RETAIL giant Marks & Spencer could open its first store in Limerick within three years, it has been confirmed.

As first revealed by the Limerick Leader on Wednesday, the company is set to be named as anchor tenant at Arthur’s Quay Shopping Centre following a multimillion euro redevelopment.

The clothing, food and homewares retailer has now agreed with Tiernan Properties to open a store in the 18,580 square metre mixed-use development.

Tiernan Properties has confirmed it will shortly begin the planning process for a “transformational” redevelopment of the site.

The company, which built the existing shopping centre in the late 1980s, has confirmed to the Irish Times that it has signed heads of agreement with Marks & Spencer.

It said there had been “significant interest” from other major brands in the project, which is expected to boost footfall in the city centre.

“We have been carefully planning the redevelopment of Arthur’s Quay for some time and have had significant interest in the project. However, this has been heightened over the past 12 months or so, thanks to the accelerated recovery taking hold in Limerick,” said Mark Tiernan, development director at the company.

“A key aspect of the development is that it will bring the city and river together in a way that has not been done before. For decades Limerick has been accused of turning its back on its prime asset, the River Shannon. This project will redress this imbalance,” he added.

Subject to the planning process, it is expected the €60m redevelopment will be completed by 2022.