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RETAILER PENNEYS IS to create 700 new jobs as part of a 250m euro investment in stores in Ireland.
The company will significantly increase its total retail space and plans include a new store in The Square in Tallaght, which will open in autumn next year, employing 300 people.
It also includes a 60 million euro investment in the redevelopment and extension of the Patrick Street store in Cork city, and an extension at the Eyre Square outlet in Galway.
A new distribution centre in Newbridge, Co Kildare, is due to open in 2024.
Speaking at Penneys’ headquarters in Dublin, Tanaiste Leo Varadkar said it was an “enormous vote of confidence” in the retail sector in Ireland.
He added: “I’m really pleased to be here in Primark/Penneys’ headquarters here in Dublin, where the company has just announced that they’re going to create 700 new jobs, 100 here in Primark HQ and 600 in Penneys stores across the country.
“That’s linked to an investment of a quarter of a billion euros in their stores around the country. So a phenomenal investment.
“The jobs are really good jobs. I think it’s also an enormous vote of confidence in the retail sector.”
He added: “It’s creating significant employment with 700 new jobs and will also help to secure footfall in our towns and cities once we emerge from the pandemic.
“Penneys is one of Ireland’s best-known retailers and also an international success story, having driven significant global expansion over the last few years.”
Minister of Enterprise, Trade and Employment, Damien English, added: “It’s fabulous that we have a company like Penneys, a brand that is so well known, investing in the future of retail.”
Paul Marchant, chief executive of Primark, said the investment represented their faith in bricks and mortar stores.
He said: “This is a day to feel really proud and excited about the investment in Ireland. Seven hundred jobs, 600 of them in our retail stores and right across the country and 100 in our head office.
“We continue to expand the Primark business across the world.
“I think this is because of our belief in bricks and mortar, we are real believers in stores.
“We feel it is the right time for us to invest in Ireland. We have got a very loyal customer here, the customers love the Primark/Penneys proposition and we want to continue to invest in stores across the country.”
He added: “We hugely value our incredibly loyal Irish customers who have supported us over the years.
“Our investment plans demonstrate the confidence and commitment we have to Penneys in Ireland – we plan to remain at the centre of Irish retail for a long time to come.”
Penneys already employs 5,000 staff in Ireland.
Globally, Primark has about 399 stores and 70,000 staff.
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Current national debt is circa €190B. Is Noonan giving up on getting the ECB to finance the Bank debt and get it deducted from the €190B. This was one of FG’s election promises. The real national debt figure is probably close to €500B if we were to accrue all PRSI pension liabilities. Yesterday’s article in the Sunday Times is frightening on this.
Why would they include future liabilities? At that rate you could bring future expected revenue into the equation!
Because as from 2017, we have to account for unfunded liabilities to give a true picture of national debt. Just as companies have had to do for years. There’s no real difference between a bond you have to repay and a pension you’re committed to paying, except in accounting terms.
Well said. Couldn’t have put it better myself.
Where will the money to fund these early repayments come from ? I know it’s a stupid question but does anyone know the answer ?
Maurice the minister is doing lip service for the next election. Europe is in receivership and has told Noonan no to what you have noted. It would be nice but our politician didn’t talk hard they were the good boys in the class. So Europe expects them to keep paying.
They will be coming from 15 year loans/bond issues so the banks will be lending this money to repay them back early.
Wait ’til Ireland doesn’t get the retroactive bank recapitalization.
And when – not if – new international corporate tax rules take effect from 2016 (OECD), at least €50 billion, or half the annual value of services exports will be vapourized.
Plus, some multi-nationals have also said they will leave when that happens i.e. when they have to start paying a lot more corporation tax back home on top of high wages in Ireland.
Hold on to your tin hats.
Emily
Perhaps now the penny might drop when we consider the point John Bruton was making when discussing such liabilities recently.!
He was massively abused on this site when his opinion about defaulting by the State on pensions etc when the alternative was bankruptcy .
How quickly we shoot the messenger in Ireland rather than trying to deal with realities.
Still think that a debt deal will have to be done.
The EU live in a fantasy world where real economic reality is denied and put on long finger.
They blew their chance to resolve the Euro crisis.
That would apply to unfunded civil service pensions but not to PRSI pensions. That liability is subject to year by year legislation and, in theory, could be reduced or abolished by a new Finance Act. It won’t happen of course, but the possibilty means that it is not a reckonable long term debt.
What do you mean give up, they didn’t even ask for feck sake
ohhh I feel another seismic shift coming on….
Property tax
Water charges
USC
….any if these terms familiar to you????
No financial penalty for paying off loans early. Ha ha. We should be getting a discount for paying early.
Don’t get into finance. I can tell by this one comment that it’s not for you.
We should never have had them in the first place…ffs
Getting a bit annoyed with this sycophantic attitude the government has with Europe.
What, you feel no surge of patriotic pride when our minister begs the faceless financiers to kindly allow us to give us a big ball of cash?
* you a big ball of cash *
The Germans will never forgive us for the Hypo/DEPFA mess.
Peter.
What a brain and what a genius. Please tell us how yo can save the State a cool three hundred and seventy five million Euro a year as proposed by Minister Noonan so that we don’t have to politely ask our creditors for agreement to vary the terms of our Bailout.
You must be a whizz with figures and I envy the confidence with which you stride across these pages.
I showed your comments to a colleague and I could see straight away that he misunderstands you. In tact what he said about you couldn’t be printed here but all great men Peter suffer from such slingshots!
@Rodgers as per usual your wisdom knows no bounds you and your comments are wasted on the journal.
Its time you took up your true vocation and that in my humble oppinion is that of chief Fine Gael ass wipe.
Paul
Thanks! Your opinion in your own words is indeed humble and it is quite clear that you never aspired beyond that though instinct probably told you that there was enough material in you to heft a Sinn Fein shovel but you would need to be told what to do after that.
The world needs simple folk Paul and at least you have recognised that!
Well said Paul Mc. When Rodgers is in the company of Edna its like a scene from the film The Human Centipede.
hows life as the chief arse kisser and male cheer leader to enda and his brigade richard cos clearly you are one of them patriots big nose hogan was on about
So Richard hows that seismic shift of Enda the statesman performing these days?
Kerry
Whaaaaaaaaat?
When the cost of Noonan’s very generous minster’s pension to which he does not contribute a cent is added to the debt it could be the last straw that breaks the taxpayer’s back.
Wow, we are so lucky.
Looking at the returns, it is all rosy for Noonan – revenue’s new mantra is to suck every last penny of savings and profit out of small business and their employees and to present it as a gift to some unelected ex-politicians and expect a pat on his obnoxious head.
“Look what I brought you – someone else’s debt, maybe I’ve ruined a few small businesses and taxed earnings and savings from Irish people to the hilt, but as long as we’re all happy let’s make this look like good news to the ‘media’ – you’ll print it like that, you property funded news website”…
At the end of the 1st 1/4 2008 this country was heading towards a deficit of 22bn euros. In d last 5 yrs we have undertaken a huge social experimenr in how to balance d books without strikes/riots etc and we have nearly made it. There is huge credit due to fg and lab and enormous credit due to d dept of finance and public expenditure.
Why should lab and fg get any credit. Ff told them what to do before they got booted out.
How is it any credit to them, it’s a credit to the irish people not the politicians. The politicians didn’t stop riots they hid away in Leinster house and quietly stripped us of our pride and dignity and left most of us demoralised and close to bankruptcy. Suicides are through the roof, let’s see these magnificent politicians of yours deal with that elephant in the roof. Crime.? It’s bandit country in ireland again, those shower deserve no credit for anything.
The simple fact if the matter is that this country of 4.5million people withdrew over 16bn from circulation over the past 5 years. Politicans put their names forward as spokespeople for that. You didnt. You come on forums and talk abt how bad it is. Pokiticans arent stupid or even greedy anymore. They all know the suicide numbers, the high taxes, the unemployment but they still put their names forward. You didnt. it is easier spew vitriol from d sidelines
More bad news for the Shinners. Tax take up. Ahead of forecast.
Where are the Shinners anyway?
I suppose it’s hard for them to spin positives into negatives. Especially when there’s an election coming up. Just doesn’t appeal to voters.
But it’s all they have.
so anyone that has a different opinion to them muppets in power are shinners………explains the mental state of the cheerleaders for the likes of the FG/LB/FF crowd on hear…..deluded one trick ponies who believe anything that comes out of the lot in the dail
Election spew has started
” Noonan ” and ” charm ” in the same sentence !! . It is just so wrong, Jack Horgan-Jones. Just so, so wrong.
Will Mr Noonan be dancing suggestively for Mario Draghi et al as well?
Charm?? God help Europe…
Jam?………………………………..
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NEVER!
Why was my two comments deleted?
Just in time for the general election!
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