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Irish Retail & Hospitality Trends: What Businesses Should Be Watching Right Now
“Irish hospitality and fashion retail trends are continuing to reflect changing customer behaviour, rising costs and growing expectations around speed, convenience and technology.”
Recent figures and developments across both sectors highlight three clear themes: customers are becoming more price-conscious, fashion retailers are dealing with higher selling prices, and major retailers are continuing to invest heavily in physical stores.
Diners Are Cutting Back — But Offers Could Bring Them Back
A recent survey found that 63% of Irish adults have cut back on eating out, highlighting the pressure that household costs are putting on discretionary spending.
However, there is an opportunity for hospitality businesses.
The same research found that 77% of people would consider dining earlier if they were offered a deal.
For restaurants, cafés and bars, that creates an opportunity to use quieter periods more effectively rather than relying entirely on peak trading hours.
Businesses can use promotions, loyalty offers and targeted discounts to encourage customers through the door at traditionally quieter times.
The important part is having the information available to understand when those quieter periods actually occur.
Modern EPOS reporting can help businesses identify:
- Their busiest and quietest trading periods
- Average transaction values
- Best-performing products
- Sales trends by day and time
- The impact of promotions and discounts
Instead of guessing when to run an offer, businesses can use their own sales data to make the decision.
Fashion Sales Are Growing — But So Are Prices
There is also an interesting trend developing within Irish fashion retail.
In June, sales volumes across clothing, footwear and textiles were 2.2% higher than the previous year, while the total value of those sales was 9% higher.
At the same time, clothing and footwear prices were reported to be 8.5% higher year-on-year in July.
The figures suggest that while consumers are still buying, retailers are operating in an environment where prices and the value tied up in stock are increasing.
That makes accurate stock management increasingly important.
Knowing exactly what is selling, what is sitting on shelves and what needs to be reordered can have a significant effect on cash flow and margins.
Online sales are also becoming an increasingly important part of the picture, with online transactions representing 10.9% of turnover within the clothing, footwear and textile category.
For retailers operating both physical stores and ecommerce channels, keeping those systems connected becomes increasingly valuable.
With an integrated retail system, businesses can manage stock, reporting, customer information and online sales without having to treat each channel as a completely separate operation.
Penneys Shows Physical Retail Is Still Worth Investing In
Penneys has provided another strong indication that physical retail remains an important part of the Irish market.
The company recently completed a €7 million expansion of its Dooradoyle store in Limerick, increasing the location from approximately 13,400 square feet to 24,600 square feet.
The investment also created 30 jobs and introduced 13 self-checkouts.
For all the discussion around ecommerce and changing shopping habits, large retailers are continuing to invest substantial amounts of money into their physical stores.
What is changing is the technology being used inside them.
Customers increasingly expect faster transactions, accurate stock information and a smooth connection between online and in-store shopping.
The future of retail is therefore unlikely to be a choice between physical and online.
For many businesses, it will be about making both work together.
These Irish hospitality and fashion retail trends show how closely technology, customer behaviour and day-to-day operations are now connected
Technology Is Becoming Part of the Customer Experience
Whether it is a restaurant trying to increase trade during a quiet afternoon or a fashion retailer managing stock across several locations, technology is increasingly being used to make better operational decisions.
A modern EPOS system is no longer simply a replacement for a cash register.
It can provide businesses with real-time sales information, stock control, customer profiles, integrated payments, ecommerce connectivity and reporting that helps owners understand what is happening across their business.
At Costa Systems, we provide EPOS solutions for hospitality and retail businesses across Ireland, backed by direct Irish support.
If your current system is making it difficult to understand your sales, manage stock or connect different parts of your business, speak to our team about the options available.
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