Dublin's oldest retailer hopeful despite worst recession of life

Dublin’s oldest retailer, Tom Monaghan  reveals the secret of successful longevity – keep on working! The sprightly 94-year-old  still works in his shop – Monaghan’s Cashmere on South Anne Street -  while also breeding Ascot Gold Cup-winning horses in his spare time. Tom attributes his success to hard work and an optimistic outlook. He also learned ‘the real value of a pound’ when he grew up, working day and night with six siblings and a widowed mother on a West of Ireland farm.

What’s your secret? 

I am very happy with what I do. You need something to get you out of bed. I would say to older people don’t retire unless you have to.

Keep going as long you can.

What did parents teach you about money?

To know the real meaning of what a pound was worth. I grew up on a farm near Tuam.  We lost our father at  52 and my mother, a marvellous lady, reared and educated 7 children. We farmed sugar beet, sometimes working day and night. We had plenty of food but no money.

Any stand out memories from 60 years in business?

I remember selling the first cashmere twinset in Ireland in the 1960s. It cost 5 pounds and 15 shillings.  We have people coming in over three generations buying cashmere. Their grandmothers may have bought from us and the family still come in. We have superb quality cashmere, none better in the world. 

You’ve traded through many recessions? How does this one compare?

I have no doubt this is the worst  in my lifetime.  I was never closed for three months. We’ve lost three months trading. Every business will be struggling after that. And we’re not out of it yet.

How is business now?

It was hard seeing the store closed and being unable to open up. In 60 years in business we never closed for three months before. We’ve missed the whole tourist season, which was very important for us. The first week after reopening has been difficult (from a trading point of view). This week is a bit better and hopefully it will continue to improve.

Are rent and rates fair for shops?

No. Rates are ridiculous for what we get. Some of the footpaths unwalkable.

They (landlords and councils) will need to give us some relief or a lot of shops will go out of business

What was your best investment?

A shop in the Grafton Arcade, where we started.  The rent was £10 a week. My brothers went guarantor and I knew I couldn’t fail them. I had a wonderful wife who departed last November. She was my stronghold. Sometimes I would come home after a bad day and she would always say: “Tomorrow will be better."

Any advice for young people starting off?

If times are tough, work hard, put your head down and hope for the best.  

Do you own property?

People say we should have bought property on (nearby) Grafton Street, but we could never afford it. Having grown up on a farm (near Tuam),  I have the greatest respect for the people who work the land.  I never lost my attachment to land. We have bought (farm)land when we had a few bob and been very lucky, probably doing equally as well as if we’d bought on Grafton Street.  

Most expensive thing you’ve bought for fun?

I had an insurance policy mature about twenty years ago and I bought a Mercedes.

It’s still outside the door, although I haven’t driven it in ten years. It’s not worth much but I’d hate to part with it.

What’s your guilty treat?

I don’t drink or smoke or play golf.  But I have a more expensive habit - we breed bloodstock. I started  it off and I handed my son (Paul) the hot potato. But I enjoy it. We have farm in Kilcock with yearlings  and foals. I go down every Saturday and stay until Monday.

Worst investments?

Horses – the bulk of them, were dodgy!  But we’ve had success on the track too.  I was fortunate to breed the winner of the Ascot gold cup in 2017, a horse called Trip to Paris. I was at the airport going off on holiday and someone shouted at me: “Are you on your trip to Paris?  If you enjoy something, it’s hard to get away from it. You look out at a horse and think ‘he might be a derby winner’, that keeps you going. 

Hobby?

Last week I watched Ascot. I had been many times before but not any more. It was a lonely spectacle (with empty stands). Hopefully it will get back on track.

What would you do if finance minister?

1. Cut rates for small businesses.

2. Cut VAT for small traders just to get us out of this predicament, even if only for a year or two

3. Cut inheritance tax