Shoppers of a distinctly different nature flocked to the Jervis shopping centre last week, not for the latest sales on leggings but for a rather serious auction. A staggering 13 first-round offers were submitted for the Dublin city centre mall, mysteriously placed on the market by owners Paddy McKillen and Padraig Drayne in what can only be described as a property game of hot potato. Apparently, selling it quietly is the new loud.
This marks the first time since its glitzy debut in the 1990s that Jervis has become available for bidding—talk about a shopping centre with commitment issues! Even Mike Ashley might be raising an eyebrow at this. It’s simply shocking to find that some of the last developments from the glory days of mall culture are still managed by their original developers. One can only imagine the nostalgia while browsing through the half-empty food court.
Rumor has it that among the contenders for this shiny trophy were the Comer Group, the US investment giant Hines, Peter Horgan’s Lugus Capital, and Patron Capital, with David Goddard’s Lanthorn representing clients so important they likely have their own fan clubs. You’d think it was a bidding war for the last golden ticket to Willy Wonka’s factory! The stakes were high, considering the last retail parks to sell were snatched up faster than hotcakes.
Retail has unexpectedly tossed its hat back into the investment ring post-pandemic. Who would have guessed? Apparently, the only things lower than office sales are the hopes of anyone holding student loans. Despite the doom and gloom wave during Covid, retail is throwing a comeback party. According to estate agents, retail accounted for half of all property deals in the first quarter of the year, which should be a wake-up call to anyone still under the impression that online shopping killed the mall.
Realty Income, the spectacle-seeking real estate enthusiast headquartered in the US, has been tossing money around like confetti. They’ve splurged $950 million on the Bellagio casino in Las Vegas and then turned around to buy eight retail parks from Oaktree Capital for €220 million this year. Talk about a shopping spree worthy of a reality show—much more riveting than watching paint dry at a Zoom meeting.
The dismal delusions about bricks-and-mortar stores are clearly all smoke and mirrors. Statistics reveal a notable uptick in in-store shopping, with AIB stating that in-store spending rose by a miraculous 2% compared to this time last year. Even the EY Future Consumer index discovered that 70% of shoppers prefer physical outlets for their everyday purchases. How quaint—people actually enjoy engaging with the ‘real world’!
As for the retail landscape, it’s evolving faster than your uncle’s conspiracy theories at Thanksgiving dinner. Jean McCabe, the ever-optimistic CEO of Retail Excellence Ireland, noted that customers are flocking back for the “customer experience” which probably includes far too many conversations about the weather. Retailers are responding by expanding their store counts, adding entertainment zones (because nothing says “shop” like karaoke in the aisles), and attracting more Irish brands than ever before. If a few empty stores have to be sacrificed to spark joy, so be it!
