Business

Sports retailer Decathlon to open in Dublin’s Clerys Quarter

Flagship store sees O’Connell Street development fully let

Decathlon CEO Elena Pecos outside Clerys Quarter

Decathlon chief executive Elena Pecos outside Clerys Quarter.

Ciara O'Brien
Ian Curran
Wed Jan 17 2024 - 18:00

Sports retailer Decathlon is to open in Clerys Quarter in Dublin city centre, creating more than 50 jobs.

The letting will see the company take a 30-year lease on the 2,787sq m (30,000 sq ft) unit, which is expected to open later this year.

It joins fellow anchor tenant H&M, sushi chain Rolled and Pret A Manger in the new development, which is now fully let.

The naming of Decathlon as tenant comes following the withdrawal of high-end clothing retailer Flannels – owned by businessman Mike Ashley – from plans to lease the ground floor and basement area unit. Decathlon will now compete directly with Mr Ashley’s Sports Direct unit around the corner from Clerys on North Earl Street in Dublin 1.

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“Clerys holds a special place in the hearts of many Irish people, with countless fond memories of shopping and generations of families creating traditions within its walls. At Decathlon, we are honoured to become a part of this legacy,” said Elena Pecos, chief executive at Decathlon Ireland.

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“Our commitment goes beyond offering sports products; it extends to creating a community hub where the people of Dublin can continue to build their active lifestyles and create new memories for generations to come.”

[ Decathlon Ireland's Elena Pecos: 'This environment is our playground. We need it.' ]

The Clerys building restoration was largely completed last year, retaining the building’s historic features including the colonnaded facade, internal staircases and refurbished Clerys clock.

“Dublin city centre is Ireland’s premier retail destination, and the addition of an international retailer of Decathlon’s status can only provide a further boost to the city’s northside, raising footfall and engagement,” said Dublin Town chief executive Richard Guiney. “It is wonderful that two major international retailers see a long-term future on the capital’s premier street.”

The project is being delivered by Luxembourg-based asset manager and principal investor Europa, in conjunction with its Dublin-based minority partners Paddy McKillen jnr and his business partner Matt Ryan’s Oakmount property vehicle, along with Derek McGrath’s Core Capital through a company called Oces Property Holdings.

James Keast, director of asset management at Europa, said the Decathlon contract was a “major coup” for Clerys Quarter. “The phased opening of the scheme will continue throughout 2024 and, as we near the completion of the project, we are looking forward to welcoming the community into the space,” he said.

Oces sued Heatons Ltd, trading as Flannels, in the High Court last October, seeking specific performance of its contract to take up the lease to become the development’s second anchor retail tenant alongside H&M. Alleging wrongful termination of the contract between the two parties after the Ashley-owned company allegedly terminated the lease last summer, the Clerys developers are also seeking damages from Flannels.

[ Profits down at Decathlon Ireland despite Covid recovery ]

While a new tenant has now been found for the retail unit, it is understood the matter is still the subject of mediation. The case is listed for mention again in early March, but if the mediation is successful, it is likely the proceedings will be withdrawn.

Asked what Oces is looking for from Mr Ashley’s company in the mediation process, a spokeswoman for the Clerys developers declined to comment.

Ciara O'Brien

Ciara O'Brien

Ciara O'Brien is an Irish Times business and technology journalist

Ian Curran

Ian Curran

Ian Curran is a Business reporter with The Irish Times

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