TK Maxx opens new Cork store
American multinational has just opened at Douglas Village Shopping Centre
TK Maxx: on the expansion trail in Ireland
TK Maxx continues its inexorable march to offer “big labels, small prices” to ever more customers.
The American multinational has just opened its 23rd Irish store at Douglas Village Shopping Centre on the southern side of Cork.
It has rented a new anchor unit extending to 2,422sq m (25,000sq ft). This is its second store in Cork, their first outlet of 4,180sq m (45,000sq ft) being located in the Cornmarket Centre in the city centre.
Given the trader’s huge customer pulling power, it is hardly surprising that they negotiated attractive leasing terms with rent pegged at 5 per cent of turnover and a 24-month rent-free period.
The 24th Irish store to be opened by TK Maxx is at Lannagh Road Retail Park in Castlebar, Co Mayo, where it will have the use of 2,787sq m (30,000sq ft).
After negotiating another turnover rental arrangement it will be paying a base rent of €215,000 per annum with a one-year rent-free period.
As their Irish agent, Colliers International, continues to look at strategically located trading opportunities in the main urban centres. Managing director Declan Stone admitted that “with 24 stores already, it is difficult to source good opportunities that won’t cannibalise existing locations”.