Stores Closing in Sligo **mod warning post #720**

Bebo stunnah

Henlars67 wrote: »

Rates and Rents are too high I'd imagine.

Paired with terrible infrastructure

EuskalHerria

sailorfoley wrote: »

I've never understood why landlords don't bring down the rent and that rates get adjusted accordingly. Surely it's more beneficial to have a functioning business rather than an empty premises?

If I remember correctly the rents are not always set by the landlords, if they do not outright own the property themselves.

There is no one reason stores are closing. Its a myriad of issues that has caused the current situation. I think during the boom Sligo had an opportunity to rejuvenate the place. Make it a real "gateway" city and increase the population and make it a hub of the Northwest. It didn't take the opportunity and now a lot of businesses are simply unsustainable. Reality is that 99% of the time there is only financial reasons as to why a business will cease to exist.

Henlars67

EuskalHerria wrote: »

If I remember correctly the rents are not always set by the landlords, if they do not outright own the property themselves.

There is no one reason stores are closing. Its a myriad of issues that has caused the current situation. I think during the boom Sligo had an opportunity to rejuvenate the place. Make it a real "gateway" city and increase the population and make it a hub of the Northwest. It didn't take the opportunity and now a lot of businesses are simply unsustainable. Reality is that 99% of the time there is only financial reasons as to why a business will cease to exist.

The Chamber of NoCommerce were never going to allow that to happen.

TheQ47

sailorfoley wrote: »

I've never understood why landlords don't bring down the rent and that rates get adjusted accordingly. Surely it's more beneficial to have a functioning business rather than an empty premises?

Now, I can be corrected on this, but I seem to remember reading something a few years ago about why it is that landlords can't/won't drop their rent.

Basically, as I understand it, the value of a commercial property is (at least partially) decided by it's yield, that is, how much money it can potentially make in rental in a year. If the annual rent charged is say €100,000*, then the valuation is based on some multiple of that. Whether or not it's actually in use and getting rent for a full 12 months or not is irrelevant.

If the landlord drops the rent, let's say to €75,000* p.a., then the valuation of the property is now down at maybe 75% of what it was. From a property owner's point of view, you don't want the value of your property to drop.

Disclaimer: This was a few years ago, so it may be out of date now.
Disclaimer2: I'm not a financial analyst, nor do I work in the financial or property markets, in fact my job is very removed from either of those professions, so I'll be corrected on this by someone with more knowledge.
* These figures are just randomly plucked out of the air, I have no idea what someone would pay in rent for commercial property per annum.

EuskalHerria

TheQ47 wrote: »

Now, I can be corrected on this, but I seem to remember reading something a few years ago about why it is that landlords can't/won't drop their rent.

Basically, as I understand it, the value of a commercial property is (at least partially) decided by it's yield, that is, how much money it can potentially make in rental in a year. If the annual rent charged is say €100,000*, then the valuation is based on some multiple of that. Whether or not it's actually in use and getting rent for a full 12 months or not is irrelevant.

If the landlord drops the rent, let's say to €75,000* p.a., then the valuation of the property is now down at maybe 75% of what it was. From a property owner's point of view, you don't want the value of your property to drop.

Disclaimer: This was a few years ago, so it may be out of date now.
Disclaimer2: I'm not a financial analyst, nor do I work in the financial or property markets, in fact my job is very removed from either of those professions, so I'll be corrected on this by someone with more knowledge.
* These figures are just randomly plucked out of the air, I have no idea what someone would pay in rent for commercial property per annum.

That's basically what I said above. Except with facts and information, show off!

SprostonGreen

Arent many commercial properties owned by hedge funds? Whereby the stakeholders are guaranteed an increase on their investment year on year, so as to rule any lowering of rent.

TheQ47

SprostonGreen wrote: »

Arent many commercial properties owned by hedge funds? Whereby the stakeholders are guaranteed an increase on their investment year on year, so as to rule any lowering of rent.

Makes sense as an explanation.

sari

I heard tk maxx was closing??

easkey

sari wrote: »

I heard tk maxx was closing??

Have heard they are moving to Johnson's court (HMV)

Basq

That TK Maxx rumour had been going round for a while..

Don't think it's true tbh... TK Maxx's across the country are known for big stores. The old HMV store is far too small.

dingding

Spot on Basq, this rumor pops up here occasionally.

I would imagine they would not downsize to a store of that size.

The sports shop on the other hand if it was knocked into HMV might be big enough.

sari

Thank god for that!! Would be pretty depressing if it closed too

FoxyVixen

PCworld is going in three months apparently.

DenMan

FoxyVixen wrote: »

PCworld is going in three months apparently.

Really?

FoxyVixen

Got a taxi home one evening and his daughter working there was asked if she wanted to move to anothor branch. Second hand information but not surprising, they're never busy looking.

Vlove

FoxyVixen wrote: »

Got a taxi home one evening and his daughter working there was asked if she wanted to move to anothor branch. Second hand information but not surprising, they're never busy looking.

Curry's killed it, i don't see many people going there

rizzodun

Vlove wrote: »

Curry's killed it, i don't see many people going there

Curry's and PC World are the same company anyways (well both owned by Dixons Retail) and more and more stores are becoming dual-branded.

Chinasea

sailorfoley wrote: »

Folks, what's the general consensus as to why shops are closing? Is it a shrinking population? Unemployment? Prices too high? Something else?

Doubt if the general consensus could answer that correctly. Sligo town should be pedestrianised. The whole cram as many people into a fairly narrow main street and sure let the cars though is ludicrous, ugly, dangerous and so- outdated.

Many of the European cities have long since surrendered their main thoroughfare to pedestrianisation, and although nothing will abate the global downturn, a calm, safe, family orientated pedestrian zone to shop in would definitely be more conducive.

Like Dun Laoghaire, Sligo had this opportunity and never implemented it properly and its citizens and myopic business association never got behind it properly either.

It is the key. Get rid of the bloody cars through the town centre. Get planting some willowy leafy green trees and robust seating areas, and watch the people come back.

another question

Chinasea wrote: »

Doubt if the general consensus could answer that correctly. Sligo town should be pedestrianised. The whole cram as many people into a fairly narrow main street and sure let the cars though is ludicrous, ugly, dangerous and so- outdated.

Many of the European cities have long since surrendered their main thoroughfare to pedestrianisation, and although nothing will abate the global downturn, a calm, safe, family orientated pedestrian zone to shop in would definitely be more conducive.

Like Dun Laoghaire, Sligo had this opportunity and never implemented it properly and its citizens and myopic business association never got behind it properly either.

It is the key. Get rid of the bloody cars through the town centre. Get planting some willowy leafy green trees and robust seating areas, and watch the people come back.

I totally disagree with you but to be fair a lot of people share your opinion. I worked in a shop on O'Connell for years, you wouldn't believe what it was like to look out onto that street when it was pedestrianised. Totally empty, grey and ugly. I used to walk to work coming from the Harmony Hill direction and to look down at an empty O'Connell Street first thing in the morning was beyond depressing and Sundays were by far the worst.

They had tried putting boxed trees all along the street when it was closed and yes it looked grand on a nice day but damp and wet is always miserable and add that to a street that was empty most of the time as I remember is not something I would like to see repeated.

The only option for trees is what they had in the boxes, I don't recall ever seeing 'planted trees' on Shop Street in Galway or Grafton Street in Dublin, the all use the same thing.

All of the shops got together and decided to do hanging baskets which were in full bloom and looked lovely too but nothing adds to a day when it's raining (90% of the time) and all people are doing is ducking and diving from one shop to another. Even if they had loads of seating areas, who is meant to sit on them when it's raining and cold and all through the winter.

All of Rockwood Parade is pedestrianised complete with trees and loads of seating and it still looks as bleak as anything most of the time.

And do I even need to mention traffic, can you imagine the gridlock up through John Street if O'Connell street was closed off again. I live up by the Markievicz Park - you should try driving from there to the hospital and see how long it takes. Every time I'm stuck in traffic through Castle St - Grattan St - O'Connell St - Markievicz's Road - Connaughton Road is when I think about how the heck is someone supposed to get to the hospital if there is an emergency (car not ambulance).

Chinasea

another question wrote: »

I totally disagree with you but to be fair a lot of people share your opinion. I worked in a shop on O'Connell for years, you wouldn't believe what it was like to look out onto that street when it was pedestrianised. Totally empty, grey and ugly. I used to walk to work coming from the Harmony Hill direction and to look down at an empty O'Connell Street first thing in the morning was beyond depressing and Sundays were by far the worst.

They had tried putting boxed trees all along the street when it was closed and yes it looked grand on a nice day but damp and wet is always miserable and add that to a street that was empty most of the time as I remember is not something I would like to see repeated.

The only option for trees is what they had in the boxes, I don't recall ever seeing 'planted trees' on Shop Street in Galway or Grafton Street in Dublin, the all use the same thing.

All of the shops got together and decided to do hanging baskets which were in full bloom and looked lovely too but nothing adds to a day when it's raining (90% of the time) and all people are doing is ducking and diving from one shop to another. Even if they had loads of seating areas, who is meant to sit on them when it's raining and cold and all through the winter.

Every time I'm stuck in traffic through Castle St (!!!) - Grattan St - O'Connell St - Markievicz's Road - Connaughton Road is when I think about how the heck is someone supposed to get to the hospital if there is an emergency (car not ambulance) Simply answer to that is rising bollards, deployed all over Europe very successfully /I].

The planting that I mention and which you refer to are two totally different things. A few trees slung into some planter boxes which double up as litter bins are certainly not want I refer to. Proper robust trees, dug into the ground on a permanent basis like they did in Victorian times. The pedestrianisation was imo a mere token. Everything about it was 'temporary'. The street markings were left, as were the mobile planters and the street signs all giving the impression (and successfully I might add) that the cars were just temporarily diverted.

The timing of the pedestrianisation also happened to be introduced at the beginning of one of the worst GLOBAL recessions in last 100 years. To blame the downturn on business on pedestrianisation is ironically barking up the wrong tree. How come most European cities and towns flourish without cars hurtling through.

red sean

Chinasea wrote: »

The planting that I mention and which you refer to are two totally different things. A few trees slung into some planter boxes which double up as litter bins are certainly not want I refer to. Proper robust trees, dug into the ground on a permanent basis like they did in Victorian times. The pedestrianisation was imo a mere token. Everything about it was 'temporary'. The street markings were left, as were the mobile planters and the street signs all giving the impression (and successfully I might add) that the cars were just temporarily diverted.

The timing of the pedestrianisation also happened to be introduced at the beginning of one of the worst GLOBAL recessions in last 100 years. To blame the downturn on business on pedestrianisation is ironically barking up the wrong tree. How come most European cities and towns flourish without cars hurtling through.

What I highlighted above is not possible. To plant trees in ground which already houses vital services, electricity, phones, water, sewerage, broadband etc. is a recipe for total disaster. The damage caused by the growing and spreading roots would cause major problems and breakdowns.

Chinasea

red sean wrote: »

What I highlighted above is not possible. To plant trees in ground which already houses vital services, electricity, phones, water, sewerage, broadband etc. is a recipe for total disaster. The damage caused by the growing and spreading roots would cause major problems and breakdowns.

There are numerous types of trees that lend themselves extremely well to city dwelling, city streets, city pavements. Surely you are not advocating that we cease planting trees and remain a baron, bleak, clogged up congested city. Not seeing anything like 'The Day of the Triffids' in these pictures.

https://encrypted-tbn2.gstatic.com/images?q=tbn:ANd9GcQ6lWkooDGdLYcKofFXy7n2tyG_7rEIFIiCxQ_ala8mcCteseWI

http://www.google.ie/imgres?imgurl=http%3A%2F%2Fwww.agefotostock.com%2Fpreviewimage%2Fbajaage%2F185b6eeece07be851445756b7bf63e75%2FXG3-1582831.jpg&imgrefurl=http%3A%2F%2Fwww.agefotostock.com%2Fen%2FStock-Images%2FRights-Managed%2FXG3-1582831&h=374&w=540&tbnid=Wvh4_JevZuzSRM%3A&zoom=1&docid=Yn_TastNsonJ0M&ei=9NaAU8fxEKu47QbY04GoDg&tbm=isch&ved=0CFwQMygHMAc&iact=rc&uact=3&dur=495&page=1&start=0&ndsp=15

thebuzz

Anyone who thinks O'Connell street should be pedestrianised is mad. The traffic in town when it was closed was crazy. It's not great now either but it's better than it was. Maybe if the eastern bridge is ever built then it could be looked at along with a whole new traffic management plan, but without that not a chance.

rizzodun

thebuzz wrote: »

Anyone who thinks O'Connell street should be pedestrianised is mad. The traffic in town when it was closed was crazy. It's not great now either but it's better than it was. Maybe if the eastern bridge is ever built then it could be looked at along with a whole new traffic management plan, but without that not a chance.

My thoughts exactly, the eastern bridge needs to be built to lessen the pressure on traffic through the centre in town, looking at closing any street before this is a foolish exercise. It didn't work last time, so I don't know what people think have changed to make it work now.

AllGunsBlazing

PC world would be the exact kind of store that online shopping has rendered nearly irrelevant. Nearly ten years up there so it had a decent run. Wouldnt be surprised if Curry's goes the same way in a couple of years.

Amataratsu

Yeah let's build that Eastern bridge and destroy the most scenic part of town, just great.

rizzodun

Amataratsu wrote: »

Yeah let's build that Eastern bridge and destroy the most scenic part of town, just great.

Yeah, lets just stay with what we have, close O' Connell street to traffic and let the town continue to choke, at least this thread will stay active.

Buford T Justice

AllGunsBlazing wrote: »

PC world would be the exact kind of store that online shopping has rendered nearly irrelevant. Nearly ten years up there so it had a decent run. Wouldnt be surprised if Curry's goes the same way in a couple of years.

Currys.... quite possibly won't hack it. Don't know about anyone else but when it comes to white goods I'm a bricks and mortar person. Last time I was in there I was looking to buy a fridge freezer and they tried to tell me that whatever they had that I wanted could only be sent to me by delivery only (at extra cost) I couldn't get it delivered to the store. Put me right off.

thebuzz wrote: »

Anyone who thinks O'Connell street should be pedestrianised is mad. The traffic in town when it was closed was crazy. It's not great now either but it's better than it was. Maybe if the eastern bridge is ever built then it could be looked at along with a whole new traffic management plan, but without that not a chance.

Pedestrianisation of O'Connell St. should be decided not on the traffic issues it causes as a result, but on the benefits it creates for the people of the town. Personally I think it should be done yes, but with the current state of play with automated bollards for deliveries in the morning.

Chinasea

thebuzz wrote: »

Anyone who thinks O'Connell street should be pedestrianised is mad. The traffic in town when it was closed was crazy. It's not great now either but it's better than it was. Maybe if the eastern bridge is ever built then it could be looked at along with a whole new traffic management plan, but without that not a chance.

Why the absolute astonishment at banning the car. Like I said many European cities have done this donkeys ago. Loose the dam car.

By all means drive to your local city/town but you don't need the hell to drive through it. The majority of people who need to drive to Sligo could easily park up in a designated areas just outside the town, and walk to their place of work in under 20 minutes. The only madness here, is that many people are not prepared to even consider this.

Aren't they talking too about introducing the 'bike around town' scheme in Sligo. That too would be a solution. As would better public transport. Again, privately owned hop on hop off buses could operate if our public transport is inadequate. Your population is growing rapidly, something has to give.

There are solutions. Choking up your narrow main thoroughfare with cars inches away from families with children trying to shop is the madness.

redarmyblues

rizzodun wrote: »

My thoughts exactly, the eastern bridge needs to be built to lessen the pressure on traffic through the centre in town, looking at closing any street before this is a foolish exercise. It didn't work last time, so I don't know what people think have changed to make it work now.

So the way to make Sligo more attractive is to destroy the onlyt attractive part , build an eastern bridge and watch Tesco, Pennys and T IK Maxx join the other big shops on Cranmore road and in Cleveragh.