A huge investment in Cork.

The Penneys on Patrick Street is set to expand its location from 36,900 sq. ft to 54,100 sq. ft, increasing in size by nearly 50%. The €60million investment is subject to planning permission, and part of an overall €250million expansion across Ireland.

In a statement issued on Friday morning, Penneys said that they intend to increase their Irish workforce by 700 in the coming 10 years. The enormous investment also includes plans for a brand new store in Tallaght, Dublin and expansions in Carlow Town and Eyre Square, Galway, though Patrick Street will be the largest location of the four.

While the others all have planned launch dates, no such date is available yet for Patrick Street as planning permission has not yet been secured.

Tánaiste and Minister for Enterprise Trade and Employment Leo Varadkar TD, welcomed the news commenting:

“This announcement is a really strong vote of confidence in the retail sector, with investment planned for stores in cities and towns across the country.

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 of years. Much of this success is thanks to access to a talented workforce in Ireland. I wish Penneys continued success in its Irish and global expansion.”

Primark CEO, Paul Marchant added: “We are proud to announce a significant long-term investment in our Penneys business to improve and grow our Irish stores by creating 700 new jobs across the country.

“We hugely value our incredibly loyal Irish customers who have supported us over the years. The site of our very first store which opened more than 50 years ago is today home to our global headquarters, leading our business in 14 markets around the world. But even as we grow internationally, Ireland will always be our first and home market, and we remain as committed as ever to our employees, customers, and stores here.

“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”.