Last Week at Jervis: Shopping or Bidding Wars?
Last week, shoppers of a rather unconventional nature flocked to the Jervis shopping centre—not for the sale on shoes, but for a good old-fashioned bidding war. Yes, folks, the only thing more intense than a Black Friday sale was the showdown between investors after the mall was discreetly placed on the market by its owners, Paddy McKillen and Padraig Drayne.
This marks the first time since the mall’s debut in the ’90s that it’s up for grabs. It’s like that vintage jacket you’ve held onto since high school—everyone wants it, but nobody quite knows why. Given that it’s one of the last shopping centres still owned by its original developers, the bids are coming in hot and heavy—up to 13 in total.
Among those throwing their hats into the ring, or should we say, their stacks of cash, are the likes of the Comer Group and US property giant Hines. It’s like a game of Monopoly where everyone has landed on Boardwalk and is scrambling to build hotels before anyone else does. Other contenders included David Goddard’s Lanthorn, who I can only assume brought a semi-truck filled with cash—and probably a briefcase or two.
Now, let’s take a moment to appreciate the strange twist of fate here: retail is suddenly the darling of the investment world again, rising from the ashes of the “retail apocalypse” like a phoenix that refuses to die. Yes, while offices and private rented schemes are about as popular as a root canal, retail is enjoying its moment in the sun. Who knew that after a global pandemic, people would still love to wander through aisles of consumer goods, potentially catching a virus or two?
Statistics suggest that in-store spending is making a comeback—up 2% from last year. Apparently, some people are quite keen on mingling in crowded shopping spaces, despite what the skeptics say. It’s as if large groups of consumers, armed with shopping bags and a determination to find out if that “last pair” in a size 9 truly exists, are saying to ecommerce: “Not today!”
With shoppers returning to physical stores in droves, retailers are adding more shops like they’re throwing confetti at a wedding. Jean McCabe, of Retail Excellence Ireland, noted that retailers are keen to “achieve economies of scale,” which sounds a bit like a fancy way of saying they just want to make more profits while spending less on rent. Meanwhile, Brendan McDowell, a skincare mogul, opened 13 physical stores after getting cozy with pop-up shops—not unlike how many of us attempt to turn a one-night stand into something more meaningful.
So, what’s next in this retail revival saga? Well, while we’re not expecting a new wave of mega shopping centres to pop up overnight, experts are cautiously optimistic. Recent reports suggest there’s been a noticeable drop in empty units, barely giving retail a chance to collect dust. If it continues this way, we may witness a marketplace revival that warrants its own reality TV series. Who doesn’t want to watch “Real Estate Wars: The Retail Edition,” where investors battle it out in shopping malls?
If you find yourself contemplating a shopping spree—or perhaps a bid for the Jervis centre—remember to keep an eye on those rent prices. After all, in today’s retail landscape, saving a buck might just be more exciting than the thrill of buying every item in the clearance section. In the end, browsing may be back, but saving remains en vogue.
