Retail chief Richard aims to revitalise Dublin city

Richard Guiney comes from one of Ireland’s most famous extended retail families, which once owned landmark department store Clerys and whose name still stands over a major national chain. Regarding the Clerys connection, he once quipped about his own branch of the family: “We had the name, not the money!” Yet Richard fondly remembers lapping up Dublin’s retail lore as a child in the house of his grandmother and wanting to be a retail mogul too “at the age of two.” Now, as CEO, of business group DublinTown, he aims to revitalise the city despite some daunting challenges.

Footfall is the lifeblood of city centre businesses. How is it doing this winter?

 Footfall in the city centre is two per cent behind 2023, year to date.  While it has stabilised in the second half of the year, it is still not where we want it to be.  Sales, particularly for northside retailers, are lagging further behind footfall, so there is some anxiety amongst consumer facing businesses as we head into the all-important Christmas trading period.

You’ve said this Christmas period is make or break for many traders…why?

 Roughly 35% of annual trade for consumer facing businesses occurs in the six week period to Christmas.  If trade is poor in this period, it can have significant repercussions for the business.

How did traders react to the proposed reduction in VAT on the hospitality sector in FG’s election manifesto – just after it had increased it?

 Dublin Town has consistently called for a reduction in both VAT rates, 23% and 13.5%.  Retailers are probably finding the trading environment more challenging than hospitality businesses in Dublin City Centre at this time.  The 23% rate of VAT is of more concern to them.  Dublin Town would like to see us move to VAT rates of 20% and 10%, in preference to further reductions in personal income tax.

What is the garda plan to improve the city centre’s security?

 Safety is not a Garda responsibility alone.  The Taoiseach’s taskforce for Dublin detailed responsible proposals to enhance safety within Dublin City which reflect the integrated nature of the city.  We are calling on all political parties to not only include the full implementation of the task force recommendations in their manifestos, but to also ensure its full implementation is part of any programme for government negotiated after the election.

How has city life changed in recent years?

 Like all major cities, Dublin has been impacted by working from home.   The majority of office workers attend the office either two or three days per week.  This is reflected in midweek footfall and has impacted on retail and restaurant lunch time trades.  Friday evenings are no longer as important for office socialising. This is now a permanent aspect of city trade.

It sounds like Dublin City Centre is in trouble unless something is done. What’s going on – and what needs to happen?

 The city has its challenges like all major urban centres.  We believe the Taoiseach’s taskforce report succinctly details these challenges, and indeed opportunities to move forward. It also provides practical and pragmatic solutions to resolve them.  We believe the implementation of the taskforce report will quickly turn the city’s fortunes around to the benefit of all.

What did you own parents teach you about money?

 Money was a secondary consideration for my parents.  As children, we were taught to value honesty, integrity and respect for others, above all else.  I think the world would be a better place if parents still instilled these principles into their children.

What were your best and worst investments?

 Eircom shares. Thankfully, being a young married couple with our first child on the way at the time, we did not have too much money to invest.

What would you do if finance minister for a day?

Establish a programme for investment to meet our infrastructural deficits in transport, housing and water.