Penneys scale back plan for St Patrick's Street expansion
News that the Irish clothing giant is not now going to grow its retail space by almost 50%, as originally planned, was confirmed to the Irish Examiner by a spokesperson for the company.
She said while they were 'committed as ever to transforming our Penneys Patrick Street store into the retail flagship our customers and colleagues have been patiently waiting for', nonetheless they would be 'changing the scale of the redevelopment'.
The spokesperson also confirmed that they would be submitting a new planning application.
The decision to downscale its original plan is linked to a number of factors including the length of time it took to clear planning hurdles. The application to expand was lodged in 2021 but final clearance wasn't obtained until November 2023, as it went to An Bórd Pleanála (now An Coimisiún Pleanála). Construction costs increased significantly during this time. Penneys also spent €4m revamping their Wilton Shopping Centre store, which was completed last September. While it's St Patrick's St expansion plan has been rolled back, it will still involve 'significant investment', the spokeswoman said.
'We're absolutely committed to making that happen. We want to play our role in the redevelopment of this iconic shopping street and in revitalising Cork city. 'We know from experience the halo impact a redeveloped flagship Penneys will have in the area,' the spokesperson added.
Penneys, who cut more than 100 jobs at their Dublin HQ last month, were planning to add another 17,000sq ft of retail space to the existing 54,000sq ft, encompassing a site that stretches from Robert St to Cook St, and from St Patrick Street to Oliver Plunkett St. Preparation for the expansion had been ongoing for many years, with 10 years of site assembly with the help of O'Flynn Construction, creating almost an entire block, taking in a number of smaller retail units on the main street and on Cook St.
While Penneys prepares to scale back, the former long-closed Debenhams store on St Patrick's St is planning to scale up, with its owners, Intersport Elverys, hopeful that part of the iconic store could be back trading by Christmas, subject to a smooth planning process.
The building's owners are seeking planning permission to divide the main front section on St Patrick's St into three ground-level units, including a large central retail space potentially for Zara or Intersport Elverys.
Lease terms have already been agreed for a beauty and cosmetics store on the right-hand side, while Intersport Elverys will occupy the central area — 16,000sq ft at ground level and 22,000sq ft above — under a reduced atrium/dome area installed in the 1990s.
A fourth retailer will take space along the side elevation, with an entrance onto Maylor St. The full redevelopment — potentially including a gym, retail, residential, or hotel use — will re-establish pedestrian links from Maylor St to Merchant's Quay Shopping Centre.
A second application for a mixed-use development — including residential, hotel, and additional retail in the rear section — is expected later this year.
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