Shoppers of a rather peculiar flavor flooded the Jervis shopping centre last week, but alas, they were not after the latest in mall fashion trends. No, this week’s big ticket item was the mall itself. Up to 13 first-round offers came marching in for Dublin’s central retail gem, which its owners, Paddy McKillen and Padraig Drayne, decided to list like yesterday’s newspaper. Their decision to quietly put it on the market has led to a frenzy reminiscent of Black Friday shopping—minus the trampling, of course.
This is the “first annual” sale for the Jervis shopping centre since it was originally unveiled by McKillen, Drayne and business buddy Paschal Taggart back in the ‘90s, a time when hair was bigger, clothes were brighter, and shopping was considered a sport. Today, it stands as one of the last centres from that golden era still in the hands of its original creators. It’s like finding an untouched relic in a thrift store—everyone wants a piece of it.
Names like the Comer Group, US property powerhouse Hines, and Lugus Capital made an appearance among the eager bidders. David Goddard’s Lanthorn even waltzed in on behalf of clients who apparently believe owning a shopping centre is the latest trend in investment. Meanwhile, the auction followed a veritable buffet of strong bids for Marlet’s retail parks, which makes one wonder if the most exciting thing on the property market is now a sprawling park filled with shops and food trucks.
For over a year, retail has emerged as the star player in the investment market. This has made office buildings and residential schemes look like the forgotten cousin no one invites to the family reunion. Retail has become the cool kid at the playground, flaunting its shiny new playground equipment—also known as cash. Despite the doom-and-gloom predictions earlier on during the pandemic, retail seems to have received a miraculous revival. Reports show that in the first quarter of this year, retail managed to nab half the value of all investment deals in the country. Can you say comeback of the century?
Don’t let anyone tell you that the shopping crisis is real. Reports indicate that in-store spending surged by 2% compared to the previous year. According to the EY Future Consumer index, a staggering 70% of consumers would choose physical stores—yes, those majestic temples of commerce over the convenience of online shopping. Jean McCabe, the queen bee of Retail Excellence Ireland, declares that customers are returning for the *experience*! Who knew that the joy of shopping for socks could rival a trip to Disneyland?
Brendan McDowell, the mastermind behind BPerfect Cosmetics, transitioned from online sales to opening physical stores faster than you can say “shopping spree.” With a current total of 13 brick-and-mortar locations, customers can now choose from four sales channels: website, pharmacies, standalone stores, and even TikTok (yes, talking about makeup on TikTok counts as a sales channel). “When we opened in Blanchardstown in 2022, the place was like a ghost town,” McDowell humorously shares. “But hey, the empty units became our canvas for creativity!”
Yet while BPerfect is doing intricate pirouettes around the retail stage, one must ask: Where’s the real party? Turns out buyers are still lingering around for prime shopping pieces, as it appears that strategic buyouts are the new black. With every tick of the clock, retail ownership is changing hands, much like a hot potato at a game night. Private equity investors, hedge funds, and even some strategic value partners are taking an interest, like overly enthusiastic bingo players for the last remaining numbers. Who knew shopping centres could spark such fervor?
In closing, the Jervis shopping centre auction is just a symptom of the vibrant—and somewhat chaotic—state of the retail market today. With investors clamoring for their slice of this urban pie, it’s a wild reminder that while the pandemic nearly flattened retail, it looks like it’s now making a comeback that rivals the great superhero blockbusters. Keep your shopping bags ready, folks; it seems retail is not done with us yet.
