Cork Businesses See Encouraging Signs of Recovery Despite Challenges
Cork Businesses See glimmers of Hope Amidst Ongoing Challenges
Table of Contents
Cork, Ireland – Despite a challenging year marked by closures and rising costs, Cork’s business community is cautiously optimistic about the future. Aaron Mansworth, President of the Cork Business Association (CBA) and a representative of the Trigon Hotel Group, sees encouraging signs of recovery on the horizon.
“2024 was undeniably a challenging year for businesses, notably in the hospitality sector,” Mansworth acknowledged. “The early months saw significant closures due too rising costs and reduced footfall post-Christmas.”
Though, Mansworth points to a wave of new openings, including restaurants and hotels, as a positive indicator.
“Over the past few months, Cork has welcomed a wave of new openings,” he said. “On the retail side, there have been new developments including the much-anticipated arrival of Sprout & Co on Winthrop Street, and exciting updates expected soon regarding the old Debenhams building. We’re also delighted to see Opera Lane now fully occupied, with mountain Warehouse joining next year.”
Cost of Doing Business Remains a Hurdle
Despite these positive developments, Mansworth emphasizes that the high cost of doing business remains a pressing issue, particularly for the hospitality sector.
“While these developments point to a positive trend, the high cost of doing business remains a pressing issue across all sectors, especially hospitality,” he said.
The CBA is actively engaging with newly elected TDs to advocate for policies that ease the burden on businesses.
“The CBA will continue lobbying for measures to ease these burdens, including Vat reductions, and we’re actively seeking meetings with newly elected TDs to push for supportive policies,” Mansworth explained.
Key Priorities for the New Government
As the new government finalizes it’s program, the CBA urges them to prioritize two key areas: reducing the cost of doing business and establishing a Cork City Task Force.
“Firstly, we urge the government to reduce the cost of doing business, starting with a re-evaluation of the Vat rate and other key operational costs that heavily impact SMEs and hospitality businesses,” Mansworth stated.
The CBA also advocates for the creation of a Cork City Task Force to drive investment, create jobs, and address systemic challenges facing the city.
Housing Crisis Impacts businesses
One such challenge is the ongoing housing crisis.
“housing difficulties in Cork are a significant concern for our business community,” Mansworth said. “The shortage of affordable and accessible housing is impacting staff, making it challenging to attract and retain employees.”
He believes increasing the availability of housing in the city center would have a positive ripple effect, improving footfall for local businesses, fostering a stronger sense of community, and contributing to safer, more vibrant streets.While acknowledging the challenges, Mansworth remains hopeful about Cork’s future.
“The commencement of apartment construction at Horgan’s quay this year marked an exciting step forward,” he noted. “The Cork Docklands project is now a major focus for city council, promising to bring much-needed homes to the city.”
Cork Business Association Looks Ahead to 2025 with Optimism and Focus on local economy
Cork, Ireland – As 2024 draws to a close, the Cork Business Association (CBA) is looking ahead to 2025 with a mix of optimism and a commitment to addressing key challenges facing the city.
“Budget 2025 also pledged further investment in housing at a national level, and at cork Business Association, we will continue to advocate for Cork to receive its fair share of this funding,” said CBA President, [Name].
The CBA is particularly excited about collaborating with the newly revitalized Cork City Council. “We are particularly optimistic about working with the revitalised Cork City Council,led by its new Chief Executive and Directorate,to align on a shared vision for Cork city’s future,” Mansworth added. ”Partnerships like these will be instrumental in delivering positive change for the city and its business community.”
Safety and Vibrancy: A Two-pronged Approach
One of the CBA’s key focuses for 2025 is continuing to build a safer and cleaner city, recognizing the interconnectedness of safety and a thriving night-time economy.
“The two things are interlinked for us,” explained Mansworth. “A safer city is more likely to attract nighttime visitors, and a more alive city at night makes the streets safer.”
This commitment aligns with cork City Council’s recently approved Night-Time Economy Strategy, which aims to transform Cork into a vibrant 24-hour destination.
“The CBA is committed to supporting initiatives that make Cork the safest and cleanest city as it will have a positive impact for the day and nighttime economy,” Mansworth emphasized.
The CBA is actively working with An Garda Síochána to advocate for increased resources for Cork in 2025 and supports the launch of the Community Safety wardens Scheme (CSWS) to enhance public safety.
Supporting Local Businesses in Uncertain Times
looking ahead, the CBA acknowledges potential economic challenges, including the cost of doing business, housing, and the potential impact of changes in US policy.
“While it’s still early days, there is potential for economic impacts stemming from changes in US policy under Trump’s presidency, particularly for large enterprise businesses operating in Cork,” Mansworth noted. “Reduced contributions to the exchequer from these corporations could pose challenges.”
To mitigate these challenges,the CBA believes it’s crucial for the government to prioritize support for small and medium-sized enterprises (SMEs).
“In response, we beleive it’s vital for the government to focus on supporting SMEs, which will play an increasingly critically important role in sustaining the local economy and future exchequer funding,” Mansworth said. “Ensuring these businesses have the tools they need to thrive will be critical.”
Cork Businesses See glimmers of Hope Amidst Ongoing Challenges
A Cork Business Association Perspective
Cork, Ireland – Despite a year marked by closures and rising costs, Cork’s business community is showing resilience and cautious optimism for the future.aaron Mansworth,President of the Cork Business Association (CBA) and representative of the Trigon Hotel Group,recently offered insights on the current state of affairs.
“2024 was undeniably a challenging year for businesses,notably in the hospitality sector. The early months saw significant closures due to rising costs and reduced footfall post-Christmas.”
Though, amidst these challenges, Mr. Mansworth highlights encouraging signs of recovery.
“Over the past few months, Cork has welcomed a wave of new openings,” he observed. ”On the retail side, there have been exciting developments, including the much-anticipated arrival of Sprout & Co. on winthrop Street and upcoming updates regarding the old Debenhams building. We’re also delighted to see Opera Lane now fully occupied, with Mountain Warehouse joining next year.”
Cost of Doing Business: A Pressing Concern
while new developments are promising, Mr. mansworth emphasizes that the high cost of doing business, especially in the hospitality sector, remains a significant hurdle.
“while these developments point to a positive trend,the high cost of doing business remains a pressing issue across all sectors,especially hospitality.”
The CBA is actively engaging with newly elected TDs to advocate for policies that ease the burden on businesses.
“The CBA will continue lobbying for measures to ease these burdens, including VAT reductions, and we’re actively seeking meetings with newly elected TDs to push for supportive policies,” Mr. mansworth explained.
key Priorities for the New Goverment
As the new government finalizes its program, the CBA urges them to prioritize two key areas:
- Reducing the Cost of Doing Business: The CBA calls for a re-evaluation of the VAT rate and other operational costs that heavily impact SMEs and hospitality businesses.
- Establishment of a Cork city Task Force: To drive investment, create jobs, and address systemic challenges facing the city.
Housing Crisis: A Threat to Business Growth
Mr. Mansworth also raised concerns about the ongoing housing crisis in Cork
“Housing difficulties in Cork are a significant concern for our business community.The shortage of affordable and accessible housing is impacting staff, making it challenging to attract and retain employees.”
He believes addressing the housing shortage would have a positive ripple effect, leading to increased footfall for local businesses and bolstering the overall economy.