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Shifting Consumer Habits and the Fall of Ireland’s Suburban Retail Hubs

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Jessica Weld

The noble Irish shopping centre seems to be a dying breed, especially in suburban areas. The Irish Independent has reported that a deal has been struck for the sale of The Square shopping centre in Tallaght by its current owner Oaktree Capital Management for €130m –  a dramatic drop from the €250m that Oaktree bought it from NAMA for just six years ago. When reading this news, it made me think about how commercial retail property previously held so much significance in the economic development of communities around Ireland. 

Shaping Tallaght: The Square as a Retail Landmark

Anytime I think of The Square specifically, I remember my mother telling me about how enamoured she was by it when it opened. She grew up in a small village in rural County Wicklow and to her, The Square was like nothing she had ever witnessed before. This new concept of a “shopping mall” that she had only seen on American TV shows was an extravagance that she never imagined would make its way to Ireland in the 80s and 90s.

For something that at the time may have seemed like an Americanised gimmick, The Square boosted economic and community development in Tallaght at a rapid pace. Being the first major development in the Dublin suburb, it kickstarted the domino effect which grew Tallaght into the sprawling community it is today, studded with institutions like Tallaght University Hospital and the TUD Tallaght campus. 

Aside from the economic development of the town, The Square helped to shape a community in Tallaght. It provides employment and a third space for people of all ages to hang out. You’ll find that the people of Tallaght are immensely proud of The Square too. One time in a conversation with a Tallaght native, I made the ill-fated throwaway remark “There’s nothing really in The Square, is there though?” – Oh was I wrong! The site sits as more than just a shopping centre, but rather a cultural landmark of sorts.

A Changing Brick-and-Mortar

This may look like it’s turning out to be a love letter to Tallaght. It’s not. In an environment where residential property values are running high and inflation is crippling, it’s baffling to see that an established commercial retail property like The Square taking a 48% hit in value. 

One of the main contributors to this has been the overall change in consumer habits post-Covid-19 pandemic. Online shopping comes with the benefits of wider choice, hassle-free returns and of course the comfort of shopping from home, the office, or the Dargan lecture theatre (we’ve all done it). With such convenience on offer, less and less consumers are opting for traditional retail. 

In other words, the rise in online shopping accompanied with lower footfall due to changing lifestyle habits such as remote working offers little incentive for consumers to shop in brick-and-mortar locations. In a June 2024 report from Dublin Economic Monitor, Dublin city centre is still 20% behind on footfall in comparison to 2019. With such little footfall in the bustling city centre compared to pre-Covid times, I imagine that suburban areas must be feeling the same (if not worse) effect. 

The Future of Irish Retail

The current state of the economy and consumer worries are also playing a part in the decline in demand and subsequent fall in value of commercial retail property. PwC’s 2023 Irish Consumer Insights Pulse survey reported that 45% of Irish consumers are very concerned about their personal financial situation. Furthermore, It is expected that consumers will curb any discretionary spending that they can. For me personally, this means avoiding the likes of Penneys and Zara at all costs.

While Dublin city centre’s retail districts will survive through these trends to an extent, it’s plain to see that smaller suburban hubs probably won’t fare as well through this trend. As many shopping centres like The Square dramatically fall in value, the outlook on commercial retail in Ireland looks bleak and disappointing. This does not just mean a loss of places to shop but small gradual losses in the foundations of communities across Ireland.

The Rapid Rise of Revolut

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Patrick Calma

Revolut plays a substantial role for most individuals when it comes to personal finance and banking. But how did this seamless way to transfer money to your friends for splitting a taxi get its footing in the market?

The story behind Revolut is the perfect example of rapid transformation and innovation. Founded in 2015 by Nikolay Storonsky and Vlad Yatsenko, Revolut has grown from a simple prepaid card offering fee-free currency exchange to one of the world’s most valuable fintech companies. The journey of Revolut from a small startup to a unicorn with a valuation of over $45 billion is marked by its relentless pursuit of growth, strategic pivots, and significant milestones. One of the pivotal moments in its rise was obtaining a UK banking licence after a three-year wait, signalling its ambition to become a fully-fledged bank​. 

The Revolut Revolution

Revolut was launched with a mission to disrupt traditional banking by providing financial services that are more accessible, affordable, and convenient. Early on, Revolut focused on offering currency exchange at interbank rates through a prepaid card, addressing the pain points of high fees and poor exchange rates that traditional banks imposed on travellers and international spenders. This unique value proposition attracted tech-savvy consumers who were looking for a more cost-effective way to manage their money. 

Revolut’s comprehensive financial ecosystem and diverse services like peer-to-peer payments, cryptocurrency trading and budgeting tools set them apart from their competitors as more than just a digital bank. By continually listening to user feedback and rapidly iterating on its product offerings, Revolut positioned itself as a user-centric company that was constantly evolving to meet the needs of its customers.

The Current State of Revolut

As Revolut expanded, it faced increasing pressure to comply with different regulatory standards across multiple jurisdictions. This was particularly evident in its long battle to obtain a UK banking licence, which was finally granted after three years of negotiations. This milestone was a crucial step in Revolut’s ambition to transition from a fintech disruptor to a fully regulated bank​. Competition has also been fierce, with Revolut contending with other neobanks like N26, Monzo, and Starling Bank. However, Revolut’s focus on customer experience, combined with a relentless push to add new features, helped it differentiate itself in a crowded market. 

Scaling & Growth

Revolut’s aggressive expansion strategy was instrumental in its rise. After establishing a strong foothold in the UK and Europe, Revolut set its sights on the global market, launching in countries such as the United States, Japan, and Australia. The company’s “move fast and scale” mentality was escalated by significant funding rounds, which attracted major investors including SoftBank and Tiger Global Management. These funds allowed Revolut to expand its workforce, invest in new technologies, and enter new markets rapidly. 

One of the core strategies Revolut employed was its focus on customer acquisition through a freemium model. This allowed users to experience the platform without any upfront costs, while premium and metal plans provided additional features such as higher withdrawal limits, travel insurance, and exclusive concierge services. By 2022, Revolut’s revenue had surpassed $1 billion, and it doubled this figure to $2 billion in 2023. 

What’s Next?

To share the success, the company allowed the employees to sell $500 million worth of shares to big investors such as Coatue, D1 Capital Partners, and Tiger Global. Revolut’s current valuation has surpassed banking giants such as Barclays, Lloyds Banking Group, and NatWest with only HSBC being higher. Moreover, it has a higher valuation than other fintech companies in Europe such as Klarna, but it’s a big world out there as United States’ Stripe and Brazil’s Nubank are setting the bar for its European rivals.

This narrative is linked to the fact that companies are increasingly avoiding listing on the London Stock Exchange, deterred by tax regulations and a challenging economic environment. In response, the UK is making efforts to attract the next wave of public companies by reducing bureaucratic hassles, adjusting listing rules, and even inviting Revolut for a meeting with the Treasury this fall. Despite these efforts to roll out the red carpet, Revolut appears to remain drawn to the allure of a potential listing in the United States and future scaling.

Investment in future growth has been a clear priority for Revolut. The company continues to explore new areas such as decentralised finance and integrating blockchain technologies into its platform. These forward-looking initiatives reflect Revolut’s strategy to stay ahead of financial trends and provide more services to its users. Moreover, Revolut’s focus on sustainability and ethical banking is resonating with a new generation of consumers who are increasingly conscious of where they place their money. By incorporating features like carbon footprint tracking and green investment options, Revolut is appealing to environmentally conscious customers, further solidifying its position as a progressive financial institution.

What Anna Delvey’s Ankle Monitor Can Teach Us About Marketing Strategies

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Chloé Asconi Feldman

At this stage, it is unlikely that one is active online or in the pop culture sphere without knowledge of the convicted con-artist-turned-socialite Anna Delvey. Recently making her debut on Dancing with the Stars with her bedazzled ankle monitor, Anna Sorokin, known familiarly as Anna Delvey, is known for posing as an upper-class heiress to the New York elite and swindling hundreds of thousands of dollars, eventually finding herself in jail for almost four years on the charge of grand larceny. Despite her criminality, Anna Delvey has been taken on by the general public as a new socialite, featuring on magazine covers and even gaining support from the “Eat the Rich” movement. The narrative surrounding Delvey is fascinating in itself, but her recent rebrand from con to dancer can also offer valuable insights into effective marketing strategies.

Scheming to Streaming: Swindling Scarcity

I had never given much thought to the television series Dancing with the Stars, but upon learning that Delvey would feature in the upcoming season, I found myself suddenly intrigued. This is because Delvey holds an air of alluring exclusivity; with her jail time and limited public appearances, seeing her on a television series increases the appeal of tuning in and engaging with show material. This phenomenon resembles the scarcity principle of marketing, a strategy where marketers urge customers to engage with a good or service based on its finite nature, whether numerically limited or seasonal. 

A brand notorious for its scarcity marketing is Hermès and its infamous Birkin bag. Social media frequently showcases celebrities carrying their Birkins as everyday bags; however, if one tries to buy one in a Hermès store they are met with a waiting list with an indefinite length. This scarcity of the product is what makes the Birkin so notorious, compared to other high-end designer bags – consumers are willing and able to wait to obtain a status indicator. This technique encourages customers to buy a product or service because it feels exclusive. In the case of Delvey and her limited public appearances, this comes in the form of television viewership.

Influencer Marketing: Controversy or Commonality? 

As controversial as she may be, Delvey proves once again how successful influencer marketing can be. Reaching just over a million followers on Instagram, the brands that Delvey partners with inevitably reach a wide audience. Yet what differentiates Delvey from other influencers is her status as an ex-con artist and her blurry public image. What makes influencer marketing especially differentiable is when an influencer with an indefinable allure posts about a product, compared to the typical state of the influencer world, which is plagued with fast-fashion and superficiality. 

As a brand, choosing Delvey to promote your product may seem controversial and ill-advised as she is an ex-con artist, but there is no denying the reach and influence that her posting about products would have. By simply bedazzling her ankle monitor, the concept has gone viral on social media with many claiming Delvey as their Halloween costume inspiration. By crafting a sensationalist, American-dream presenting image, Delvey stands out among influencers and those interested will seemingly follow along. 

Embracing Infamy: Brand Personas

Another marketing strategy that Delvey has executed to improve her personal brand is by embracing her controversy rather than ignoring it. While her story went viral when she was arrested in 2017, the Netflix series Inventing Anna, which documented the story of Delvey and her arrest, made it practically impossible to know about Delvey without associating her with scamming, scandal and fraud. Instead of shying away from this track record, Delvey’s Instagram bio states, “this is not financial advice”, and her bedazzled ankle monitor seems to embrace her criminal past rather than sweeping it under the rug. 

This strategy is nothing new to the world of brand management; in recent times, companies are more willing to face their criticism head-on. Ryanair for instance is a champion in the social media sphere for being bold and abrasive when considering promotion and CRM. However, this has only augmented the attention the airline receives over social media, as their cavalier remarks are in line with the brand’s persona – bare, no-frills and to the point. For Delvey, the choice to lean into and accept her criminal past creates a more authentic personal brand that invites discussion and publicity, whether good or bad. Whether talking about a convicted conwoman or an airline, there is truth in the effectiveness of using humour and marketing to address criticism rather than sugarcoating it.

Overall, Delvey’s rebrand –and her ankle monitor– offer insights into contemporary marketing strategies. She has been able to maintain the spotlight while capitalising on her controversial past and creating a personal brand, whether you love it or hate it. By using influencer partnerships, the principle of scarcity, and embracing her past, Delvey has demonstrated that even the most unexpected elements may play a significant role in the marketing narrative, including a bedazzled ankle monitor and a dance routine.

Driving Sustainability in SMEs: A Conversation with PlasTrak Co-Founder Finn Howley

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Petro Visagé

As small and medium enterprises (SMEs) grapple with the growing demands of corporate sustainability reporting, PlasTrak, an innovative Irish startup, has carved out a niche by demystifying complex EU regulations. This initiative provides SMEs with tailored, easily digestible guidance to enhance their sustainability reporting practices. Deputy Editor Petro Visagé sat down with Finn Howley, co-founder of PlasTrak, to unpack the origins of this transformative tool, the challenges they faced and their impact on the Irish SME sector. 

Can you give a brief overview of what PlasTrak does. How does PlasTrak specifically address the needs and challenges of SMEs in becoming more sustainable?

Howley: The mission of PlasTrak is to guide Irish SMEs through the transition to full plastic waste reporting and measurement. SMEs, by 2028, will have to track a huge amount of data points in relation to their sustainability footprint under CSRD. While not directly in scope of the directive, SMEs will be affected by the upstream and downstream reporting requirements of corporations above them in the value chain. For instance, for Musgraves to be able to comply with the directive, they will need to provide data on things like packaging waste that goes out the front door of every retailer that they supply to. Thus, there is a massive challenge for SMEs to start developing the infrastructure to record and report on their sustainability impact. What we do is provide SMEs with their reporting requirements in simple and digestible terms, in stark contrast to a 200 page EU document that is full of legalistic and technical language. We know that time is the most valuable resource for small businesses, so our aim is to create value for them by saving them hours and hours spent understanding their requirements under CSRD. 

Could you tell us more about the origins of PlasTrak?

Howley: So, we started working together as a trio in October 2023 when our lecturer paired up Robert and I with Maïlé because of our similar research interests in our capstone. It’s a very practical capstone where the first semester is spent doing primary research on a challenge, and the second semester is all about implementing solutions to that challenge. We were all interested in the implications of the new CSRD legislation so when we went and carried out our research, our biggest finding was that Irish SMEs needed help in the transition to sustainability reporting. So, when it came to taking action in January this year, the PlasTrak Initiative for Irish SMEs was born based on that finding. 

Could you tell us more about the founders?

Howley: I’m from Balbriggan in North County Dublin, Robert’s from Ashbourne in County Meath and Maïlé’s from Bali, Indonesia. Robert and I have been close friends since we were 12 years old, having gone to the same secondary school and playing rugby together in CUS. We’re both studying BESS, while Maïlé is in Computer Science & Business. 

What inspired PlasTrak and how did your personal and professional experiences shape the company’s mission?

Howley: So we were inspired to start PlasTrak when we were nudged by an Audit Partner that we interviewed in one of the Big 4 firms to look into Europe’s new sustainability reporting regulation, the CSRD. He described it as the “biggest change in company reporting in 40 years”, and when we did look into it, we found it to be a really interesting opportunity. 

From a personal point of view, we’re all passionate about sustainability. Robert and I have been involved in our local tidy towns committees for a number of years and Maïlé was part of the Bali’s Big Clean Up while at school in Bali. We’ve also all done internships in financial services firms, and studied in financial reporting modules, so I think we all kind of had an interest in the technical side of sustainability reporting – the whole aim of the CSRD is to bring sustainability reporting up to the same level of credibility and usefulness as financial reporting.

In launching a sustainability-focused startup, what were some of the biggest challenges you faced, and how did you overcome them?

Howley: I think that growing the initiative at the beginning was challenging as people didn’t take us seriously, perhaps we were initially perceived as inexperienced university students attempting to tell business owners how to run their businesses. This might have been the viewpoint of the people we intended to work with but declined our help. We moved away from the identity of college students working on a project, which might carry connotations of temporariness and lack of practical experience. Instead, we positioned ourselves as informed experts in the field of CSRD, letting on that we could “walk the walk” and not just talk about it. This repositioning helped in building trust and respect in the business community.

How important are partnerships and collaborations to PlasTrak, and can you share examples of successful collaborations?

Howley: Partnerships played a huge role in our initiative, we couldn’t have done it without our industry, government and academic partners. We collaborated with businesses across the sectors of healthcare, agriculture, construction, clothing retail, and food and beverage. Collaborating with Honey Truffle was a really fun experience, Eimer (Chef and Owner) is so nice. She gave up a lot of time out of her day and provided us with a lot of helpful feedback. 

In terms of the government side, the initiative was supported by the Department of Enterprise, Trade and Employment. They invited us to Local Enterprise Office events where we were able to network. We met a really cool entrepreneur at one of the events who then became one of our SME website users. We also collaborated with TBS faculty to share our insights and to both give and receive feedback. 

What are some of the biggest challenges currently facing the sustainability sector, and how is PlasTrak addressing them? 

Howley: Well certainly the first things that come to mind are costs and regulation, which is exactly where our business model fits. There’s no doubt that most business owners welcome the idea of sustainability but the question is to what extent are they willing to implement sustainable processes within their businesses? Sustainability initiatives often require substantial upfront investment. For instance, transitioning to renewable energy sources, upgrading facilities to reduce emissions, or adopting advanced recycling technologies can be expensive initially. The financial return on investments in sustainability could take several years to realise and the long payback period can deter businesses who prioritise meeting short-term demands. 

I think the initial success of PlasTrak stems from us providing our service for free. Our toolkit was created out of passion for the SMEs that keep the Irish economy ticking. By removing the cost barriers, we make it feasible for even small to medium enterprises to adopt sustainability measures that they would otherwise deem too expensive. Additionally by educating both the business community and students about the long-term cost savings and brand enhancement benefits of sustainability we encourage investing in sustainable practices and being prepared for the regulatory changes down the road.

What are the lessons you learned through this experience and what advice would you give to entrepreneurs looking to start a sustainability-focused business? 

Howley: We’ve learned so much already but to boil it down to key points: 

  1. You’d be surprised how willing people are to help if you just take the first step and ask.
  2. Being a college student makes for a great opportunity to use the free time you have to help others who are time and resource constrained with their challenges. It’s also a great chance to bridge the gap between the theory you learn in the classroom and the real challenges like climate change that are taking place in the world. 
  3. Resilience is key – the more comfortable you are with rejection and setbacks early on the better. It was the setbacks in our initiative that allowed us to step back and rethink. Being resilient actually allowed us to expand the initiative in new ways as we stopped worrying so much about following our plan so precisely.

Leveraging AI in Digital Marketing

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Anirudh Singh

As technological and social advancements sweep the globe, the digital marketing industry is expanding rapidly. Every day new developments in the industry appear, and artificial intelligence is no exception. AI has revolutionised the path for digital marketers; by leveraging AI in digital marketing, professionals can employ data-driven strategies, enhanced personalisation and customer targeting, improved efficiency, and cost-effectiveness, gaining real-time data insights for campaigns. Therefore, understanding the role of AI in digital marketing has become incredibly significant not only for marketing professionals but also for firms to gain a competitive edge.

Artificial Intelligence: A Background

Before delving into the application of AI in digital marketing, it is first important to highlight its history. Putting it in very colloquial terminology as many know, AI is a form of technology that has the potential to think and act like humans and complete assigned tasks in mere seconds– those which humans may take hours to complete. The evolution of AI in digital marketing is not an earth-shattering development; the phenomenon can be dated back to the 1950s when researchers applied linear programming and game theory concepts to predict consumer trends, transforming into neural networks in the 1970s. In the late 1990s and early 2000s, the boom of the Internet and E-Commerce opened the door for online marketing and advertising. From 2010 onwards, the advancement of machine learning, big data, the Internet of Things, and SAAS have changed digital marketing algorithms completely; now, marketers can leverage AI such as Chat GPT, Copilot, and many other AI-driven tools to complete tasks that would previously require many hours of labour.

Impact of AI in Digital Marketing

The impact of AI in digital marketing is very profound and visible in nearly every corner of the industry. For instance, AI has impacted the process of social listening and target marketing, especially using software like Emplify where marketers garner insights and data under one roof to streamline data management. Similarly, for search engine optimisation and content creation, AI can extract metrics from search engine databases in turn helping in the creation of content for target audiences. To enhance effectivity, AI also has a profound impact on email marketing and paid Google, Meta, Instagram and LinkedIn advertisements by formulating crafted content to audiences via optimisation of ad bidding strategies based on factors like behaviour, device type, and location. 

Benefits of Using AI in Digital Marketing

Before discussing the challenges and ethical considerations of the technology, it’s important to discuss the benefits of using AI in digital marketing. As much of the industry is aware, AI has many benefits for digital marketing; some of the most significant, however, are as follows. All of these benefits need to be properly acknowledged before a deeper discussion on the topic moves forward.

Prediction of Client Behaviour

For any business to grow, it is incredibly important to understand the behaviour of its client. Here, AI plays a vital role by making these efforts simpler and more cost-effective for marketers. AI tools can use statistical decision trees to understand customer behaviour, review past data, and suggest the best marketing strategy for marketers to better understand current and potential consumer patterns .

Customer Engagement

Understanding customer engagement is a challenging task for any marketer or agency;  it is frequently said that customer acquisition cost is far more than retention cost. Using AI-driven tools, marketers can scope out which customer segments they have to target to get the maximum acquisition. AI can also help them to track what each customer wants based on behavioural patterns, thus providing a blueprint for effective engagement that appeals to emotions.

Target Audiences

Selling a good or service to an unknown consumer is a very challenging and frustrating task. Traditional marketing saw the analysis of data and consumer preferences manually to target customers and sell their products; however, with the advancement of AI targeting customers and strategically segmenting them has become less time-consuming and more cost effective. Seemingly, all marketers need to do is feed their consumer data into AI which in turn generates tailored content, preferences and strategies to target the different segments who are interested in buying the product, thus broadening possibilities for marketers to strategise. 

Automation of Repetitive Tasks 

AI not only helps marketers and companies to engage the customer and target audiences but also helps to automate repetitive tasks. Through AI, marketers now automate pay-per-click (PPC), content for email marketing, search engine optimisation (SEO) and potentially social media content, which could have been traditionally laboursome and repetitive prior to AI’s initiation.

Customer Relations

Customer Relationships are all about loyalty and customer support, and AI has proven itself a strong candidate in maintaining these relationships. With AI assistance companies can gauge customer relationships that would require human capital traditionally. For instance, many companies have employed AI as the preliminary feature for aiding consumer queries in a format similar to texting. Although beneficial for cutting costs in many regards, employing AI for managing customer relations must be dealt with in a conscientious manner, as consumers often prefer human contact and possess queries that go beyond the scope of artificial means.

Overcoming Challenges and Ethical Considerations

One of the biggest challenges with AI’s use in marketing is the issue of transparency. In 2018, Amazon came under backlash when its AI recruitment platform collected the details of male and female candidates and favoured male candidates. Later on, Amazon relinquished that particular AI tool, but its use raises questions about transparency and bias in recruitment. If companies are using AI to collect data, they should remain transparent and inform people well ahead in advance about the purpose and application of their data collection.

Another challenge of using AI is privacy. Before collecting data to be used by AI, customers have the right to know how their data will be used and if they want to step out from this data collection. For instance, in 2020 Google was under attack when it collected the details of children under the age of 13 from YouTube without their parental consent and was fined 170 million dollars from the Federal Trade Commission. For marketers to employ AI, they must do so in a way that promotes accountability and ethical practices.

Bias is another common limitation to artificial intelligence. For instance, AI can be biassed if a marketer feeds the biassed data into it, which in turn yields untrue results which may be employed in a misconstrued way. Additionally, creators of AI software may possess inherent biases which in turn is implemented into the behaviour of their platform. For instance, AI’s use in creating photographs has perpetuated stereotypes, as seen in advertisements from EPIC museum in Dublin. Fact hallucination, reasoning errors, and use in creative sectors less driven by numeric data are all considerations that must be addressed and accounted for by marketers employing AI effectively. As such, knowledge of the technology’s limitations at the same level of its strengths is paramount to leveraging its use in marketing successfully. 

Future Trends and Challenges of AI in Digital Marketing

To conceptualise the future for AI and digital marketing, one can turn to the words of a key researcher in its field. “When it comes to how AI is shaping the future of digital marketing we need to understand its current role in digital marketing. AI not only helps us to understand consumer behaviour or enables tailored content, it’s also a great tool that enables marketers like us to anticipate future trends and needs.  But challenges are always there and will always remain there such as data privacy and biases and therefore to strike a balance between them and to ensure we remain on the right path is the hour of need for every digital marketer”, says Dr. Eamonn O’ Raghallaigh, PhD and Digital Strategist at Trinity College Dublin. As such, employing AI in a way that keeps the consumer at the heart of operations in an ethical manner can be extremely beneficial for garnering a competitive edge in the evolving marketing landscape. By employing its usage in relevant and ethical spheres while acknowledging and diverting its disadvantages, marketers can improve ROIs, provide valuable insights, and better target their consumers.

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