Shoppers of a rather *unique* persuasion swarmed the Jervis shopping centre last week, not for a sale on discount socks but for an exciting first-round bidding war. Who knew shopping malls could double as high-stakes real estate arenas?
Up to 13 bids were tossed like confetti for the Dublin city centre mall, discreetly put on the market by owners Paddy McKillen and Padraig Drayne. One might think they were auctioning off the Mona Lisa.
This is the first time the centre has been up for grabs since the ’90s, developed by our glorious trio: McKillen, Drayne, and the almost-feared businessman Paschal Taggart. It’s like finding the last Blockbuster still standing — it’s practically a museum piece in the digital shopping age.
Among the illustrious bidders, according to *The Sunday Times,* were the Comer Group and other heavyweights like US property titan Hines and David Goddard’s Lanthorn, each arm wrestling for retail supremacy. Perhaps they thought they could sweeten the deal with Goldfish crackers and juice boxes?
The auction follows the tightly contested bidding for Marlet’s trio of retail parks, marking yet another opportunity for investors to flex their financial muscles. It’s like an episode of *Survivor:* who has the best strategy to outlast the others in this twisted, capitalistic jungle.
Retail has somehow emerged as the darling of the property world this past year, attracting more capital than a dog in a pet store. Despite murmurs of retail’s demise during the pandemic, actual in-store spending saw a glorious rise of 2% compared to last year. Who said the physical shop experience was dead? Apparently, the reports were exaggerated — much like that time we all thought we could pull off high-waisted jeans.
With complaints about enough retail space to open a vacuum museum, landing a shopping centre is the new hot trend for wealthy investors. They’re snatching up retail parks with yields that would make a soccer mom proud. But, alas, the wave of construction hasn’t kept pace — the last retail park built was back in 2007, which is practically the Paleolithic Era in shopping terms.
And as we gear up for a new retail centre in Cherrywood, the irony isn’t lost on anyone. It’s like hosting a backyard barbecue while the rest of the block is still hunkered down in their crypt. But continue to watch as the old guard, like retail giants dropping like flies, make way for fresh blood — watch as obsolete units transform into thriving business hubs. Resilience in retail is reminiscent of college students muddling through exams: somehow, they survive to tell the tale.
In conclusion, while some retailers face extinction at the hands of online shopping, others will feast on the carcasses of their competitors. So, for those still scrambling to navigate the retail river, take heart: the current may be strong, but like a seasoned shopper, you can always find a bargain. And let’s face it, who doesn’t love a 50% off sale?
