RetailingThe owner of Taaffe's, the landmark building on Galway's William Street that has lain idle for over 10 years, has signed a deal with Spanish clothing retailer Zara for the premises.

A strong Zone A rent was secured by Gerry Barrett's Edward Holdings for the 1,394sq m (15,000sq ft) premises which is laid out over two floors on Galway's main shopping thoroughfare.

Barrett said a deal was done with Zara, even though there was a higher offer from a third party, because of the fashion chain's international experience in developing heritage buildings.

Zara has been looking for a top spot in Galway for a number of years. This will bring to eight the number of Zara shops in the country, including a planned shop at Joe O'Reilly's complex at the former Eircom building next to the Gaiety Theatre on Dublin's South King Street. The Galway shop was bought by Gerry Barrett's Edward Holdings last year for a figure believed to be in the region of €20 million.

Taaffe's first opened in the 1920s under John Taaffe, and specialised in tweeds and woollen goods. The business closed in 1996 following the ill health of Una and Edward Taaffe, and the store has remained vacant since. An untouched-by-time quaintness made the shop a favourite among tourists and the shop, its owners and their dogs became a Galway institution.

Barrett is due to submit a planning application to Galway City Council for the redevelopment of the shop at 47 William Street, which is a protected structure. He plans to make minor alterations to the shopfront, including remodelling the entrance, changing windows, as well as removing derelict buildings to the rear of the shop, and the construction of a three-storey extension to the rear.

Although the premises backs onto Barrett's Edward Square shopping complex, there are no plans to link the shop up to the retail complex.