall
6%
16% Dunnes)
Level 1&2 (incl. Dunnes) Level 1&2 (excl.
Anchor
MSU
24% 47% SSU
F&B
7% 9% Leisure / Cinema
6%
8% 16% Anchor
Anchor
33% MSU
MSU
SSU
24% 7% 47% SSU 9%
6% F&B
8% Anchor
Anchor F&B
33% MSU Leisure / Cinema
MSU 30%
Leisure / Cinema SSU
24% 47% SSU
F&B
F&B
16% Leisure / Cinema 30%
20% Leisure / Cinema
16% 20%
9%
9%
8%8% Anchor Anchor
35
33% MSU
33% MSUUNDERSTANDING BLANCHARDSTOWN CENTRE
Uses over represented
14% These graphs detail uses under or
over represented when compared
12% to other regional centres including
Blanchardstown Centre Dundrum Town Centre, Trafford
10% Centre, Westfield London, Westfield
Average
Stratford and Bluewater.
8%
6%
4%
2%
Cosmetics & Jewellery & Phones, Electrical Services Gifts, Books and
Pharmacy Accessories & Musical Newsagents
Blanchardstown Centre
36 Average12%
Blanchardstown Centre
10%
Average
UNDERSTANDING 8%
BLANCHARDSTOWN CENTRE
6%
4%
2%
Cosmetics & Jewellery & Phones, Electrical Services Gifts, Books and
Uses under representedPharmacy Accessories & Musical Newsagents
14%
12%
Blanchardstown Centre
10%
Average
8%
6%
4%
2%
Ladies Unisex Lingerie Sports Homewares Kids and Casual Leisure
Fashion Fashion Games Dining
37UNDERSTANDING BLANCHARDSTOWN CENTRE
Uses under/over represented continued...
From analysis of unit numbers within the main A clear area to improve the overall mix is to add
centre, with reference to comparable Irish and further casual dining offers which is currently
UK centres, there is a higher than average well the below average. This is an important part
representation of non-fashion/serviced based of major shopping schemes and would improve
uses. dwell time and enhance the overall experience.
By contrast there is a significant under There were 14 lettings in 2015, 5 on Level 1 and 9
representation of fashion uses and casual dining on Level 2. Notably none of these lettings were
offers. This creates identifiable gaps in the mix to major international brands that would enhance
including a standalone lingerie offer over and the existing tenant mix and create a point of
above the recent Ann Summers letting. There is difference.
also an opportunity to improve the fashion offer
by adding more ladieswear, boutique stores and New lettings in 2016 to Sostrene Grene,
unisex fashion brands. Ann Summers, Lifestyle Sports and Disney have
started to correct some of the areas of under
These tenant mix gaps create an opportunity to representation within the centre; however
provide a more fulfilling customer experience there is still a requirement for a much greater
whilst profitably delivering new tenants for Multi. re-balancing of the tenant mix.
The lower than average homewares A detailed and robust letting strategy, in
representation in the mix analysis is very well conjunction with Multi and in line with Multi’s
represented in the retail parks with 11 homeware business plan, needs to be created and
and electrical offers, the most comprehensive implemented for the Centre as the current
collection in the country. The leisure offer does tenant mix is fragmented and there is a lack of
not reflect areas outside of Multi’s ownership, clustering.
namely Leisureplex.
38UNDERSTANDING BLANCHARDSTOWN CENTRE
Letting Strategy
This strategy should include:
-
Further analysis of the tenancies with reference to expiring
leases or break options, under-performing tenants and vacant
units.
- Further analysis of the tenant mix to identify gaps in the mix of
both the main centre and the retail parks.
- Identification of Best in Class tenants to fill those gaps.
- A focus on new to Ireland brands to broaden the international
profile of Blanchardstown Centre.
- Ensuring each new letting improves on Zone A targets.
- The need to be cognisant of the future master plan to ensure that
new deals tie in with the overall plan for future development.
By clearly demonstrating to potential occupiers the gaps that exist
in the mix Multi will capitalise on retailers’ enthusiasm to fill these
gaps whilst also improving the customer experience and driving
more spend into the scheme. Clustering of uses creates a better
shopping experience for customers as well as providing retailers
with comfort on adjacencies.
Locating similar retailers within pre-defined areas will identify the
right location for each target tenant ensuring maximum rent and
maximum return for Multi whilst also improving customer experience.
39The Evolution of Blanchardstown Centre
“Knowing the correct mix
of elements to deliver
the best end result”
42EVOLUTION
The Evolution of Blanchardstown Centre
Blanchardstown Centre opened in 1996, of the current has only 4 years left to lease renewals and has a clear opportunity provided by the retail parks to both attract
occupiers 61 are from the original leasing programme. opportunity to develop. open use tenants who cannot afford mall rent and also
The lack of evolution in the tenant mix is despite the as a mechanism to enhance an overall tenant mix by
complete revolution within the retail sector over the The opportunity afforded by the development of the decanting users from the mall to the retail park units.
last 21 years. Blanchardstown Centre has not benefited Yellow Mall, in a better configuration than the planning
from new entrants to the Irish market as much as other granted scheme and the expiry of 60 leases between The creation of a tenant mix is not formulaic as it requires
schemes have, for instance when Blanchardstown now and 2021, is unique in terms of the ability to an understanding not just of what an individual retailer
Centre opened approximately 40% of the tenants that redefine the tenant mix of the Centre. The redefinition delivers in terms of customer experience but also of
now trade in Dundrum Town Centre were not available of the mix can allow Blanchardstown Centre to become what the combination of different tenants in different
to the Irish customer. Ireland’s most valuable retail asset once again, a locations delivers as a whole.
position it enjoyed up to 2010.
To some degree Blanchardstown Centre has been The combination of retailers in the correct quantum,
a victim of its own success, by providing profitable Delivering on the opportunity afforded by the lease location, profile and format is what creates the picture
platforms for retailers to continue trading. The turnover expiries and the proposed Yellow Mall extension that the customer sees. At Bannon we put ourselves
of tenants has been very low which has led to stagnation requires a leasing and development consultancy into the customers mind-set and see the tenant mix in
in the tenant mix. team with a proven track record of delivering value for a holistic context. The goal therefore is that customers
landlords. Bannon is uniquely positioned to offer this will see Blanchardstown Centre as an experience to
In 2007 Blanchardstown Centre and Dundrum Town experience. be enjoyed and frequented, as opposed to being a
Centre were achieving the similar Zone A rates. By 2015 collection of individual tenants within a 35 hectare
Blanchardstown Centre was only achieving 70% of the The retail parks need to continue to provide a compelling campus.
rents being achieved in Dundrum Town Centre. reason for customers to visit Blanchardstown Centre
and as part of linked trips continue to be a destination A well-conceived and comprehensively implemented
There is no reason, in our view, why Blanchardstown for all shoppers. Care needs to be taken to ensure tenant mix strategy will re-define what Blanchardstown
Centre should take second place to Dundrum Town there is synergy between the retail park and mall Centre means as a brand to the customer.
Centre. Whereas Dundrum Town Centre is now 12 lettings in order to prevent any cannibalisation of
years into a 25 year lease cycle Blanchardstown Centre spend or fragmentation of footfall. There is a unique
60 leases to expiry by 2021 with a
combined floor area of 8,500 Sq M
43EVOLUTION
Sample target tenants from 2017 thru 2021
(Flagship)
(Flagship)
4445
“All retail is local” “Use our experience to maximise your value”
EVOLUTION
Using Bannon’s retail DNA to the benefit
of Blanchardstown Centre
Retail is a complex asset class. It is heavily The leasing up strategy will be controlled to The creation of such a good quality and exciting
dependent on a number of unique characteristics create new rental tones and ultimately drive tenant mix and the ultimate enhancement of the
and interactions between the asset, its rents throughout the centre. centre as a whole, along with the provision of the
catchment, customer profile and retailer mix. best retail units, will create and drive demand
The combined opportunity of the lease expiries within the market. Upon completion of the Yellow
In this context Blanchardstown Centre requires and the Yellow Mall extension will create Mall, Level 2 in Blanchardstown Centre should
its own “Leasing Sales Story” as an explanation the opportunity for the clustering of tenants be the most compelling collection of retailers in
to retailers as to why they will profit by occupying designed around customer experience. We will a single circuit within the Country. The quality
a store in the centre. To build this story requires target a range of new and relocated occupiers of adjacencies, along with the biggest and best
expertise in a number of areas, namely Retail so that the net impact of the Yellow Mall will be retail offer in Ireland and the ability to control
Agency, Asset Management and Property felt across the entire scheme, not just on Level 2. supply, will drive competitive tension and
Management. ultimately rents.
The initial focus in letting the Yellow Mall will be
This integrated approach to leasing retail the Anchor store. This will be followed by key From our experience in the leasing up of a
assets has worked extremely well for Bannon lettings that will set the tone of the mix within number of key shopping centres, throughout the
particularly in similar schemes. Yellow Mall. These tenants will deliver footfall letting process, rents grow from initial lettings
into key areas along the mall. as the occupancy and tenant mix evolve. For
The traditional approach to convincing retailers example, we achieved growth of over 30% in
to take space has been replaced with the need During this initial letting stage we will start to Zone A rates during the pre-let phase in Dundrum
to demonstrate the solid business opportunity enhance the tenant mix in the entire centre and Town Centre.
any retail unit represents. This goes beyond capitalise on the provision of the most modern
catchment analysis and requires in-depth real and best configured retail space in any shopping By the first rent review in 2010 Dundrum Town
time knowledge of how retailers perform in centre in Ireland. The lettings will be about Centre’s value exceeded Blanchardstown
different locations. placing the right retailers in strategic locations Centre’s for the first time. Despite the great retail
that will attract other retailers and enhance recession, rents have grown from €3,650 at the
footfall and ultimately lead into rent driving deals. 2010 reviews to €4,500 Zone A psm today.
47Why Bannon?
WHY BANNON?
Why Bannon?
When Bannon act as the agent on a retail scheme Bannon is the only team who have been involved The key communication to retailers is to
we constantly benchmark the tenant mix against in the successful creation of a quality F&B mix demonstrate that they will derive healthy trading
other similar and aspirational examples. From alongside a major Irish Shopping Centre. profits from the scheme. The role of the leasing
this analysis we identify any gaps in the tenant agency team in Blanchardstown Centre will be to
mix or areas to enhance or increase certain use When we meet new entrants to the market we show why the centre is the best conduit through
types. Following the identification of these gaps sell the Irish story first. We explain the underlying which retailers can access the growing and
we then identify Best in Class retailers/operators fundamentals of the economy and the macro dynamic Irish economic story.
who will fill these gaps and arrange direct picture. We also give them an understanding of
meetings with those target occupiers. comparable retail densities in the entire market, Blanchardstown Centre has the advantage
not just scheme specific. of being able to demonstrate growth in both
We then achieve lettings to these Best in Class wealth and population within its catchment with
operators. We also create a balanced mix of Food We understand the complexities involved when an explosion of house building and job creation
and Beverage operators to target the various a retailer opens their first store in a new market taking place.
requirements from customers. This will cover and are sensitive to their issues including logistics,
all day offerings from breakfast through lunch new currency set up, creating new shop fit teams This knowledge and understanding has been
and on to evening meals, while also creating a and of course understanding the different micro proven by the numbers of new entrants that we
“grazing” offering for shoppers. markets within the country. have been able to bring to Ireland as well as the
retailer acquisition roles that we have won.
A good mix of coffee shops, family dining, casual
dining and finer dining/table service offers together
with an enhanced leisure offering will create a more
balanced offering for customers, enhance dwell
time and increase penetration into the catchment.
51WHY BANNON?
The Revolution in Retail
Bannon understands that the internet and the In addition to store format there is a need through
emergence of the Omni-Channel Retailing the tenant mix to make sure that the centre as a
platform are changing store formats and retailer whole is an entertaining and engaging place for
requirements. Retailers now want access to customers to visit.
stores which allow them to access a large
geographical base and present their stores in They need to be entertained, stimulated and
a format that enhances their brand awareness pandered too from the moment they leave their
and supports their online sales platform. Stores home to the moment they arrive back. This
are becoming more fun places for customers to focus on driveway to till experience is key in
interact with product ranges in a manner that positioning Blanchardstown Centre at the top
cannot be delivered through a phone or tablet. of the requirement list for retailers competing
in an online world. Bannon understands this
Blanchardstown Centre can capitalise on dynamic and can communicate the advantages
this revolution in how retailers interact with Blanchardstown Centre has in this context.
their customers by targeting flagship formats
reducing the need for retailers to have stores in
other shopping centres.
“We speak retailers language”
53WHY BANNON?
Conclusion
We have the Largest Assembly of What Retailers want Fast Changing Market
Retail Real Estate Expertise in Ireland We have adopted a model of listening to Retail is the most dynamic sector of real estate
The Bannon approach is to use the synergy retailers and have used the opportunity created because the property needs to react to fast
between best in class Retail Leasing, Retail by the recession in the retail trade to develop a changing and sometimes fickle consumer
Asset Management and Retail Management sophisticated and detailed understanding of how demands. Bannon is best positioned to advise Multi
teams to provide us with a clear advantage in different retailers make money. We appreciate why on this sector because we are more immersed in
attracting retailers to the schemes with which certain locations work better for some retailers it than any other candidate. We manage, lease,
we are associated. There is a clear and logical better than others and how the combination of review, value buy and sell more retail property than
linkage between understanding how an existing different tenants and users can be constructed to any other agency.
retailer trades in one of our centres and seeking maximise the return for all. It is this understanding
to demonstrate to a new tenant why they should of how retailers make money that allows us to
locate alongside them. communicate to them in their own language about
the opportunities to trade in the schemes we lease.
What you see is what you get
The team we are putting forward have been together for almost a decade. They
are the team that will meet with your design and leasing team. They are the
team that will meet with, pitch to and negotiate with the retailers on your behalf
and they are the team that will sit with your legal team to get deals over the line.
The task will not be outsourced or shared with different offices. The team you
see is the team you get and they are the best team in the market.
55Contact Information
Darren Peavoy Neil Bannon Jennifer Mulholland
Executive Director Executive Chairman Associate Director
Team leader Development Retail Agency
and Strategy
Retail Agency
& Development
T: +353 1 647 7900 T: +353 1 647 7900 T: +353 1 647 7900
M: +353 86 3805330 M: +353 86 2591205 M: +353 86 7715017
E: dpeavoy@bannon.ie E: nbannon@bannon.ie E: jmulholland@bannon.ie
Registered Name: Bannon Commercial Property Consultants Ltd. Trading as “Bannon”.
Registered Address: Hambleden House,19-26 Lower Pembroke St., Dublin 2.
PSRA Number 001830You can also read
