It has been announced that Selfridges has purchased Dublin’s Arnotts department store in the latest structural and ownership change in the Irish retail market.
Arnotts, which was founded in 1843 and is based in the Henry Street shopping district, was bought from Fitzwilliam Finance Partners owned by entrepreneur Noel Smyth, by Canadian billionaire Galen Weston and his Irish wife Hilary. The purchase price was not disclosed however.
The department store will be joining other stores such as Holt Renfrew in Canada, Selfridges in London, Brown Thomas, another Dublin department store and de Bijenkorf in the Netherlands.
Despite other department stores closing, including Clerys and Boyers, consumers have started spending again and therefore the Selfridges deal coincides with the upturn in retail fortunes.
With the Christmas shopping season coming up, Retail Ireland has suggested that this year will be the busiest since 2008, with estimated sales for December forecast to be €4billion.
