Kildare Village losses narrow as occupancy rates slump

The firm that operates Kildare Village narrowed its losses last year even as occupancy levels plunged amid the impact of the pandemic.

Accounts filed for Value Retail Dublin Ltd show the business recorded a pretax loss €5.47 million in 2021. That compared to a loss of €6.49 million a year earlier.

Occupancy levels at the shopping destination slumped to 80 per cent from 97.7 per cent in a year, laying bare the impact the pandemic had on the retail sector. Government restrictions ensured non-essential retail was effectively shut down for long periods of the year.

The business returned to the black with an operating profit of €368,000, compared to a loss of €105,000 a year earlier. Revenues increased by 22 per cent from €9.86 million to €11.99 million.

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The shopping centre was closed for periods in 2021 due to Covid-19 restrictions, according to a note attached to the accounts. It states that when open, trading was subject to restrictions imposed to stop the spread of the virus and the impact was that income was reduced against previously anticipated levels.

In October of last year, Kildare Village – which is backed by property giant Hammerson – extended further with phase three partly opening. The directors state that once phase three is fully opened, the lettable area for the whole village will be 21,606 sq m which is almost twice the lettable area of the original venue.

Some of the brands available at Kildare Village include Louise Kennedy, Jimmy Choo, Guess, Armani, DKNY, Furla, Calvin Klein, Coach, POCO by Pippa, Polo Ralph Lauren, Skechers, Swarovski and Gym+Coffee.

The directors state that taking the impact of the pandemic into account, they “are satisfied with the results for the year and are confident about the company’s future prospects”.

They further state the company “is in discussion with further brands wishing to trade from the village and commercialisation and trading progress is in line with expectations for this stage in its development”.

The accounts show that revenues last year were made up of €5.8 million in license fee income, €5.68 million in service charge income and €511,000 in “other income”.