Shoppers of a peculiar kind crowded around Dublin’s Jervis shopping centre last week, not quite sure if they were going for bargains or simply the spectacle of capitalism at its most theatrical.
Up to 13 initial bids were thrown into the chaotic arena for the mall, which has recently been discreetly placed on the market by its owners—Paddy McKillen and Padraig Drayne. Apparently, it’s not every day you get to own one of Dublin’s retail cathedrals, and folks are quite eager to take the plunge.
This isn’t just any ol’ sale; it’s the very first time since the 1990s that Jervis has been up for grabs. Luxurious, isn’t it? One of the last relics from the grand era of the ’90s—back when neon spandex and boy bands ruled the world and shopping malls were the ultimate status symbol.
Among the apparent contestants in this high-stakes game of Monopoly were the Comer Group, US property giant Hines, Peter Horgan’s Lugus Capital, and Patron Capital—who sounds like someone you’d want to have a cocktail with, quite frankly. Not to mention David Goddard’s Lanthorn, reported to be working on behalf of paying clients who likely have deeper pockets than a well-padded Santa Claus.
The bidding frenzy followed a successful auction for Marlet’s trio of retail parks— a hungry crowd of ten bidders fighting over those oppressively practical patches of land. Apparently, retail has risen from the ashes of its supposed demise like a phoenix fueled by consumer needs. Those “retail is dead” headlines during the pandemic were evidently far too hasty, proving that people can only hang out online for so long before yearning for the tactile joy of browsing aisles filled with the explosion of bright, shiny things.
In fact, recent studies have shown that 70% of consumers still prefer going into physical stores for their everyday needs. And who can blame them? There’s something undeniably soothing about the smell of new clothes and the soft hum of consumerism filling the air.
Jean McCabe, CEO of Retail Excellence Ireland, put it rather succinctly: customers are flocking back to stores for that oh-so-unique customer experience. Retailers, it seems, are responding by opening doors like it’s the ‘New Year’s Eve Sales’—clearly hoping to woo us all back into a glorious retail renaissance.
Take Brendan McDowell, founder of BPerfect Cosmetics, for example. He started peddling his wares online but quickly realized that nothing replaces the charm of a physical storefront. He’s opened 13 locations in just five years, a commendable feat for someone who once had to convince shoppers that make-up was more than just a social media filter.
In this topsy-turvy market, it seems that shopping centers and retail parks are adjusting their tenant mixes to include more entertainment options and food. Because who wouldn’t want to nibble on avocado toast while watching a flash mob enact Shakespeare in the middle of a mall? It’s a captivating blend of necessity and ridiculousness that now defines the modern shopping experience.
As things pivot and spin further into the retail cosmos, we see a curious irony unraveling: The declining giants of yesteryear are making way for fresh contenders. For instance, what was once a Debenhams has morphed into a treasure trove of in-demand brands, proving that one man’s empty husk of retail is another’s goldmine.
In this grand game of musical chairs, it is still unclear whether the final melodies will end in harmony or cacophony. But for now, the bidding continues, and the allure of retail—a captivating soap opera of shifting fortunes—remains irresistibly entertaining.
