The fashion trader will pay rent of €1.3 million for the Jervis store which will be the largest in its chain of over 1,000 outlets worldwide, writes JACK FAGAN

WITH UK discount fashion retailer New Look still set to float on the London Stock Exchange, the company has chosen the Jervis centre in Dublin city centre for its flagship store here.

New Look has twice abandoned a stock market flotation, most recently in February, because of volatile markets.

The trader will be paying a rent of €1.3 million for the Jervis store which, at 3,716sq m (40,000sq ft), will be the largest in its chain of over 1,000 outlets worldwide.

It has become one of the most dominant high street retailers in Europe with a turnover in excess of £1.2bn (€1.395bn).

New Look will trade at ground and basement levels in part of the store previously occupied by Arnotts Project.

The balance of the space of 6,503sq m (70,000sq ft) has been let to the American fashion chain Forever 21 at a rent of €2.75 million.

The two lettings mean that the owners of the Jervis centre will now be taking a combined rent of €4.05 million from this part of the centre compared to €3.1 million from Arnotts.

In addition, the landlords secured close to €5 million compensation from Arnotts for breaking its lease.

Darragh Cronin of Savills, who advised the owners of the Jervis centre, said the letting represented the final piece in the anchor store line-up for the centre. The deal also confirmed the resilience of Dublin’s city centre retail market.

Sarah King of New Look said the company had been looking for an appropriate flagship store in Dublin for some time and the availability of such a large outlet would enable it to provide “an unrivalled fashion offer in Dublin”.