Shoppers of a rather different kind flooded the Jervis shopping centre last week, leaving the usual crowd of deal-hunters looking on in bewilderment. Who knew all it took for a mall to become a hotspot was a few rich folks with more money than sense?
Rumor has it that a staggering 13 first-round offers were tossed onto the table for the Dublin city centre mall, which its owners—Paddy McKillen and Padraig Drayne—had discreetly decided to sell. You know, just your casual Monday morning garage sale at a shopping centre that’s been in the same family since the ’90s. The Jervis hasn’t seen the “For Sale” sign since the last time fashion faux pas were in vogue.
Among the list of esteemed bidders were major players like the Comer Group, US property investor Hines, and Lugus Capital. You know, the type of folks who would swipe right on a shopping centre just because it has great foot traffic and decent views of Dublin’s not-so-urban jungle. I suppose even billionaires need a hobby.
Interestingly enough, the Jervis auction followed a desperately competitive bidding war for Marlet’s charming little trio of retail parks, which received ten initial bids—one for each time someone said, “You know, shopping’s not dead!” It seems post-pandemic fears of retail apocalypse were, in hindsight, merely a panic-induced, headline-grabbing fad.
Estate agents reported that retail has been the sole celebrity at the investment market party for more than a year now, outshining the wallflowers that are office spaces and private rented schemes. Meanwhile, in-store spending sauntered up by 2% this year, proving that consumers, unlike some fashion trends, are often just a little stubborn. Who doesn’t love a nice in-person shopping experience where you can touch the fabric, smell the candles, and feel regret all at once?
Of course, there’s always that optimist who believes that a surge in physical retail signifies a glorious comeback story, rather than just a temporary phase. Jean McCabe, chief executive of Retail Excellence Ireland, pointed out that customers are “returning to stores for the customer experience.” Which, let’s be honest, is often just a euphemism for free samples at the food court.
Even Brendan McDowell, founder of BPerfect Cosmetics, started off on the Internet but has successfully opened 13 physical stores—perhaps as a way to convince friends and family he’s actually an adult. “When we first opened in Blanchardstown in 2022, there were a lot of empty units,” he reminisces, likely while staring at a “Closed Until Further Notice” sign. “A good time to open a store because we could negotiate better rents!” Oh, the joys of thriftiness in the pursuit of retail fame!
All sarcasm aside, despite a few retail villains closing their doors for good, the realm of shopping is witnessing a vibrant resurgence. Yet, if you’re still skeptical about spending your hard-earned cash at bricks-and-mortar stores, just remember: nothing beats the thrill of buying that overpriced candle for a friend’s birthday—especially when you can smell it first. Now that’s an investment that pays off!
