Shoppers with a Twist: The Curious Case of Jervis Shopping Centre
Last week, an unusual crowd descended upon the Jervis shopping centre — and no, they weren’t just there for the kale smoothies. Up to 13 different first-round offers were submitted for this Dublin city centre gem, which its owners, Paddy McKillen and Padraig Drayne, had quietly put on the market. You know, just a casual stroll down million-euro lane.
This marks the first sale of the shopping centre since its inception back in the ’90s, making it as old-school as the fluorescent tracksuits people wore during that era. It’s one of the few centers still in the hands of its original developers. Talk about holding onto your prized possessions, eh, McKillen and Drayne?
Among the eager bidders were several notable players, including the Comer Group, who must be feverishly counting the zeros in their bank accounts; the US property giant Hines (who assumes that “Hines” is just a clever name for “money”); and David Goddard’s Lanthorn, who seemed to think that buying a shopping mall sounded like a Tuesday night thrill. Last I checked, they hadn’t made a movie about that yet.
The auction unfolded amidst a flurry of excitement surrounding Marlet’s retail parks, which also had ten initial bids. Clearly, retail is the hot dinner topic in the property investment world right now. Who knew shopping could make such a comeback? I guess the apocalypse has taken a pause for a shopping spree.
Retail has recently emerged as the darling of the property scene, raking in more capital than a pirate’s loot. In stark contrast, office sales have taken a nosedive, likely because everyone’s still wondering if the “office” is the new “Netflix binge-watching spot.” Remarkably, estate agents reported that retail accounted for half the value of all deals in the first quarter of the year. It seems shopping addicts are more resilient than we give them credit for.
In a plot twist that could rival an M. Night Shyamalan movie, major US investors like Realty Income have been dishing out cash left and right for retail parks, with one swanky deal involving eight parks for a casual €220 million. The resurrection of retail after the pandemic was inevitable; after all, who could resist the siren call of a well-stocked candy aisle? Talk about “retail therapy” taking on a whole new meaning!
As for what retailers are doing, one CEO put it best: “Customers are back for the experience.” Yes, because shopping for items we could easily order online is somehow more exciting. Retail spaces are reimagining their offerings, adding entertainment venues and enhancing their food options. It’s like they suddenly realized that a shopping mall is not just a place to buy socks but can also serve as a dinner date destination. Cheers to that hair-brained concept!
But alas, not all is swinging ‘round like a merry-go-round. Some shopping centers are still struggling, wearing the melancholy outfits of vacancy signs. As British retailers continue to shutter doors, our ever-resourceful Irish landlords are flipping these empty spaces faster than a pancake. Though one can’t help but wonder if they’ve just opened a portal for a new breed of shops that sell nothing but artisanal pickles. Welcome to ‘2023: The Year of the Gourmet Gherkin!’
Although the retail landscape can seem a bit like a game of musical chairs, one thing remains constant: The resilience of shoppers. As stores change hands quicker than you can say “discount sale,” it’s clear that the occupants are in for a whirl of new opportunities. Retail, it seems, is not merely surviving; it’s maneuvering its way back to the limelight, one quirky pop-up store at a time!
