High street retailer Cos and Spanish jewellery and accessory store Tous are planning to enter the Irish market.

Tous moved into Britain last year and is now looking at bringing the chain here, while Cos, which stands for Collection of Style, also intends to open shops here, according to property adviser Savills.

Cos is owned by Swedish retailer H&M, which recently opened a standalone children's clothing shop in Dundrum and has been steadily expanding in Ireland.

"Dublin is now open for business to a completely new market of potential occupiers who for years have been prevented from coming here due to strong rental costs and restrictive lease terms," Savills retail director Larry Brennan said, pointing out that American retailer Gap has also been using the market downturn as an opportunity to expand.

Last week discount fashion retailer TK Maxx also reaffirmed its plans to expand here. The retailer has just over 220 shops in Ireland and the UK and plans to increase that to 275.

"We're committed to opening more in Europe than the US because frankly we've seen [property] rates come down more quickly in Europe than they have in the US," said Jeff Naylor, chief financial and administration officer of TJX, which owns TK Maxx.

The group plans to open up to 85 shops this year, net of store closings, most of them in Europe. It is rapidly expanding in Germany and is moving into Poland.

"We have found in previous recessions that customers who discover us stick with us when things improve because of the value," said company president and chief executive Carol Meyrowitz.