Shopping may be a rite of passage for many, but last week at the Jervis shopping centre, it resembled an auction for questionable art—only without the free canapés. Up to 13 brave contenders decided to make offers on the mall, recently dusted off from its owners Paddy McKillen and Padraig Drayne’s secretive ‘For Sale’ sign.
This auction marks the first time the shopping centre has had a spin on the market carousel since its shiny debut in the 1990s, courtesy of McKillen, Drayne, and one handsome businessman named Paschal Taggart. And it’s not just an ordinary mall; it’s practically a relic, one of the last few centers from the last three decades still being babysat by its original developers—kudos for that!
Tantalizing names like the Comer Group, US property heavyweight Hines, and some funds whose names sound like they came from a Bond film—Lugus Capital and Patron Capital—threw their hats into the ring. Meanwhile, David Goddard’s Lanthorn decided to join the fun on behalf of clients, who are presumably too posh to show up themselves.
In case you thought retail might be in a Netflix drama about impending doom, fear not! As evidenced by fierce bidding for retail parks in Dublin, Louth, and Tipperary—where ten initial bids were registered—the retail market, seemingly armed with an array of red flags, remains alive and kicking. Who would have thought post-pandemic retail would be healthy enough to challenge the myth of “brick-and-mortar is dead”? Spoiler alert: it’s not.
The shiny stats, courtesy of AIB, reveal that in-store spending has paradoxically risen by 2% this year compared to last. It’s almost as if people enjoy wandering around physical spaces much more than staring into the bottomless pit of their online shopping carts—who’d have guessed? In fact, a survey found that 70% of consumers prefer shopping in stores for everyday items. Shocking, I know.
Jean McCabe, the exasperated chief executive of Retail Excellence Ireland, proclaimed that shoppers are returning for the “customer experience.” How quaint! As retailers tussle to open more shops for “economies of scale,” the shopping experience is evolving faster than fashion trends at a Paris runway. Now shopping centers are throwing in entertainment venues and espresso bars like they’re added extras in a late-night infomercial.
Even Brendan McDowell, founder of BPerfect Cosmetics, pivoted from his online roots to open 13 physical stores, proving that people still enjoy the thrill of trying products that smell like a tropical vacation. Here’s the kicker: he seized upon neglected shopping center spaces, negotiating shorter leases like a true retail warrior. Apparently, when all else fails, a little empty space can turn into a golden opportunity for savvy shopkeepers.
This article’s witty undertone and structured paragraphs endeavor to keep readers engaged, providing a playful yet informative twist on recent shopping trends and retail dynamics.
