Shoppers of a different stripe descended upon Jervis shopping centre last week, and it wasn’t just for a sale on shoes. A staggering 13 first-round offers for the Dublin city centre mall emerged, springing from its owners, Paddy McKillen and Padraig Drayne, like a surprise candid camera moment at a family reunion.
This shindig marked the first time the beloved shopping hub had been up for grabs since its inception in the 1990s, where it was birthed by McKillen, Drayne, and their entrepreneurial buddy Paschal Taggart. Shockingly, this is one of the last remaining centres from the retail heyday still owned by its original developers, immaculate but slightly dusty in the corner like an old trophy from school.
Among the bidding juggernauts were names straight out of a property investor’s glossary. The Sunday Times whispered about the Comer Group, US property mogul Hines, and Peter Horgan’s Lugus Capital throwing their hats in the ring. Even David Goddard’s Lanthorn tagged along, proving that the property game is not just a solo sport.
In case you were wondering about the competition, just ask Marlet, whose trio of retail parks recently fielded ten initial bids in a sporting event that made the Olympics look like a local bake sale. Retail has emerged as the star athlete in the property investment arena, shining brighter than a fluorescent light in a discount store.
Estate agents tripping over themselves reported retail claiming half of all deal values—a feat usually reserved for queens of England, not shopping centres. It would seem post-Covid dread of a “retail apocalypse” was simply a case of overzealous drama writing; retail might just be enjoying a rebound like a bad sitcom on a Friday night—only to come back stronger than ever.
Even US-headquartered Realty Income, which decided to go on a mini shopping spree, has invested $950 million in the Bellagio casino and thought, “Why not snaffle a few retail parks?” They’ve pounced on eight parks from Oaktree Capital for just €220 million—a bargain, if you ask them. Meanwhile, everyone else is glancing at retail parks like they’re glimpsing their dream vacation scrolling on social media.
When it comes down to it, a retail renaissance is upon us, quite the twist of fate after the pandemic uproar suggested otherwise. According to AIB’s statistics, in-store shopping grew by 2% in the first quarter. Sure, some may still be holding a candle for online shopping, but preferences are swinging like a pendulum back to the physical experience, further proving that bricks-and-mortar stores are not headed for extinction just yet. Maybe they’ll just take a long vacation instead!
While shoppers continue flocking back to stores for the “customer experience” (a novel concept, considering you could once buy a packet of biscuits from a website), retailers are livening up their stores too. Inspiration drawn more from modern cafes than from musty department store vibes, they’re adding entertainment and food options like they expect a Michelin star for their mall cuisine.
So, all in all, Jervis and its retail buddies appear to be the proverbial phoenix rising from the ashes of post-pandemic gloom. Perhaps it’s time to put those online shopping cookies back in the jar and start planning your next visit—who knows, you might even enjoy the thrill of the in-store hunt, like a modern-day treasure expedition in pirate-infested discount aisles!
