The Great Dublin Shopping Duel: A Mall of Epic Proportions
Last week, a unique event unfolded at the Jervis shopping center, not of seasoned bargain hunters, but rather a gaggle of serious bidders. Yes, you heard it right—shopping for the sake of investment, not impulse buying. Up to 13 initial offers were made for the Dublin city center mall, quietly put on the market by its owners, the pair of real estate wizards, Paddy McKillen and Padraig Drayne.
This shopping center has more history than your grandma’s attic, as it’s the first time it has ever been up for sale since its inception in the ’90s. You might think it’s like an old bottle of wine, only less aromatic and more commercial. Among the bidders, we’ve got the likes of the Comer Group and Hines—because who wouldn’t want a piece of prime retail real estate right in the heart of Dublin?
But here’s the twist! In contrast to the dreary predictions during Covid (when we all thought retail was pulling a vanishing act), reports suggest that retail is back on its feet and fighting for its spot in the investment ring. It’s almost as if the negative headlines about “bricks-and-mortar” were just the industry’s way of taking a dramatic pause.
According to estate agents, retail has taken the spotlight in the property market, accounting for half of all sales in the early months of the year. So, if you were worried that shopping centers were going the way of Blockbuster video stores, fear not! The resurrection is real, and retail parks are the phoenixes rising from the ashes of the pandemic.
But don’t swipe your credit card just yet; let’s talk policies. Retail parks are back in vogue, carrying lower management costs and fewer service charges than their sprawling mall cousins—think of them as the minimalists of the retail world. Imagine 10-12 units with potentially a food truck or two, all basking in the glory of foot traffic. What’s not to love, right?
Cue the entrance of buyers who have cash to burn, chasing after retail gems that promise yields higher than your average bank account interest rate. The Jervis shopping center was expected to melt away stifling the hopes of bidders, but the asking price of €120 million (not including the car park—because who needs convenience?) was just high enough to spark a bidding frenzy!
And let’s not forget the retail landscape—where empty stores are promptly filled by a motley crew of new brands. Remember Debenhams? They’ve left the stage, and in their place, retailers who have had sleepovers in their units are setting up shop. It’s like a game of musical chairs, but instead of losing your seat, you might just end up with a TikTok shop alongside a high-end cosmetics line—because why not?
Amidst all this shopping chaos, the tale unfolds of the unpredictable nature of our beloved brick-and-mortar stores. Surprising as it may seem, the doom and gloom predictions around retail have given way to optimism. With each vacancy filled, and every bid placed, the retail world is slowly, yet surely, reclaiming its throne—one profitable shop at a time!
