In tough times work hard, hope for the best, says Dublin’s oldest retailer

Dublin’s oldest retailer, Tom Monaghan , reveals the secret of successful longevity – keep on working! The 94-year-old still works in his shop – Monaghan’s Cashmere on South Anne Street in Dublin – while also breeding Ascot Gold Cup-winning horses in his spare time. Tom attributes his success to hard work and an optimistic outlook. He also learned ‘the real value of a pound’ when he grew up, working day and night with six siblings and a widowed mother on a West of Ireland farm.

What’s your secret?

I am very happy with what I do. You need something to get you out of bed. I would say to older people don’t retire unless you have to.

Keep going as long as you can.

What did your parents teach you about money?

To know the real meaning of what a pound was worth. I grew up on a farm near Tuam. We lost our father at 52 and my mother, a marvellous lady, reared and educated seven children. We farmed sugar beet, sometimes working day and night. We had plenty of food but no money.

Any stand-out memories from 60 years in business?

I remember selling the first cashmere twinset in Ireland in the 1960s. It cost five pounds and 15 shillings. We have people coming in over three generations buying cashmere. Their grandmothers may have bought from us and the family still come in. We have superb quality cashmere, none better in the world.

You’ve traded through many recessions? How does this one compare?

I have no doubt this is the worst in my lifetime. I was never closed for three months. We’ve lost three months trading. Every business will be struggling after that. And we’re not out of it yet.

How is business now?

It was hard seeing the store closed and being unable to open up. In 60 years in business, we never closed for three months before. We’ve missed the whole tourist season, which was very important for us. The first week after reopening has been difficult (from a trading point of view). This week is a bit better and hopefully it will continue to improve.

Are rent and rates fair for shops?

No. Rates are ridiculous for what we get. Some of the footpaths are unwalkable. They (landlords and councils) will need to give us some relief or a lot of shops will go out of business

What was your best investment?

A shop in the Grafton Arcade, where we started. The rent was £10 a week. My brothers went guarantor and I knew I couldn’t fail them. I had a wonderful wife who departed last November. She was my stronghold. Sometimes I would come home after a bad day and she would always say: ‘Tomorrow will be better.’

Have you any advice for young people starting off?

If times are tough, work hard, put your head down and hope for the best.

Do you own property?

I never lost my attachment to land. We have bought (farm) land when we had a few bob and been very lucky, probably doing equally as well as if we’d bought on Grafton Street.

Most expensive thing you’ve bought for fun?

I had an insurance policy mature about 20 years ago and I bought a Mercedes. It’s still outside the door, although I haven’t driven it in 10 years. It’s not worth much but I’d hate to part with it.

What’s your guilty treat?

I don’t drink, smoke or play golf. But I have a more expensive habit – we breed bloodstock. I started it off and I handed my son (Paul) the hot potato. We have a farm in Kilcock with yearlings and foals. I go down every Saturday and stay until Monday.

Your worst investments?

Horses – the bulk of them, were dodgy! But we’ve had success on the track too. I was fortunate to breed the winner of the Ascot Gold Cup in 2017, a horse called Trip to Paris.

What would you do if you were finance minister?

1. Cut rates for small businesses.

2. Cut Vat for small traders to get us out of this predicament, even if only for a year or two

3. Cut inheritance tax.