So, there we were, Jervis shopping centre transformed into a stage for what seemed like a property auction gone wild! Last week, the place was packed, and not with your typical shoppers hunting for the latest sale on soy latte mugs.
Up to 13 bidders were vying for this Dublin hotspot—the shopping centre itself, not the overpriced organic kale. Its owners, Paddy McKillen and Padraig Drayne, quietly listed it for sale, much like how you might list that sweater your aunt sent you two Christmases ago but never wore.
This is the first time the shopping centre has been on the market since the 1990s, back when “retail therapy” meant something beyond a quick click online. Strangely enough, one might think that a shopping centre that’s been around longer than a few current TikTok stars would be a hard sell. Yet here we are.
Among those throwing their hats (or possibly berets) into the ring were the Comer Group, US investor Hines, and other financial bigwigs that make Monopoly money look like pocket change. The question on everyone’s mind is whether they were just in it for the foot traffic or the Instagram photo ops.
But wait, there’s more! Despite the post-pandemic whispers about the downfall of fizzy shopping carts, it seems retail is experiencing a dramatic glow-up. Yes, after reports of a retail apocalypse, actual in-store spending has risen by 2% this year. Who knew that humans still loved wandering through aisles, especially when it’s for more than just the overpriced air conditioning?
Interestingly, while the local mall is back in action, the office sector is still sulking in the corner like the kid who didn’t get picked for dodgeball. It seems our love for staring at screens didn’t entirely extinguish our need to pretend to “pop into the shops.” Retail Parks: the comeback story nobody asked for.
In a shocking twist, not only are favorite stores rebranding the vacant lots left in the wake of UK chains’ closures, they’re also being snatched up faster than free samples at Costco. As landlords drool over the prospect of new tenants, the age-old question remains—what do we actually need in our lives? More stores or fewer to fill with stuff we didn’t know we needed, like a decorative bust of a cat?
As for the anticipated retail expansion in Cherrywood? If it goes according to plan, we might find ourselves a little closer to the brick-and-mortar utopia we never realized we needed. That’s right, forget about bicep curls; we’ll be toning our wallets for this retail renaissance!
So, whether you’re a risk-taking investor or just someone who thinks online shopping is too “inconvenient,” remember: retail is coming back like journalists in the office after a year of working in their pajamas. Go forth, dear investors and shoppers, and revel in this glorious return to aisles of possibilities!
