A strong and diverse economy
CDP principle: Support Cork City’s role as the economic driver for the region and the creation of a strong, resilient, diverse and innovative economy. A strong and diverse economy
Cork City continues to play an important role as a regional economic driver. Key economic sectors active in the city centre include retail services, professional services, international traded services, and clusters such as cyber security, fin tech. There is a strong level of innovation generated across these sector, as well as together with universities and other research bodies. UCC’s Business School plans can be expected to generate strong spillovers for the city centre. While the city’s economy is broadly strong, there are opportunities for improvement, particularly around the night-time economy. A number of key observations can be made in relation to retail, the night-time economy, the creative sector, professional services, ICT. • In recent years the city centre’s core retail sector has faced both the challenge of the pandemic and longer term trends in out-of-centre retail development and digitisation. Despite recent closures e.g. Dunnes Stores, Debenhams and Topshop, the planning pipeline indicates a positive future outlook for retail, with Penney’s seeking planning permission in 2021 to increase their retail floorspace on Patrick’s Street by 17,000 sq.ft to 54,000 sq.ft total
• While attracting and retaining such international brands remains a priority, the city centre is characterised by a high proportion of independent retailers that make a vital contribution to its character and viability. In particular, Cork City enjoys a reputation for its independent and artisan food sector, exhibited by the enduring popularity of the English Market. There is scope to further promote and develop food-relate enterprise and activity, expanding the English Market and developing new food trails, tours and other activities • The night-time economy is now widely recognised as an important contributor to a resilient and diverse urban economy, supporting entertainment, culture and employment. Though challenges exist around financing, licensing, safety and public transport availability, developing the city centre’s night-time offering is crucial to enhancing the local economy and improving the city’s attractiveness as a place to visit, work and live in • The Report of the Night-Time Economy Taskforce contains an action to develop a food activation plan as part of the city’s night-time offer. Other potential actions include supporting the provision of new small and medium sized venues and year- round markets, festivals and other events.
Stakeholders: Bord Bia, CORE Group, Enterprise Ireland, Fáilte Ireland, IDA Ireland, Munster Technological University,, University College Cork, Cork City Council, Department of Tourism, Culture, Arts, Gaeltacht, Sport and Media, Arts Council, Tourism Ireland, Culture Ireland, Irish Film Board, Heritage Ireland
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