Shoppers of a rather different kind flocked to the Jervis shopping centre last week, indicating that the only thing more plentiful than the foot traffic was the number of bids being thrown around like confetti at a New Year’s Eve party.
Up to 13 first-round offers were eagerly tabled for the Dublin city center mall, quietly put on the market recently by its owners, the dynamic duo Paddy McKillen and Padraig Drayne. This was the first time the beloved shopping haven had been for sale since the 1990s, so you could say it’s been on the block longer than your average adolescent’s room.
The Sunday Times has heard whispers of interest from a broad spectrum of bidders, including the Comer Group, the US property titan Hines, and a few other players who could probably fund a small country with their spare change. Among them were David Goddard’s Lanthorn, apparently bidding on behalf of clients who have discerning taste in shopping centres.
This auction comes on the heels of some strong bidding for Marlet’s spectacular trio of retail parks, which were also basking in the limelight with ten initial bids. Apparently, retail is “in” again, while other sectors sit in the corner looking highly depressed—who knew shopping would become the social butterfly after being holed up during the pandemic?
It appears that retail has stepped into the limelight as the star performer in the property investment market, with estate agents enthusiastically reporting that the segment accounted for half of all deals in the first quarter. Who knew retail therapy would also apply to investments?
In what can only be called a phoenix-from-the-ashes scenario, post-pandemic reports of the death of bricks-and-mortar stores turned out to be as exaggerated as a “Buy One Get One Free” sign in an empty store. AIB reported an uptick in in-store spending by consumers, suggesting that as much as we love our online shopping, sometimes you just need to touch the fabric to feel alive again.
And speaking of touching fabric, businesses are getting a makeover; stores like BPerfect Cosmetics, which kicked off as an online-only operation, are now sprouting physical locations faster than weeds in your backyard. Brendan McDowell explained how they tested the waters at pop-up locations before committing to permanent leases. It’s almost like dating—flirt a bit before taking that plunge into a long-term commitment.
In a twist of retail fate, as stores close down, new opportunities arise. After the demise of Debenhams, various opportunists snatched up units faster than you can say “bankruptcy sale,” turning vacant spaces into bustling enterprises. It’s like a high-stakes game of musical chairs—just with more shopping bags and fewer chances of being left standing alone.
The cyclical nature of this market reflects a broader truth: while some chains back away in fear, the savvy ones see opportunity lurking in the shadows. And if we’ve learned anything, it’s that sometimes the best strategy for survival in the retail jungle is to embrace flexibility—like yoga for shops. As Karl Stewart from Cushman & Wakefield aptly noted, it’s this inherent resilience that keeps the retail industry alive and kicking, like a well-caffeinated consumer on a Saturday afternoon.
So, as Jervis’ auction fires up and the bidding war gets hotter, one thing is crystal clear: retail isn’t dying; it’s evolving with more twists and turns than a soap opera plot. Get your popcorn ready because this is one madcap drama worth watching.
