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S.C. Portfolio – Performance Snapshot Q3 2015

“Growth in Retail Sales is gathering pace with a notable improvement in spend per customer”

With the Christmas rush only around the corner the prospects from now until the end of the year are very positive.

The Bannon Shopping Centre Portfolio has continued to perform very strongly during Q3 2015 with footfall growth of 1.6%. Footfall growth during 2015 has been consistent and sustained, however growth in retailer sales is gathering pace. The total growth in retailer sales during Q3 was 9.4%, versus a growth of 7.3% in Q2. The year to date growth in retailer sales is running at 8.1%

The best performing retailer categories during Q3 2015 were ladies fashion and jewellery which underscores the dramatic shift in disposable income and consumer sentiment. In some cases tenants had experienced growth of 20 – 30% during Q3 2015 versus Q3 2014.

All of the above bodes well for the final and most important quarter of the year.

Ray Geraghty, Associate Director within the Property Management Department at Bannon noted tenants are now competing for space. Some recent notable deals include; Skechers and Sixth Sense at Whitewater Shopping Centre, TK Maxx, Starbucks and Tiger at Athlone Towncentre Shopping Centre and Name-It at Swords Pavilions.

Jennifer Mulholland, Associate Director within the Retail Agency Department at Bannon noted that the prospects for 2016 are very good. She expects the vacancy rate to continue to fall across the portfolio with a number of schemes on target to become fully occupied by the middle of next year.

At present Bannon manage over 3 million square feet of retail assets with a total annual footfall of over 60 million people. The portfolio is made up of a range of retail assets, from large regional shopping centres to small local neighbourhood schemes.

“Occupancy levels expected to continue improving during 2016”