River Island's closure on Henry Street highlights the challenges faced in the post-pandemic retail environment, although DublinTown suggests there may be interested parties for the vacant space. The closure is juxtaposed with the Grafton Street branch remaining open. CEO Richard Guiney emphasizes the need to reimagine Henry Street, proposing the introduction of entertainment and increased residential use. Meanwhile, River Island reported a rise in pre-tax profits despite a revenue dip, underlining the evolving nature of retail and changing customer preferences towards more dynamic shopping experiences.
However, the retailer has reassured customers that its Grafton Street branch will remain open. DublinTown, the representative body for city centre businesses, said that while the River Island store will be a loss to the area, there may be potential interested parties in the space on Henry Street which will become vacant later this month.
We need to focus on the future and creating more entertainment spaces within the retail street things like VR and things we wouldn't have seen there before.
In terms of vacancy on the street at present there are one or two vacant units on the street but it's not something we need to worry about yet.
The market for retailing of fashion clothing is fast changing with customer preferences for more diverse, convenient and speedier shopping journeys and with increasing competition especially in the digital space.
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