A new pilot incentive scheme for additional retailers to open in Limerick city centre was revealed this Wednesday by Limerick City Council.
The pilot Retail Incentive Scheme for vacant property will offer incentives for the encouragement of city centre higher order retail uses on key Limerick city streets in order to address vacancy on these locations.
On year one the new shop keepers will be offered up to 50 per cent off rent with 25 per cent the following year.
The grant is being offered as a contribution towards the fit out of vacant shops in the city centre particularly on; Oâ€™Connell Street, William Street, Shannon Street, Roches Street, Catherine Street, Little Catherine Street, Henry Street, Liddy Street, Honans Quay, Denmark Street, Cruises Street, Toddâ€™s Row, Chapel Street, Bedford Row, Thomas Street, Sarsfield Street and the north-east half of Patrick Street and Rutland Street (to specifically include the Opera Centre site).
Limerick City Council will ensure that any incoming retailer will respect and enhance the multifaceted character of the city centre and encourage a diversity of uses to increase its overall attractiveness for shopping, leisure and business purposes.
Favour will be given to â€˜higher order â€™ retail outlets including fashion stores, lifestyle stores, flagship shops and niche and specialist retailers such as home furnishings, beauty products, jewellery and books.
Mayor of Limerick, Cllr Maria Byrne, said a clustering of these uses in particular at basement, ground and first floor level will help to develop a vibrant retail quarter.
Retailing is playing an increasing role in the economic development of cities,â€ said Mayor Byrne. â€œThe existence of an attractive vibrant city centre coupled with a high quality retail offer is essential to the future viability of Limerick city centre. In order to attract â€˜new bloodâ€™ to the Limerick city centre retail mix, it is essential to provide the framework to accommodate the scale of retailing with the type of desirable retail spaces that leading retailers will demand.â€
â€œThe Retail Incentive Scheme for vacant properties will provide a positive impact on the city centre by reducing the number of vacant premises and improving the overall retail offer in the city centre.This will in turn positively enhance the overall economic vitality and viability of the city centre both for existing and new businesses,â€ said Mayor Byrne.