DUBLIN’S FASHION market for young women and men is set for a major shake-up with the decision by US fashion giant Forever 21 to open its first European store at the Jervis centre this autumn.
The Los Angeles-based company yesterday completed legal contracts to rent most of the space recently vacated by Arnotts Project. A second overseas company is in negotiations to rent the remainder of the space.
Forever 21 is understood to have agreed a rent of €2.75 million for 6,503sq m (70,000sq ft) on the ground floor and two upper levels. The 20-year lease provides for a break option in year 15.
The letting was described yesterday by Darragh Cronin of Savills as “a major coup for the Jervis centre and an important vote of confidence in the Irish retail market”.
Forever 21 has 500 stores worldwide and a turnover of more than $2.3 billion. The company is reported to be planning to open a shop in London this year, as well as in key European cities such as Paris, Milan, Munich, Amsterdam, Vienna, Madrid and Barcelona.
The company’s first store traded as Fashion 21, opening in Los Angeles in 1984.
It opened its first shops outside California in 1995 and now opens an average of 90 new shops every year.
Forever 21 will be in competition with Zara and HM in providing a fast turnaround in high fashion trends for both women and men.
The owners of the Jervis centre are in line to receive a substantial increase in their rental income when the remaining part of the former Arnotts Project store is relet in the coming weeks.
Arnotts also paid close to €5 million compensation to the Jervis centre for breaking its lease in March. The store had previously been occupied by Debenhams.
Forever 21 was only one of a number of overseas traders which expressed an interest in the store vacated by Arnotts Project. Other big names included TK Maxx, New Look and Next. TK Maxx was also known to have looked at a substantial store in the nearby Ilac centre which is to become available when Dunnes Stores moves out.
One retail expert yesterday cast doubt on TK Maxx’s plans to open another city centre store at this stage in the Henry Street/Mary Street area.
The arrival of Forever 21 and another key trader shortly will give a renewed boost to the Jervis centre which has been trading successfully for 14 years.
Other fashion traders in the centre include Stradivarius, Bershka, Dorothy Perkins and Schuh. The centre has over 60 retail units covering an area of 36,000sq m (387,500sq ft).
City planners have given permission for an extra 5,574sq m (60,000sq ft) of shopping space, mainly in part of the car-park and also at the top of the building.
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