Tower Records move makes way for Swedish fashion retailer

Only weeks after confirming plans to open a major H&M fashion store in the former National Irish Bank on Dublin's College Green, the Swedish group behind the project is gearing up to open its first Irish outlet for the upmarket COS fashion brand in the spacious premises currently occupied by Tower Records on Wicklow Street.

The latest project will come as a surprise to the Dublin fashion industry which has had to cope with the arrival of a string of big name traders in recent years.

The news of COS’s early foray into Dublin is all the more surprising because the company is currently preparing for a major launch in the United States next spring.

COS (collection of style) caters for both men and women and is noted for its high-end design and quality at an affordable price.

It has attracted a lot of international attention for reinventing classical fashions that are made to last. Its products are currently available though BT2 in Dundrum and Grafton Street.

COS will have an important advantage over other fashion houses opening in Dublin for the first time – a super location just off Grafton Street and opposite the side entrance to Brown Thomas, and an ideal store layout of around 743sq m (8,000sq ft) of retail space at ground and first floor levels.

The premises is owned by Clarendon, a company controlled by Paddy McKillen and Tony Leonard, who are also involved in the ownership of Tower Records.

There has been no indication of how much COS will be paying for its Dublin store but, even in the current difficult market, it is unlikely to be less than €500,000 per annum.

Clarendon is also the owner of the former National Irish Bank which is to be rented to H&M at a base rent of €800,000 with a turnover related top-up that could go as high as almost €700,000.

Relocation
Tower Records has been in negotiations for some time with owners Royal London to relocate to the former Waterstones' book shop at the bottom of Dawson Street which has been closed since February, 2011.

Though a letting agreement has not yet been concluded, it is thought likely that Tower will relocate there in the coming weeks. The rent is likely to be in the region of €280,000.

Simon Cooper of Savills has been advising Clarendon on the lease of the Wicklow Street premises. CBRE acted for Royal London which previously traded as Royal Exchange.