Henry Street’s Comeback: The Surprising Moves Turning a Struggling Market into a Goldmine—Could This Be the Next Big Opportunity?
You know, Dublin’s retail scene has always been a bit like a chess match—full of strategy, surprise moves, and the occasional gambit that shakes things up. While Grafton Street has long been the city’s crowned jewel, shimmering with a kind of “magic in the air,” it’s Henry Street that’s quietly plotting its comeback. After taking one heck of a punch during the pandemic—with vacant storefronts and shifting shopper habits—this second shopping street isn’t just limping back; it’s gearing up to be a powerhouse once again. Imagine flagship stores like Sports Direct and Zara breathing life into long-empty spaces, coupled with fresh faces like Levi’s and Kiko Milano stepping into the game. But hey, it’s not all smooth sailing; anti-social behavior and a massive, undeveloped 5.5-acre site are still big hurdles to overcome. So the question is: will Henry Street rise to reclaim its crown, or will it remain the underdog watching from the sidelines? Buckle up, because there’s a whole lot in motion down by the Liffey—and I’m here to break it all down. LEARN MORE
With several major moves underway, Dublin’s second shopping street, Henry Street, could be on its way to become a retail powerhouse once again, writes Alanna Gallagher
Musician and broadcaster Leo Maguire wrote Dublin Saunter, a sentimental song about the capital on a sunny summer morning that namechecks Grafton Street as a place where there’s “magic in the air”.
While the capital’s premier shopping street lost some of its sparkle during the pandemic, there is no doubt that its enchantment has since returned.
Karl Stewart, director and head of retail Ireland at Cushman & Wakefield, says the Covid-19 lockdowns had a significant impact on retail in Dublin city centre.
Add the crash and the rise of online shopping and it’s a lot of hard knocks for a sector to take.
But from a high of 23 vacancies, Grafton Street has bounced back.
“Most, if not all, are under offer and there is more demand on the street than availability,” he says.
Across the river, Dublin’s second most important shopping street is “improving” but there are still several moving parts on its chess board.
The old Debenhams building is “a major blip”. It has more than 100 feet of frontage that has lain vacant for five years. But next year, in Q1 or Q2, billionaire Mike Ashley’s Sports Direct will open a flagship store there.
Operating at street level to the second mezzanine floor, it is similar to Sports Direct’s Oxford Street store in London, with an Everlast-branded gym occupying the third floor.
The building will also house a large Zara. Both will be multi-level and enliven the street, Stewart says.
“Zara opening will be a big draw.”
The nearby Jervis Street Shopping Centre, built in 1996, is under offer and will likely be under new management, so there’s a general view from agents that its next custodian will want to upgrade it.
The Illac Centre, built in 1981, is co-owned by Hammerson and Irish Life.
Both shopping centres were designed in an era when retailers had completely different requirements.
Generally, they now want bigger shops, Eoin Feeney, director and head of retail at Colliers, explains.
The arrival of Levi’s and makeup brand Kiko Milano on Henry Street are both good news, Stewart says.
And he adds that there is a great opportunity for new retailers to get into the street now, before it does take off.
The street is also a testing ground for new concepts and names.
For instance, Danish brand Normal will open its first Irish store in November.
“It’s a serious operator, likely looking for proof of concept in the 8,000 sq ft ground floor in the former River Island, a new volume-generating offer,” Stephen Murray, senior director of retail at JLL, says.
“If it works, they’ll roll it out across Ireland.”
Stewart would like to see Moore Street developed into a more permanent market.
“It has to evolve. There was talk of a Time Out-style market on Moore Street, like Portugal’s Lisbon, and it was government-backed and supported for a long time. All those things take money.”
Compared to Grafton Street there’s a lot more shopping space on Henry Street, anchored by Penneys and Marks & Spencer on Mary Street.
Dunnes Stores and Arnotts are also big draws
ANTI-SOCIAL BEHAVIOUR
The issue of anti-social behaviour comes up repeatedly as a problem on the street.
“Things are allowed to happen that wouldn’t happen on Grafton Street,” Feeney says. “Another ongoing problem is theft,” Stewart adds.
“In some shops stock is locked to poles.”
The threatening of staff can be an issue too.
SIX EMPTY ACRES
While Henry Street is improving, the elephant in the retail room is the Hammerson-owned Dublin Centre scheme, formerly known as the Carlton cinema site, parts of which have lain vacant for more than 40 years.
Extending to about 5.5 acres stretching north to Parnell Street, with 200 metres of frontage onto O’Connell Street, west to Moore Street, with its long history of market trading and a historical location during the final days of the 1916 Rising, and south to Henry Street, it is one of the most important mixed sites in the city.
It offers an opportunity to include a mix of 97 residences, over 44,000 sq m of workspace, 5,4000 sq m of retail, 3,900 sq m of restaurants and bars, a 210-room hotel and a new civic square.
“The fact that it hasn’t been developed is a bit of a travesty,” Feeney says.
“It’s not for want of trying by Hammerson. I think they had great plans for the scheme. It’s a huge amount of space to be lying idle.”
The proposals had been held up in planning appeals that ranged from how to approach the National Monument buildings at 14-17 Moore Street to the proposed demolition of properties on both Moore and Henry Streets and changes to a historic building on O’Connell Street.
A spokesperson for Hammerson said the site represents an opportunity to “appropriately regenerate a historic part of Dublin’s north inner city while also accommodating a future MetroLink station”.
They added: “One of the city’s largest regeneration projects, Dublin Central will also be a key catalyst for further inward investment, supporting 8,600 job opportunities, whilst delivering a sensitive regeneration which will benefit the city for many generations.”
The fact that it is stalled means a lot of properties are on short-term leases to facilitate development, Stewart explains. Are there enough green shoots to see action on the part of the developer?
Not everyone is convinced.
One commercial agent, who asked not to be named, feels demand will need to be stronger before Hammerson, or any other future developer, will break ground on the enormous site.
The usage of the upper floors will need careful consideration, they counsel.
They point to the recently developed mixed-use site across town at the corner of Dawson and Nassau Streets as a smaller-scale example of a way forward.
In it is Pitch, an indoor golf and leisure experience at basement level, with Arket, part of the Swedish H&M Group, newly opened at basement and ground floors.
“The first floor was to have been retail but had a change of use to office, a huge alternative use value on the first floor that in that location is much more valuable than retail.”
Between Grafton Street and its environs, they explain that the average cost of first-floor space is between €25 and €30 per sq ft for retail use, whereas new-build modern offices could be in the region of €55 to €60 per sq ft.
They add that existing office space on the first floor above a shop on Grafton Street is “not more valuable than retail”, but that new-build, highspec offices with lifts will “always be more valuable and frequently double”.
They note that the Dublin Central site is big enough to design access to the first floor that isn’t compromised.
Further comparisons can be drawn to the redevelopment of the 1988-built Stephen’s Green Shopping Centre as another example.
It will feature retail at ground floor, but the only retail on the first floor will be TK Maxx and Dunnes Stores.
“The rest will be offices. That principle appeals to its new owners and similar thinking applies to the north city,” they say.
They questioned whether there was the same demand for new-build offices in the north city centre as in the Grafton Street area.
They believe stronger demand is needed before the Hammerson site can be demolished and rebuilt as a retail scheme.
For now, the prospect of letting on the street is good, they add.
“It’s a good time for brands to get in.”
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