Shoppers of the Unusual Variety Descend on Jervis
Last week, the Jervis shopping centre was the place to be, but this time, the shoppers weren’t your usual bargain hunters—they were, brace yourself, property moguls! Yes, folks, up to 13 first-round offers were reportedly submitted for this Dublin city centre gem. It seems the owners, Paddy McKillen and Padraig Drayne, decided it was time to part ways with the mall they quietly marketed, possibly whispering sweet nothings into the ears of potential buyers.
Now, hold onto your shopping bags—this is the first time Jervis has been up for sale since its birth in the 1990s, thanks to McKillen, Drayne, and their accomplice Paschal Taggart. It stands proudly as one of the last surviving temples of consumerism, still in the hands of its creators. If shopping malls had a retirement home, this one would be throwing a lively bingo night.
And who were these hungry bidders, you ask? Among them, the notorious Comer Group, mysterious US property investor Hines, and Peter Horgan’s Lugus Capital, not to mention Patron Capital and David Goddard’s Lanthorn. It’s like the Hunger Games, but for shopping centres, and only the richest will survive.
The enthusiastic auction followed a feeding frenzy for Marlet’s trio of retail parks, which also fell victim to strong bidding—10 initial bids, to be exact. Is retail real estate making a daring comeback? Spoiler: just when we thought e-commerce had put a stake through the heart of in-person shopping, it turns out retail is more resilient than your grandma’s fruitcake.
Statistics show that, against all odds, in-store spending is on the rise, sending tongues wagging across the financial sector. Reports from AIB reveal a miraculous 2% increase in consumer spending, proving that bricks-and-mortar, despite relentless online criticism, is pulling a quite spectacular phoenix act. Are we seeing the retail zombie rise again? Perhaps with a new wardrobe and a shopping spree on its mind.
Retail Excellence Ireland CEO Jean McCabe stated that customers are “returning to stores for the customer experience.” That’s right; it seems consumers are no longer satisfied with merely clicking “Add to Cart” in their pajamas. Who knew the thrill of interacting with physical merchandise could be so enticing? Shocking, I know!
The landscape of shopping centres is evolving, with a newfound interest in entertainment venues and restaurants. Apparently, a salad bar is now as essential to the new shopping experience as a good old-fashioned shoe store. Interestingly, Brendan McDowell, founder of BPerfect Cosmetics, transitioned from an online-only existence to opening 13 physical stores. He realized the empty units during the pandemic were basically gold mines just waiting to be exploited by a savvy entrepreneur. It’s like being offered a treasure map. Who could resist?
With all these changes, it’s clear that retail has — against all odds — turned a corner, proving that a mix of charm, experience, and a decent sandwich shop can work wonders. As they say, “When life gives you lemons, open a lemonade stand in your new shopping centre.” Here’s to retail’s resilient comeback that has turned the once empty malls into a property developer’s paradise. Who would have thought?
