Penneys says in-store demand is back to pre-Covid levels but suburban stores are recovering faster

Penneys says demand at its stores is back to pre-pandemic levels but has shifted from city centers to suburban stores.

The comments came as the group unveiled their latest outlet at The Square shopping center in Tallaght.

The new €10 million store was officially opened by Taoiseach Micheál Martin while local dance group Phoenix Dance Academy performed to lines of shoppers who had gathered outside.

The store, which is the first new Penneys store in Dublin in six years, spans 43,500 square feet and also features a Nails beauty salon. According to the retailer, the opening has created 300 jobs in the area.

“Demand in stores in Ireland is back to pre-pandemic times,” Damian O’Neill, Penney’s sales manager, told the Irish Independent.

He pointed to a shift driven by hybrid labor, with shoppers spending more in suburban stores, e.g. B. in local shopping centers than in shops in the city center.

However, demand for categories that lost popularity during lockdown times, such as womenswear and beauty, has returned as socializing has returned.

Penneys reported that the Tallaght store is part of the company’s commitment to invest €250m in Ireland over the next 10 years.

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Taoiseach Micheál Martin officially opens the new Penneys store at The Square, Tallaght. Photo: Steve Humphreys

The retailer reopened its Carlow store in June and a larger store in Eyre Square, Galway, is due to reopen in November adding a basement.

The larger Dundrum space will open next year while plans are underway to refurbish the existing stores in Cork and Clonmel.

Penneys is also building a distribution center in Newbridge which will supply the island of Ireland.

The fashion retailer recently announced it would keep the prices of more than 1,000 children’s products the same as the cost of living continues to rise.

“The rising cost of raw materials, fuel and everything else has impacted our margins as a company – so we’ve had to raise prices in certain areas,” Mr. O’Neill said.

“But as a company, we made a conscious decision not to increase the prices of over a thousand children’s clothes [items]which corresponds to 75 percent of the range.”

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Staff welcome the first customers to the new Penneys store at The Square, Tallaght

Last week, Penneys owner Associated British Foods warned its profits would fall as the company faced much higher energy costs at its retail stores.

The Tallaght store has been fitted with LED lighting, which the retailer says is being rolled out to other Penneys stores in Ireland, to reduce energy consumption.

https://www.independent.ie/business/irish/penneys-says-demand-in-stores-back-at-pre-covid-levels-but-suburban-outlets-bounce-back-faster-41991729.html Penneys says in-store demand is back to pre-Covid levels but suburban stores are recovering faster

Fry Electronics Team

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