Full coverage: Retail

The video games retailer employing over 230 people across Ireland is dependent on funding from its US parent to keep trading and is reviewing expensive retail leases.

An analysis of the retailer’s financial performance over a four-year period shows the full extent of its Covid restructuring, and how it has sought to manage costs and deal with supply chain issues stemming from the pandemic and the war in Ukraine.

As The Currency revealed that several multinationals continue to use the double Irish tax structure via Malta, domestic retailers EuroGiant and Anthony Nicholas demonstrated that success is achievable without such tactics – they just focused on strengthening their balance sheet.

Controlled by Charlie O’Loughlin, EuroGiant has more than 80 outlets throughout the country and a major wholesale business. And unlike many retailers, it thrived during the pandemic, as shown by an analysis of its performance over a four-year period.

Since the first Covid case was recorded in Ireland, shopping centre values have declined by 24%, with those on Grafton Street and Henry Street falling by 35% and 43%. Backing up the depressing outlook for retail property are the latest numbers from Mike Ashley’s network of Irish stores.

Fashion retailers New Look, Tommy Hilfiger and Gucci have all posted results for their Irish operations. They show the impact of the pandemic on retail, and the various strategies used by the three international chains to weather the crisis here.

Keanes Jewellers is more than a family business – it is a Cork institution. And its heritage is significant for Patrick Keane, a third-generation scion of the business. He talks about the future of retail and the importance of securing the right brands.

The Pettitt family controls six supermarkets, six hotels and a scattering of other business interests. Diversification left them well placed when Covid-19 arrived. But they still managed to find significant cost savings during the pandemic.

Superquinn heir and serial investor Eamonn Quinn believes the smartphone has been a gamechanger for retail, giving consumers enhanced power. Despite the crisis, he says retailers can flourish if they harness data, AI and meaningful customer service.

Judging by the usage of its loyalty card, more than 651,000 individuals shopped at Boots in Ireland last year. While other foreign-owned retailers are retreating from Ireland, the pharmacy chain remains a cash cow for its owners.