Shoppers of an unusual variety crowded Jervis shopping centre last week, proving that retail therapy is alive and kicking, albeit with a twist. Who needs therapy when you can just bid on a 1990s shopping mall and pretend it’s self-care?
Up to 13 first-round offers were thrown at the Dublin city centre gem, subtly placed on the market by its owners, Paddy McKillen and Padraig Drayne, because, why not? This is their first sale since they developed the place back in the days when baggy jeans and boy bands ruled the airwaves. It’s a bit like finding your old Tamagotchi; nostalgic and a tad dusty.
Among the hopeful bidders were the likes of the Comer Group, US property bigwig Hines, Peter Horgan’s Lugus Capital, and Patron Capital. Oh, and David Goddard’s Lanthorn—clearly, the mall wasn’t getting just any ‘Joe Blow’ offers. The bidding looked about as competitive as a toddler race at a birthday party, complete with cake crumbs and all.
Not too long before this shopping extravaganza, Marlet’s trio of retail parks received ten initial bids—an indication that the retail market is more alive than ever. Apparently, the only thing more resilient than a cockroach is the retail sector post-COVID. Just when you thought the end of physical retail was nigh, retailers are resurrecting like they’ve escaped from a horror movie.
It turns out that retail has been the celebrity of the investment market lately, attracting capital like moths to a flame. Despite the gloomy pandemic predictions, in-store spending miraculously climbed by 2 percent this year. You’d think the world was rediscovering shopping as a hobby, flipping the script on online shopping. Shocking, I know!
Jean McCabe, chief of Retail Excellence Ireland, claims customers are flocking back to stores for the “customer experience.” Who knew the experience was all about listening to a blaring sales pitch while elbowing other shoppers to reach the seasonal sales? Retailers are on a spree of opening more stores. It’s like watching someone who just discovered online shopping struggle to fit their new wardrobe into the closet
Certainly, the marketplace dynamics have evolved, and I’m not just talking about people’s inability to walk past those impulse-buy candy displays. With a mix of retail parks getting veteran treatment of renovation and new entertainment venues popping up like invited guests at a party, things are looking upbeat. Looks like the days of dusty, forgotten corners are long behind us, replaced by shiny, Instagram-ready spaces. Perhaps one day, they’ll even start organizing raves in the food courts.
Camgill Conway, lured by the siren call of good deals, is on a retail shopping spree, feasting on bargain-basement deals that make thrift store hunters green with envy. Their chairman believes one park’s value could double—not because of grand renovations, but likely due to sheer luck and the right marketing campaign. It all sounds like a lottery where instead of picking numbers, you’re hunting discounted leash holds on flashy stores.
