Pilot incentive scheme launched in effort to fill vacant city retail units

Council seeks to attract ‘new blood’ to the Limerick city centre retail mix

A new pilot incentive scheme, designed to encourage more retailers to open in Limerick city centre, has been announced by the City Council in a bid to breath new life into the city.

Details of the pilot ‘Retail Incentive Scheme’ were announced Tuesday, a scheme which aims to encourage higher order retailers, by way of Grant relief, to occupy vacant properties on key city streets.

The grant is being offered as a contribution towards the fit out of vacant shops in the city centre, predominantly on O’Connell Street, William Street, Shannon Street, Roches Street, Catherine Street, Little Catherine Street, Henry Street, Liddy Street, Honans Quay, Denmark Street, Cruises Street, Todd’s Row, Chapel Street, Bedford Row, Thomas Street and Sarsfield Street

The north-east half of Patrick Street and Rutland Street are also listed, to specifically include the stalled Opera Centre site.

City officials say favour will be given to ‘higher order’ retail outlets including fashion stores, lifestyle stores, flagship shops and niche and specialist retailers such as home furnishings, beauty products, jewellery and books.

The grant, which will be paid out over two years, was outlined Tuesday as follows.

“Year 1 – Grant relief is based on certified fit out costs subject to a maximum of 50% of the annual rates liability for the first year.

Year 2 – Grant relief is based on original certified fit out costs (as submitted at year 1) subject to a maximum of 25% of the annual rates liability for the second year.”

The Mayor, Maria Byrne said the existence of an attractive vibrant city centre coupled with a high quality retail offer is “essential to the future viability of Limerick city centre.”

“The 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,” Byrne said.

“This will in turn positively enhance the overall economic vitality and viability of the city centre, both for existing and new businesses,” she added.

A public consultation period of four weeks will now get underway with the scheme expected to commence this April. Anyone seeking more information should contact the Economic Development section at Limerick City Council on 061 407100.