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Clerys revamp moves up a gear with Decathlon deal

Redevelopment of O’Connell Street site has faced a number of setbacks over the past year

Decathlon Ireland chief executive Elena Pecos outside Clerys Quarter: The sports retailer is set to open its third Irish location on O'Connell Street in mid-2024.

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Cantillon
Thu Jan 18 2024 - 06:00

The symbolism of Decathlon agreeing to become one of the anchor retail tenants at the Clerys Quarter development will not be lost on anyone who has followed the twists and turns of this saga in recent months.

If and when the sports retailer opens as slated in “mid-2024″, it will do so in the shadow of Sports Direct, the Mike Ashley-owned sporting goods giant, which opened just around the corner from O’Connell Street on North Earl Street in 2017.

It was Ashley’s luxury Flannels brand the developers behind the scheme originally tapped up to join H&M as the anchor retail tenant. Oces, the partnership behind the scheme, is now suing Flannels in the High Court after the retailer attempted to terminate its lease last summer, throwing the plans into disarray.

[ Sports retailer Decathlon to open in Dublin’s Clerys Quarter ]

But the falling-out was just one of several issues to hit the scheme, the opening of which has been pushed back several times over the past year. The good news for the developers is that H&M is said to be deep into the fit-out of its unit and there is a high degree of confidence that it can open in the spring with Decathlon to follow some time in mid-2024.

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The big question, however, has always been whether the new Clerys development can tempt a “critical mass” of shoppers, as one industry expert told The Irish Times last November, across to the less retail-intensive eastern side of a thoroughfare that has had its share of negative press in recent times.

In that sense, H&M has always been a natural fit and a good get for the developers. Occupying some 30,000sq ft, the immensely popular high street fashion retailer is opening one of its largest stores in Europe – its only location in the north city centre – in one of the ground-floor units and part of the first floor of the building.

[ New Rotunda outpatient and ambulatory services to be in revamped Clerys Quarter ]

Decathlon, meanwhile, is more of an unknown quantity. The French retailer’s two existing Irish locations are in suburban big box units on the outskirts of Dublin and Limerick so the O’Connell Street venture is something of a departure.

However, the group – which some have dubbed the “Ikea of sports” – has been a popular addition to the Irish retail landscape if its results are anything to go by.

While profits were down at Decathlon Ireland last year, that was mostly to do with a large foreign exchange loss. Turnover was stable year-on-year at a healthy €38.5 million, up more than 50 per cent from 2020 when the pandemic shuttered the shops.

Things may finally be slotting into place for Clerys scheme. Barring any further setbacks.

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