But the developer's massive 18,500sq m (200,000sq ft) plans for new shops, 91 apartments . . . and even a new shopping street off Patrick Street . . .will also mean a rise in rents in the city.

O'Callaghan has just lodged a planning application which sees the redevelopment of the old Irish Examiner, ESB and Johnson & Perrot buildings into 20 highquality shops ranging in size from 465sq m (5,000 sq ft) to 1,400sq m (15,000 sq ft).

But the upgrade of a huge part of the city centre will mean that rents are likely to rise.

O'Callaghan says that they will be looking for top Zone A rents of 3,750 a sq m ( 400 a sq ft) for the units, which are likely to attract European labels such as Zara, H&M and other top fashion names into the city centre.

"Retailing in the city centre has been held back for too long mainly due to a real shortage of space. It is a peculiarity of the city that many of the operators like Roches Stores, Dunnes and Brown Thomas own the buildings they occupy. The same goes for many of the smaller businesses.

Because of this it is always difficult for new retailers to get a foothold here and Cork has fallen not only behind Dublin but also Limerick and Galway."

O'Callaghan is optimistic about getting permission and hopes that the new shops will be open in 2008.