Shopper alert: Jervis Shopping Centre attracted a rather different crowd lately—let’s call them the high-rollers who think “shopping spree” is a sport. Up to 13 first-round bids emerged for this illustrious Dublin mall, which was quietly listed for sale by its owners, the dynamic duo Paddy McKillen and Padraig Drayne, who were likely tossing glitter at each offer.
Since its inception in the ‘90s, this shopping mecca has managed to remain in the hands of its developers—an achievement akin to holding onto your favorite pair of jeans post-college. Among the bidders? You’d think it was a high-stakes poker game with names like the Comer Group and US property mogul Hines in the mix—yes, that’s right; the kind of companies that make grown men weep over their wallets.
Remember the *frantic bidding* for Marlet’s retail parks? Well, with this sale, the cherry on top was that the post-pandemic retail scene, despite many claiming it’s on its last legs, appears to have pulled a phoenix act—rising from the ashes with a new wardrobe that includes *actual shoppers*. Who knew the doom and gloom predictions of yesteryear were just an awkward, post-surgery recovery process?
Retail has been so last-season for capital investors lately, it’s practically in vogue again. According to our best guesses—backed by analytics—retail has snagged a whopping 50% of all property deals this year. That’s half! That’s better than any annual dieting resolution we ever kept.
Meanwhile, everyone from Realty Income—who, by the way, casually dropped a cool $950 million on Las Vegas’ Bellagio casino—to smaller players eyeing the Jervis centre seem convinced that physical stores are making a monumental comeback. It turns out customers enjoy fistfuls of tangible shopping experiences—who knew?! Now we just need to convince them to stop staring at their phones while browsing. Progress!
Retail Excellence Ireland’s CEO, Jean McCabe (who we’re convinced moonlights as a motivational speaker), claims shoppers are flocking back for that elusive “customer experience”—whatever that means. It’s as if customers missed the odor of retail carpet and syrupy coffee brews too much during the pandemic! Retailers are happily expanding their portfolios faster than a influencer’s closet.
Yet, comparing shopping centers to retail parks is still as complex as distinguishing between abstract art and a toddler’s finger painting. Landlords could play a game of poker with their expenses given how service charges can be five times higher in malls—there’s no bluffing when it comes to those bills. The only thing keeping this game alive is the thrill ride of international investors still drooling over prime retail space while hoping to cash in on jaded shoppers looking for yet another excuse to spend!
