Although housing an important collection of Georgian architecture and acting as Limerick's city centre, Newtown Pery's position as the one time fashionable area of the city has slowly disappeared. In addition to this, its Georgian heritage has been severely compromised, in particular around the retail core of
O'Connell Street and
William street. Economic decline and stagnation plagued Limerick during the 20th century which saw some townhouses converted to tenements such as at Arthur's Quay and Bank Place. During this time very little investment was seen in Newtown Pery, only the exodus of families and industries to new suburban districts around the city due to modern requirements. By the mid-20th century, dereliction had taken its toll as the townhouses at Arthur's Quay, Francis Street and Bank Place were lost. Lax development controls enabled the almost complete rebuilding of the northern end of O'Connell Street and replacing what were some iconic and illustrious buildings with more
modernist, cheaper 1960s-style architecture. The loss of Todd's Department Store to a fire which gutted the building, the rebuilding of Cannock's Department Store, Royal George Hotel, AIB Bank amongst many more, altered the look of city. Nevertheless, much of the districts Georgian townhouses remain intact. Despite the architectural losses and economic conditions, Newtown Pery remained the premier retail and services district for Limerick and the greater
Mid-West Region well up into the late 20th and early 21st century. Economic stagnation in Limerick was broken by the
Celtic Tiger in the late 20th century. Newtown Pery still lagged behind with regards to investment and planning, with exception to the riverfront of the
Shannon. Suburban areas of Limerick saw massive investments, particularly in retail, which saw the onetime retail core of
O'Connell Street and
William Street being eclipsed by massive retail developments in the suburbs such as the
Crescent Shopping Centre in
Dooradoyle. However, in the early 21st century, this was realised and as of the 2020s, major improvements are taking place to improve the Newtown Pery area of the city. To counterbalance the apparent '
doughnut effect' of Limerick City Centre, the
City and County Council, alongside the Limerick Civic Trust, Limerick 2030 DAC and the
Government are funding and redeveloping the city centre, in particular the Newtown Pery area which comprises most of the city centre. Many of the buildings along the area are occupied by solicitor's offices, accountants, auctioneer's and English schools, and hospitality establishments (such as 101 O'Connell Street and Maggie Choo's). A significant revitalisation project took place on
O'Connell Street, the city's main
thoroughfare, from April/May 2021 to June 2023. ==Future==