Shoppers of a rather different kind swarmed Jervis shopping centre last week, apparently mistaking it for a thrift store. But alas, this was no bargain basement; it was a bustling auction scene with up to 13 first-round offers laid out for the Dublin city centre mall, which its owners, Paddy McKillen and Padraig Drayne, decided to discreetly market—presumably to avoid the cheerful chaos usually associated with a clearance sale.
This sale marks the first time the shopping centre has been put on the block since its inception in the 1990s, when McKillen, Drayne, and their pal, business guru Paschal Taggart, fashioned the centre into a retail paradise perfectly suited for peering into overpriced shops. Clearly, it’s one of the last remaining retail edifices still owned by its original developers—much like the last doughnut in a box everyone fights over but no one really wants.
Among the bidders, whisperings reveal that the gallery of contenders includes the Comer Group, the US property investor Hines, and Patron Capital, alongside David Goddard’s Lanthorn—because why wouldn’t a few financial powerhouses want to grab a prime piece of shopping real estate? You know, just in case they decide to sell a few pairs of socks on the side.
This bidding frenzy followed a rather interesting time for Marlet’s trio of retail parks, which garnered about ten initial bids; it seems retail is the belle of the ball at the property investment market dance party. While commercial office spaces are sitting like wallflowers, retail has suddenly become the center of attention, drawing in capital like moths to a neon light. Surely, the pandemic-induced predictions that bricks-and-mortar stores would fade away turned out to be as exaggerated as the claim that we’d all be wearing silver jumpsuits by 2023.
Statistics indicate that we’ve all collectively decided that shopping in-store is still a thing. A recent retail report from AIB revealed that consumer spending climbed by a cheeky 2% for in-store purchases compared to a year prior. It seems consumers have rediscovered the joy of actually, you know, leaving their homes. Apparently, seven out of ten people prefer shuffling around bricks-and-mortar shops for their day-to-day buys—perhaps for the thrill of trying on clothes without the help of a smart screen.
Jean McCabe, the CEO of Retail Excellence Ireland, stated that customers are “returning to stores for the customer experience,” which is a poetic way of saying we’ve missed human interactions that aren’t conducted via emojis. Retailers, recognizing the nostalgia for actual conversations, are opening more stores—probably hoping to become the next hangout spot where everyone knows your name and your preferred coffee order. Meanwhile, shopping centres are mixing things up with entertainment venues and an expanded food scene, as if to say, “Hey, why just shop when you can feast and play too?”
Who would’ve thought that starting a cosmetics brand would lead Brendan McDowell from selling his wares online to commandeering 13 physical stores in the UK and Ireland? Test shots in local malls like Blanchardstown led to an epiphany: there really was money in those quaint brick-sided structures after all. McDowell revealed that negotiating better rental terms during the pandemic was like fishing in a barrel, with many empty units available to snag at comparatively low prices. Who could resist that? It’s like finding an extra fry at the bottom of the takeaway bag!
In conclusion, while shopping chains vanish like socks in a washing machine, new firms are stepping up to fill the void—turns out the retail apocalypse isn’t such a nightmare after all. Whether you’re eyeing that Jervis centre or simply hunting down the latest retail trend, one thing is for sure: from thrift stores to multi-million dollar auctions, retail is evolving faster than a fashion runway, and it’s going to need all of us to keep the chase alive.
