Discount fashion chain TK Maxx is to believed to have agreed terms to become the third anchor tenant at the Pavilions Shopping Centre which opened a month ago at Swords in north Dublin.
The rent has not been disclosed but is likely to be close to £400,000 (507,895). The fit-out is expected to begin this week of the 24,500 sq ft store originally allocated to C&, which has since folded its business.
TK Maxx, the UK division of TJX Companies Inc, already has stores in the St Stephens Green Centre and in Blanchardstown Retail Park. The store sells womenswear, menswear, childrenswear and gifts which it claims are up to 60 per cent less than recommended retail prices.
The other anchor tenants are Dunnes Stores and Superquinn. Dunnes are understood to have paid around £15 million (19.05m) for 80,000 sq ft over two levels. The ground floor will be used as a supermarket and the upper floor as a department store. Superquinn has relocated from the village to a 40,000 sq ft premises costing £16 million (20.3m).
Despite several teething problems, business has been brisk since it opened over a month ago, according to traders. The manager of the £100 million (127m) Flynn and O'Flaherty-built development, Phil Alexander, commented that the centre has so far "performed as we thought it would.
"We are very pleased. It was badly needed in this part of Dublin and having two supermarkets helps."
However, some traders have complained that access to the centre has been affected by traffic congestion at the Malahide roundabout on the main Belfast road which has been "pretty chaotic" at the weekends.
"Trade has surpassed expectations but the somewhat inadequate road system does have an impact on people getting in and out of the centre," says Rita Torrans, store manager of Boots.
"A system needs to be put in place to cope with the volume of traffic in and out of the centre."
Traders say that up to recently, poor signage in the grounds of the centre meant that some customers were not aware that there is a 1,070-space multi-storey car-park which links directly to the two shopping levels. There is also a 650-space surface space to the front of the development.
There is no exact record of customer throughput to date, as the footfall system is not yet up and running, says Alexander.
According to Fintan Tierney of Lambert Smith Hampton, joint agents for the Pavilions with Hamilton Osborne King, it is as yet too early to gauge footfall accurately as "it is only now beginning to settle down after the initial surge of interes".
He believes that the catchment area is large enough to sustain business long after the initial hype has abated and says the centre is catering for a market previously under provided for in terms of retail space. There are 665,000 people within a 30-mile radius.
One industry source reckons the Pavilions may have taken some business from smaller centres like Omni Park in Santry and Artane shopping centre.
There are 52 units in the 300,000 sq ft sloped-roofed building, The main entrance is currently off the Malahide road but it is envisaged that will change when phase two is operational. The plan is that this phase will incorporate a pedestrian link to Swords town centre and an open civic square.
It is also expected to include a multiplex cinema, a retail element, a restaurant and office space.
