Last week, Jervis Shopping Centre turned into a zoo, but instead of giraffes and elephants, the crowd consisted of high-stakes bidders keen on grabbing a piece of prime Dublin real estate. Who knew shopping could be such a blood sport?
In a bold move, the owners, Paddy McKillen and Padraig Drayne, quietly served this mall on the auction block for the first time since its 1990s inception—clearly thinking, “Why not cash in on the nostalgia?” A staggering 13 initial bids rolled in, proving that money really does grow on the trees of investors desperate to label their spending as ‘entrepreneurial.’
The appetite for retail space is remarkable, especially considering it’s virtually a dumpster fire for other property types like offices and private rentals. Who knew people preferred elbowing each other out of the way for the last pair of shoes rather than staring into their work computers?
Among the hopefuls were big-name players such as the Comer Group and US property investor Hines, who must’ve thought shopping centers were the new gold mines. With 10 initial bids also rolling in for Marlet’s trio of retail parks, it seems that the only thing more popular than retail shopping is attempting to buy retail shopping—because walking around the mall is so last year.
Reports from the estate agents reveal that retail has, against all odds, become the shining star in the property investment constellation—seemingly immune to the heebie-jeebies of the Covid era. Apparently, the rumors about the death of ‘bricks-and-mortar’ were greatly exaggerated, perhaps akin to your Uncle Larry’s belief that he can still bench press 200 lbs.
Statistics show a warming return to physical shopping, with in-store spending up by a healthy 2% compared to a year ago—much to the chagrin of Netflix addicts everywhere. And according to the EY Future Consumer Index, 7 in 10 shoppers prefer good old-fashioned stores for their daily needs. Who knew that human contact could be so thrilling?
Retail Excellence Ireland’s Chief Executive, Jean McCabe, claims consumers are flocking back to stores for the “customer experience.” Because who wouldn’t want an awkward chat with a sales assistant while clutching five shopping bags? Meanwhile, retailers are responding in kind by throwing entertainment venues and gourmet food options into the mix because watching a movie while shopping for joggers is the new black.
Now, let’s not forget the nostalgic BPerfect Cosmetics, which has transitioned from online sales to opening 13 retail stores across Ireland and the UK. They tested the waters with pop-up stores—clearly, insecurity about commitment runs deep in retail. Did we mention they managed to snag good lease deals thanks to a plethora of vacant units? The moral? Timing, like the stock market, is everything.
While some retailers are diving headfirst into expansion, others are merely holding their breath during this stormy sea of retail chaos. And though some shopping centers are begging for tenants and floundering with vacancies, we’re reminded that every cloud—or empty store—has its silver lining. Perfect conditions for fresh brands eager to swoop in and glitter like they just stepped out of a fairy tale. Resilience truly is the new chic.
In the end, while Jervis Shopping Centre becomes the talk of the town, expect plenty of other players to climb on board. After all, why limit your investments to stocks when you can gamble on online shopping… in person? Because who doesn’t love a little mystery with their shopping spree?
