Shoppers of a notably unconventional variety swarmed the Jervis shopping center last week, proving once again that retail therapy isn’t just for the fashion-obsessed. Up to 13 first-round offers floated like perfume in the air for this iconic Dublin city center mall, which its owners—Paddy McKillen and Padraig Drayne—decided to sell without the fanfare of a clearance sale sign.
Surprisingly, this is the first time the shopping center has been on the market since its glamorous debut, crafted by the original developers back in the ’90s. Picture a time when baggy jeans were all the rage, and every teenager’s diary was filled with entries about their school crush. Fast forward, and it’s one of the final bastions of shopping centers still in the hands of its original creators, like a beloved vintage jacket that refuses to be discarded.
Among the bidders, confirmed sources whispered about the likes of the Comer Group, US property powerhouse Hines, and an assortment of less familiar but equally intriguing entities like Peter Horgan’s Lugus Capital and Patron Capital. David Goddard’s Lanthorn even got in on the action, like the friend who always shows up to help carry your shopping bags but never buys anything.
This bidding war followed a scene stealer: Marlet’s black Friday-like frenzy, where a trio of retail parks in Dublin, Louth, and Tipperary gathered ten initial offers. Apparently, retail parks are now the social butterfly of the investment market, flaunting serious competition while office sales wallow in D-List despair.
For well over a year, the retail sector has been the Kardashians of the property investment world, raking in the most capital despite the muted competition. Just as everyone’s favorite office block panics next to an oversized “For Sale” sign, retail parks have flourished, reminding us all that the prognosis during COVID was not only overly dramatic but possibly a bit fictional, like a soap opera plot twist.
AIB’s latest retail report revealed that in-store spending saw a 2% uptick compared to the same time last year. Although in-store shopping had a heart attack in the fourth quarter, it now seems to be staging a revival like a stubborn celebrity refusing to retire. According to the EY Future Consumer Index released in May, a staggering 70% of consumers still want to shop in brick-and-mortar stores for ordinary items. Apparently, there’s still a visceral thrill to holding that new pair of shoes before buying them.
Meanwhile, Jean McCabe, the CEO of Retail Excellence Ireland, grasped the narrative that customers crave the “experience” of shopping, and retailers are countering by opening more stores—like rabbits multiplying in a particularly promising spring. Suddenly, shopping centers and retail parks are adding entertainment venues and an array of dining options, making sure that they aren’t just places to buy but destinations to visit, like a mini amusement park without the Ferris wheel.
Even Brendan McDowell, founder of BPerfect Cosmetics, is jumping on the bandwagon, claiming his transition from online sales to physical stores has seen tremendous growth. It’s as if he decided that selling skincare online was a bit like asking people to buy pizza without a taste test. “When we first opened in Blanchardstown in 2022, there were more empty units than in a horror movie,” McDowell quipped. It turns out that opening a shop during a retail drought is like finding a gold nugget in a rubbish heap.
As retail continues its renaissance, it’s clear that buyers are queuing up like fans outside a sold-out concert, albeit with budgets that prefer a sweet discount. The Jervis center, with its asking price of €120 million (not including the parking, which is apparently too precious to throw into the mix), has gained international attention. Despite its hefty price tag, experts suggest it’s a beacon of hope and a “good asset with a nice footfall”—rather like your favorite local diner that always manages to stay afloat even when the trendy places are all the rage.
In light of this, the ever-present challenges against thriving retail parks continue to reshape their narratives. Each closure brings a new possibility for innovative retailers to swoop in, ready to turn the vacant spaces into something fresh—like urban superheroes. With occupancy rates hovering near 100%, it perhaps seems that the only thing lacking is a blueprint for future developments, as no one wants to risk losing their shirt trying to build retail spaces when the existing ones are selling like hotcakes.
