It was only back in October that a property company revealed Grafton Street to be the 4th most expensive retail street in Europe. With rents of up to €4,430 per sq m, the street follows the Champs Elysee in Paris and New Bond Street in London.
But now the massive rents have crept a little bit further up the street and into St. … Stephens Green. There are about 90 outlets in the shopping centre altogether but in the past few months the centre has seen a good number of their fellow traders shut up shop for good due to the crazy rent rates.
Reported in the Times today some smaller independent businesses have managed to secure a 2 year stay pending a 10% rent increase! However many traders in the shopping centre have spoken out and said that they haven’t been able to come close to negotiating their rates.
It seems despite credit crunching times some landlords would prefer to up their rates and risk losing good long term serving tenants. To me, this seems like a loss all-round: closed, empty units and no rent payment at all?! Madness, surely?