THERE is cautious optimism among the Limerick business community for 2025.
That’s according to Limerick Chamber, who said that while there are undoubtedly challenges facing businesses in Limerick and across the Mid West, good work was done in 2024 to address some of the greatest concerns of business owners and to pave the way for growth on the horizon.
It was a year of highs and lows for business in Limerick across 2024, with shock closures, new businesses opening, record levels of investment, and breakthrough work on long-awaited projects.
In October, it was announced that the International Rugby Experience on O’Connell Street was to close after just 16 months.
The landmark tourist attraction with the flagship O’Connell Street building, owned by Adare Manor billionaire JP McManus, was planned to be handed over to Limerick City and County Council, but, after handover talks fell through, the decision was made to close the experience.
In September, Eli Lilly announced that it was to invest $1billion (€927million) into its Limerick facility, creating up to 450 jobs the by summer of 2025.
Throughout the year, works progressed on the Limerick Twenty Thirty Opera Square project, with the project ‘topping out’ in October, reaching roof level of the ambitious project both on time and on budget.
The 106,000sq/ft landmark office space in the city centre is set to be an employment hub for over 1,000 people.
Works progressed on another Limerick Twenty Thirty project, the Cleeves Quarter, after a masterplan for the site was published in late 2023.
In May 2024, a project brief for the residential zones and the public realm was published, with the hopes of progressing towards a planning application.
And following the rollercoaster year that was 2024, Seán Golden, Limerick Chamber’s chief economist, is of the belief that the new year ahead may herald a “significant change” for local businesses.
“Not only will we have a new government, there are also several legislative and regulatory changes coming for business; from the increase in minimum wage to the introduction of the auto-enrolment retirement savings scheme and the first reporting for businesses under the EU’s Corporate Sustainability Reporting Directive,” he said.
“These will increase the cost burden for some businesses,” Mr Golden noted.
The Chamber chief economist said that local businesses are also concerned about the cost of doing business as 2025 rolls around, with energy prices remaining high, as well as insurance increases in some sectors.
“It goes without saying that some good work was done in 2024 to limit costs in exposed sectors, with the introduction of the increased cost of doing business grant and the PowerUP grant,” Mr Golden said.
“Businesses outline that the key issues for the next government to grapple with are housing, cost of doing business, and poor public infrastructure.
“Ireland will quickly become uncompetitive and unattractive for businesses if we continue to fail to address these issues quickly,” the Chamber chief economist said.
The gift of shopping local
On a local level, Mr Golden noted that a new Limerick Gift Card to incentivise people to shop local this Christmas has been a “huge success”.
The Limerick Gift Card, launched by Limerick Chamber and Limerick City and County Council, was introduced this year to allow people to give the gift of shopping local and supporting local business.
The gift card has so far seen over €90,000 spent in businesses across Limerick city and county, with over 177 local businesses signed up already.
Mr Golden said that the potential growth for the Limerick Gift Card is unlimited and that the challenge now is to ensure people use these cards year-round.
“All we need is to ensure we continue to sign up as many businesses as we can throughout the entire county and people continue to keep the gift card in mind when purchasing year round,” he said.
“This is our first year with this gift card, and we have seen great support coming from businesses and the general public when purchasing the cards for gifts. As awareness for the programme grows into 2025 we expect more money to be spent on the cards and a greater swell of support.”
The Limerick Gift Card also has zero commission, so it means that every penny spent goes back into the local economy.
Mayor of Limerick John Moran said that the gift card’s success shows how well Limerick works when everyone works together.
“We know Limerick is at its best when we all come together behind a common purpose. The success of the Limerick Gift Card is a testament to the community’s commitment to supporting local businesses.
“Every euro spent locally helps to sustain jobs and keep our economy thriving. I encourage everyone to continue supporting this fantastic initiative,” Mayor Moran added.
