Shoppers of a different sort descended upon Jervis shopping centre last week, looking less like bargain hunters and more like investors eyeing a prize cow at a county fair. Why? Well, it turns out the retail scene isn’t dead yet! Up to 13 first-round offers were on the table for the Dublin city center mall, quietly released from the clutches of its owners, Paddy McKillen and Padraig Drayne, who are likely too busy enjoying their retirement to care about Jervis’s future.
This is “surprise!”—the mall’s debut on the sales floor since its developers turned it into a shopping utopia back in the ‘90s. And yes, it remains one of the last vestiges of pre-Celtic Tiger times still clinging to its original owners—sort of like that old sweater you still wear, even though it’s lost half its buttons.
Among the bidders? The usual suspects: superstar investor Hines from the U.S.; the flamboyant Comer Group; and the likes of Lugus Capital and Patron Capital, because every financial party needs its fair share of flair. And let’s not forget David Goddard’s Lanthorn, contributing to this verbal version of a real estate Hunger Games.
Just when you think retail is as extinct as the dodo, it turns out that amidst the global pandemics and economic upheavals, in-store sales are actually on the rise. According to agents, retail has become the golden child of the property investment sphere, eclipsing the sad, forgotten office space sales lurking in the shadows.
Estate agents have reported that the first quarter of this year saw retail transactions accounting for half the deal value. Talk about a comeback! If only we could revive Blockbuster Video with the same fervor. As it stands, even U.S.-headquartered Realty Income seems to have rolled the dice in shopping, investing nearly a billion in retail parks like it’s Monopoly money.
Meanwhile, the narrative that bricks-and-mortar stores are a thing of the past is as exaggerated as those Q4 holiday weight gain estimates. A recent AIB report found in-store spending rose by 2 percent compared to last year. What’s that? People actually like trying on clothes that don’t arrive in just-in-time delivery boxes? Who knew!
All this excitement has led to a veritable supermarket sweep of real estate. From pop-up stores sprouting like mushrooms after rain to retailers like BPerfect Cosmetics (who, true to the name, have expanded faster than garden weeds) opening multiple physical locations, it looks like retail is experiencing a second wind. It’s like watching a zombie movie where the undead are the shopping malls that just refuse to die.
But let’s not twist this narrative into a fairy tale. While retail parks are being snapped up like hotcakes, many old-timers in less desirable locations are gathering dust, much like your high school yearbook that you swear you’ll eventually throw out. It’s truly the era of the “rebranding ninja”—as previous British retail giants fall away, fresh contenders line up, ready to snap up those prime retail spaces. One small step for retail, and a much larger leap for your Netflix subscription.
