Shoppers of a rather unexpected sort gathered in Jervis shopping centre last week — and no, they weren’t after the latest sale on plaid shirts. Instead, they were prowling like hawks, ready to pounce on one of Dublin’s prized retail pieces. That’s right, the mall, quietly put up for sale by its owners, Paddy McKillen and Padraig Drayne, has become hotter than a pair of new shoes in July.
In this highly competitive game of “buy me, please,” up to 13 first-round offers besieged the shopping centre, the first time it’s ever come to market since the ’90s. Yes, that’s right, if these walls could talk, they’d probably whisper sweet nothings about the glory days of big hair and neon leg warmers.
And among this auction frenzy were some names quite recognizable—The Sunday Times informs us that bidders included the Comer Group, US property mogul Hines, and other finance-savvy connoisseurs like Peter Horgan’s Lugus Capital. Even David Goddard’s Lanthorn joined the fray, proving that shopping isn’t just for consumers — it’s also for those with sharp financial appetites.
The bidding ritual wasn’t surprising, given the recent triumphs in the retail parks game, where Marlet’s trio of parks in Dublin, Louth, and Tipperary saw ten bids. Clearly, retail investments have turned into the hottest trend since high-waisted jeans. With office occupancy rates in a slump, it seems brick-and-mortar stores are staging a comeback, like your dad at a wedding, insisting he still has those dance moves.
“Retail has been the belle of the ball,” they say, as it attracts more investment capital than your friend’s obsession with collecting vintage vinyl. According to reports, in the first quarter of the year alone, retail accounted for half of all property deals. Not exactly the apocalypse some predicted at the height of COVID, right?
And can we talk about the irony? While many guffawed at the supposed demise of physical stores, retail is hopping back into the fray like a cat that just knocked over your favorite vase. AIB’s latest retail report showed a modest 2% rise in in-store spending compared to last year. That’s right—more consumers are choosing in-person shopping for their daily needs, proving that sometimes, touching the fabric beats clicking “add to cart.”
But it’s not just about sales; it’s about experiences! Jean McCabe, head honcho at Retail Excellence Ireland, declared that “customers are flocking back for a dose of the in-store experience.” Good news for retailers looking to open more stores and make more dough—because nothing says “success” in retail quite like leaping over hurdles of economic uncertainty to serve consumers in an experience-laden atmosphere. Who knew shopping could be such a thrill?
So, what does this wacky roller coaster ride of retail investment mean? Well, while some aim for prime shopping temples with yields of up to 6%, others have turned to retail parks that are less management heavy and infinitely more charming than your average fast-casual restaurant. Collectively, the industry is reminded that, while some retailers may close their doors, new ventures will eagerly scramble in like eager puppies into a freshly opened bag of treats.
So for each piece of retail history that gets shuttered, new brands spring forth, seeking their 15 minutes of fame in vibrant shopping centers. The brisk turn of this narrative makes clear — retail isn’t just alive; it’s resurrected, like a phoenix with unusually good taste in clothing. And as landlords start clearing out born-to-die stores, savvy newcomers like McDowell, who first made waves selling online, are swooping in to seize the moment. Welcome to the new retail renaissance!
