Argento, the Irish owned jewellers with stores around Ireland and the UK, has opened a flagship store at 117 Grafton St, Dublin 2, creating 7 new jobs.
Property consultants Savills acted on behalf of Argento in securing the high profile 68 sq m ground and basement unit for a rent of E70,000 per annum on a 15 year lease.
Argento was founded in 1997 by Irishman, Pete Boyle, who started his career as a jeweller at a beach stall in Donegal. Since then, the business has grown from strength-to-strength and now has over 50 stores and is the fastest growing online jewellery store in Ireland and the UK.
According to Savills, the retail sector in Ireland is now beginning to improve. Consumer sentiment is at its highest level in 7 years, turnover is slowly beginning to increase, tenant failures have fallen dramatically, and there have been some signs of moderate rental growth and incentive reductions. Consequently, retailers have started to come out of their trenches. For example, occupancy on Grafton St is near capacity following a recent influx of international retailers such Space.NK., Massimo Dutti and Molton Brown. In the regions, key schemes such as the Whitewater Shopping Centre and Mahon Point are also close to full occupancy.
Gareth Shiells, of Savills, who acquired the unit on behalf of Argento said, "We are delighted to be able to acquire Argento's flagship store in Dublin, especially as it's such a high profile location."