Savills and the Jervis Shopping Centre are delighted to announce a major retail coup for Dublin with the arrival of US fashion giant Forever 21 as the new anchor store in the center. This will be the first European store for the US retailer which already has 500 stores worldwide and it is one of the biggest retail deals to take place in Ireland over the past three years.
Set to open on the 15th of November 2010, the Forever 21 store will occupy a massive 70,000 ft² (6,480 m²). unit over the Ground, Upper Ground and First floor levels. Forever 21 will pay an annual rent of 2.75 million.
Forever 21 is a Los Angles based US multinational retailer with 500 stores worldwide. This letting marks a huge expansion of the brand into Europe with anchor stores planned in every major city.
"This deal is the culmination of significant and active property management by Jervis Centre's owners which included negotiating with Arnotts on the surrender of its Arnotts Project 108,000 ft² store in order to facilitate this and other forthcoming deals. These deals not only improve the consumer offer and tenant mix but have added significantly to the overall rent and hence capital value of the scheme" says Darragh Cronin of letting agents Savills.
"Jervis Shopping Centre is delighted to welcome Forever 21 into our already excellent mix of domestic, UK and European retailers. Forever 21's choice of Ireland and in turn Jervis as its first European store is an excellent vote of confidence for Irish retail and confirms the resiliency of the Irish retail market" added Mr. Cronin.
The Jervis Shopping Centre has been trading for 14 years and continues to attract the premier retailers from Ireland, Europe and the US. The center extends to approximately 36,000 m² and boasts in excess of 60 retail units and 750 car parking spaces. Jervis Shopping Centre already houses a number of leading fashion retailers including Stradivarius, Bershka, Dorothy Perkins and Schuh.
Darragh Cronin of Savills acted on behalf of Jervis Shopping Centre.
James Ebel of Harper Dennis Hobbs acted on behalf of Forever 21