Grafton Street, the country’s foremost retail area, has demonstrated exceptional resilience and renewal following the disruption of the Covid-19 pandemic, according to a study by Colliers.
Our report compares market conditions at the beginning of 2020 to those at the end of 2025 and provides a comprehensive analysis of how the Dublin street has adapted following the global disruption of 2020. It highlights changes in the occupier line-up, footfall and ownership and the cumulative effects these have had on rents and capital values.
The upshot is Grafton Street has emerged stronger, with renewed occupier demand, a revitalised tenant mix and growing confidence among private investors.
Extending to 515 metres in length and home to 89 retail units and more than 37,161sq m (400,000sq ft) of retail space, Grafton Street has been at the heart of Dublin’s commercial and social life for more than a century now.
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Strong occupier recovery and changing retail mix
There have been 25 new store openings on Grafton Street between 2020 and 2025 including four retailers which relocated to other properties on the street: Swatch, Ecco, Claddagh Jewellers and Seasons of Ireland.
Of the net 21 new entrants, Lululemon was the first in 2021, the only new letting on the street in 2020 and 2021. The following year was the busiest in terms of leasing activity with nine new openings including Lego, Castore, Dr Martens and Canada Goose. Last year was the next busiest with eight new openings including Kiko Milano, Subdued, Mango and Lovisa.
Of the new entrants, eight are from North America, six are from mainland Europe and three are from the UK. In terms of the new entrants’ use types, the highest category was, by far, clothing, footwear and accessories with nine new stores, followed by sports and athleisure with three new openings.
The highest number of leavers by origin were jointly from Ireland and the UK with eight each. Irish retail departures included Pamela Scott, Fitzpatrick’s Shoes and House of Ireland. UK departures included Cath Kidston, Topman and Monsoon. There were three North American retailers which exited the street: Aldo, Urban Decay and Tommy Hilfiger.
Despite headline vacancy rising to five units in 2025, vacancy represents just 2 per cent of total retail floorspace, with multiple expansions, relocations and active leasing discussions under way.
Footfall recovery despite structural change
Annual footfall on Grafton Street fell by more than half in 2020, before steadily recovering to more than 42 million visitors in 2025 – exceeding 2024 levels but remaining below the pre‑pandemic peak of 2019. While remote working and subdued international tourism have altered patterns of city-centre usage, retailer expansion and relocation activity suggest that shoppers visiting Grafton Street are increasingly motivated and intent‑driven.
Rents stabilising and set to increase
Rental levels, which peaked before the global financial crisis and again reached strong levels by early 2020, declined during the pandemic but stabilised by 2025 at about €5,380 per sq m (€500 per sq ft). A recent landmark letting to Levi’s at No.42 Grafton Street has set a new benchmark rent of €5,810 per sq m (€540 per sq ft), signalling renewed upward pressure on prime rents, supported by limited supply and sustained occupier demand.
Private investors take the lead
One of the most significant themes identified in our latest research is the transformation in ownership patterns. Pre-Covid, funds owned 51 properties, now down to 36. In the same period, private investor ownership has jumped from 22 to 39 properties, with private investors now the dominant owner type on the street. Chinese retailer Icicle acquired No.114 in 2023, joining a relatively small list of retailers owning and occupying their own or connected premises, including Brown Thomas, Marks & Spencer, Weir & Sons and Peter Mark.
As a percentage of retail floor space and when the two department stores (Brown Thomas and M&S) are excluded, fund ownership has decreased from 73 per cent to 51 per cent and ownership by private investors has increased from 14 per cent to 35 per cent. Owner-occupiers now control 11 per cent of retail space compared to 9 per cent in 2020, while property companies are down from 4 per cent to 3 per cent. If department stores are included, owner-occupiers make up 52 per cent of retail space. Funds are at 27 per cent, down from 39 per cent in 2020, with private investors at 19 per cent compared to 7 per cent in 2020.
Irish property owners now hold 87 per cent of the retail properties on Grafton Street, with landlords from mainland Europe (8 per cent), the UK (3 per cent) and Asia (2 per cent) accounting for the remainder.
Although capital values remain below pre‑pandemic levels, our report points to historically strong correlations between rental growth cycles, yield compression and subsequent capital value recovery – suggesting positive medium‑term prospects for investors.
A resilient and future‑focused retail destination
Far from signalling the decline of physical retail, Grafton Street’s recent performance reinforces the importance of flagship city-centre locations within an increasingly omni‑channel retail landscape. With demand outstripping supply, rents below previous peaks and investor appetite improving, the outlook for Grafton Street is positive.
As Dublin continues to evolve as a dynamic, international capital city, Grafton Street remains its premier retail address – adapting, regenerating and reaffirming its status as the cornerstone of the city’s commercial and cultural life.
Kate Ryan is a director and head of research at Colliers
