Shoppers of an unusual breed flocked to the Jervis shopping centre last week as if it were a flash sale on toilet paper in 2020. Yes, that’s right—up to 13 first-round offers were made for this humdinger of a mall, recently placed discreetly on the market by its owners, Paddy McKillen and Padraig Drayne. Apparently, keeping malls is so last decade.
This isn’t just any property transaction; it’s the first time this shopping centre has been up for grabs since its inception by McKillen, Drayne, and some dude named Paschal Taggart back in the ’90s—when people still thought cassette tapes were a good idea. The Jervis is practically a relic, one of the very few centres still owned by its original creators, like a vintage T-shirt that has somehow survived the years unscathed.
And speaking of survivors, among the eager bidders were some heavy hitters, such as the Comer Group, the US property titan Hines, and the ever-elusive Patron Capital. Also on the list was David Goddard’s Lanthorn, clearly busy scouting for investment gold while the rest of us were just trying to find our car keys. Not to be outdone, the bidding war had a backdrop of recently notable successes for retail parks in Dublin, Louth, and Tipperary—yes, that’s right, an actual hot market in the thrilling world of retail real estate.
For over a year, retail has strutted its stuff as the shining star in the property investment scene, drawing in more cash than a lottery winner at a casino. With office space piling up dust and private rented schemes as popular as a diet soda at a barbecue, who knew retail would stage such a triumphant return? Apparently, the shops were merely taking a short break, not throwing in the towel.
In the first quarter of this year, retail sales accounted for a whopping half of all transactions—if only navigating tax forms were that simple. Meanwhile, Realty Income, a US heavyweight that recently dropped $950 million at the Bellagio casino (because why not), opted to scoop up retail parks like they were Pokémon cards. They’ve reportedly secured a spot as the favorite contender for Marlet’s retail park portfolio. Talk about having a shopping spree budget!
So, just when the doomsayers were serenading on the “death of the in-store experience,” the mood shifted sharply. Retail reported an uptick in in-store spending—2% more than last year, which sounds small until you consider it’s not just your Aunt Gertrude buying more kitchen gadgets. According to an EY survey released earlier this year, apparently, 70% of consumers prefer the tactile thrill of good old-fashioned shopping. You can almost hear the distant footfalls of shoppers yearning for that “customer experience.”
Retail spaces are rediscovering their charm, with shopping centres adjusting their tenant mix as if they’re auditioning for a blockbuster. Offering a blend of entertainment options and local brands, these centres might just become the new social hubs—perfect for people-watching while dripping coffee down your shirt. Brendan McDowell of BPerfect Cosmetics, a man who clearly enjoys a good comeback story, started with online sales and has now peppered the UK and Ireland with 13 physical stores, proving you really can have it all—if you know how to work a pop-up shop.
