So last week at the Jervis shopping centre, you could say shoppers of a different breed—think investors with wallets like treasure chests—came in droves. Apparently, the retail therapy was less about shopping and more about staking claims, as 13 eager bidders placed their first-round offers for this gleaming Dublin gem. The owners, Paddy McKillen and Padraig Drayne, had quietly put it on the market after a long tenure, reminiscent of a movie star finally deciding to auction off their beloved childhood teddy bear.
The Jervis shopping centre has been around longer than most millennials can remember, having been developed in the ‘90s. It’s practically a vintage piece in the realm of shopping malls, especially given that it’s one of the few still owned by its original creators. You know the type—always looking handsome, still charming, and asking for a princely sum to take home.
Among the hopeful bidders were well-known entities such as the Comer Group and the US property giant Hines, along with Peter Horgan’s Lugus Capital and the ever-ambitious Patron Capital. Ignoring the fact that they were not exactly your run-of-the-mill bargain hunters, these bidders were more serious about looking for new retail goldmines than anyone searching for actual gold at a flea market.
This auction was a follow-up to intense bidding wars over Marlet’s retail parks. Ten offers were thrown in like a free-for-all buffet—except here, nobody was turning down the spinach salad. It seems retail is the hottest sector on the property scene, raking in more capital than anyone could have predicted, considering it was left for dead during the pandemic. It’s like that one friend who shows up at parties again, despite not being invited.
According to estate agents, retail accounted for half of all deals in the first quarter of the year—probably because people were tired of being cooped inside their homes, binge-watching every series known to man, wanting to keep their bank accounts equally entertained.
Then there’s the shining beacon of US-headquartered Realty Income, which recently decided to put all its chips on shopping by purchasing several retail parks for a cool €220 million. Sure, they’ve been known to spend big, but this time it seems they’re really in it for the long haul; they might even want to open the next Vegas casino right next to a food court.
But just when you thought the demise of in-person shopping was a foregone conclusion, statistics have come to the rescue—like a superhero swooping in after the villain already left the scene. AIB recently reported an uptick in in-store spending of 2% compared to last year. Apparently, consumers crave that sweet, sweet tactile experience of physically walking into a shop, bypassing the online marketplace like it’s an old acquaintance they’d rather not chat with.
Jean McCabe, president of Retail Excellence Ireland, claims that shoppers are returning for the experience. This is like saying that people prefer steak to tofu on special occasions. Meanwhile, shopping centres and retail parks are getting a makeover, adding more restaurants and entertainment options than ever before. It’s less about simply buying stuff and more about building your Instagram story.
Brendan McDowell, CEO of BPerfect Cosmetics, initially went the online route but has since opened 13 physical stores! Apparently, there’s a pent-up desire for strolling through charming aisles filled with eye cream that promises to turn back the clock (but actually just provides a decent hydration level).
As the market continues to expand, it becomes clear that retail isn’t just surviving; it’s thriving on the ashes of its own perceived demise. If bricks-and-mortar retail can be likened to that stubborn friend who won’t leave a party, then all we have to say is: “Stay fabulous, my friend!”
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