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Arcadia group collapse.

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    #212
    ben.schlomo
    Registered Users Posts: 11,996 ✭✭✭✭ben.schlomo


    Darc19 wrote: »
    I haven't been in Liffey Valley for a few years, but I would assume that all those units are occupied by other retail stores now.

    Same in blanchardstown where they also left.

    Topshop/Topman hasn't left Blanchardstown......yet.


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    #213
    L1011
    Moderators, Business & Finance Moderators, Motoring & Transport Moderators, Society & Culture Moderators Posts: 67,850 Mod ✭✭✭✭L1011


    Darc19 wrote: »
    I haven't been in Liffey Valley for a few years, but I would assume that all those units are occupied by other retail stores now.

    Same in blanchardstown where they also left.

    In Blanchardstown they huffed and puffed about leaving but came to a deal to keep the bulk of the units. Nearly all in a row, same as Liffey Valley was.


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    #214
    meeeeh
    Registered Users Posts: 11,624 ✭✭✭✭meeeeh


    Arcadia renegotiated rents a while ago because they were in trouble for a while. I think I read somewhere that about 200,000 jobs were lost in retail in UK this year. Even Zara group who is posting good profits is closing down stores because they are not viable. Unless you are looking for more mobile repair or vape stores the retailers are leaving physical stores.


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    #215
    silver2020
    Registered Users Posts: 2,045 ✭✭✭silver2020


    McGinniesta wrote: »
    This is the start of it now.

    Economic devastation

    This group was on life support for many years.

    Badly run, never moved with the times, boring stores, overpriced.

    Even if covid did not exists, it would not have survived much longer.



    Retail will thrive.


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    #216
    Rrrrrr2
    Registered Users Posts: 982 ✭✭✭Rrrrrr2


    GarIT wrote: »
    I had a shop in the square, the size of a box room. Rent was €80,000 per years +other fees. A unit the size of Topshop was well over €2m. They probably spend more on rent than staff. Shopping centres need to start accepting a % of profit instead of fixed rent.

    The sale of the square almost fell through and it was not long before it would have been closed. Filling it with apartments was one idea considered.

    The Square offered Penneys €6m in cash to cover the costs of opening a shop in The Square and Penneys turned it down.

    Was in the Square Tallaght last year for a look - what a dump now. Absolutely nothing there of any note like you’d go to say Dundrum for. The Debenhams store was brutal. Though Penney’s might move in there now- would do a roaring trade.
    The design is so outdated and weird now. People like larger open spaces not the nook and cranny thing hey have going on


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    #217
    Rrrrrr2
    Registered Users Posts: 982 ✭✭✭Rrrrrr2


    I see Debenhams in the U.K. is also fcuked with the rescue deal falling through. Apparently very poor deals and leases with landlords not to mention the outdated stores and stock


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    #218
    Rrrrrr2
    Registered Users Posts: 982 ✭✭✭Rrrrrr2


    The Debenhams stores left here have left a massive void in towns and cities they were in- how in earth will they filled? The one in Ilac centre is surely the biggest single department store in the country? Massive footprint of a store


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    #219
    dublinman1990
    Registered Users Posts: 8,340 ✭✭✭dublinman1990


    The shops that are being put into administration here under the Arcadia group are not part of my price range. I have never browsed or bought anything in them before however I do feel sympathy for the staff who have feelings that they could face a tough outlook with them being on the dole queue after Christmas.

    Whatever arrangements on paying rents are in place after Christmas; the rents on all of the units affected by the Arcadia news in Grafton St & elsewhere would probably need to see some drastic action in place in how they can ultimately get the bills paid when they have just re-opened their businesses to consumers in the lead up to Christmas. While we live in a country that has a high cost of living; I would say that the bills being paid for those units relate to what they cover in heat & electricity costs which also relate to the size of the unit & their attractiveness in the location where they have their business, particularly in Grafton St, & also relate to the cost of the products sold within the units to their customers.

    The high-end retailers on Grafton St need a lot of money from customers to cover their bills to pay the landlords as a way of running their business. However a pandemic like Covid-19 is making them go into a lot of financial peril within a short period of time as a lot of the landlords are currently trying to reassess their situation mainly because they did not expect a worldwide pandemic to hit countries around the globe including Ireland so quickly. Everyone is obviously suffering in different ways because of how Covid-19 it's inflicting it's pain across the world even when they have the virus or not. A lot of these landlords probably own the units outright or lease them via the banks in which they would have to cover important financial obligations as a way of running the business properly to try & keep their heads above water in the eyes of those institutions. What I am suggesting here is that landlords counts as an important investment in their business models.

    And if they don't have that obligation covered by paying the bills to these institutions. They are fundamentally in big trouble.


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