Walking into Jervis shopping center last week felt like stepping into a bizarre beauty pageant for bricks-and-mortar retail—except the contestants were a cadre of eager buyers rather than sequined models. Proceed to the first round of offers, which numbered a staggering 13, all vying for ownership of Dublin’s prized mall, the unwilling star of this real-estate reality show, courtesy of its owners Paddy McKillen and Padraig Drayne, who decided it was time to flip the prize.
Mind you, Jervis hasn’t been on the market since the Clinton administration—this contest dates back to the 1990s. Yes, it’s one of the last remaining shopping centers still in the hands of its original developers. Think of it as the vintage wine of retail estates, except instead of enhancing with age, it sat there quietly waiting for its moment in the spotlight.
Among the bidders are familiar faces like the Comer Group, US property giant Hines, and a few other heavyweights trying desperately to prove they have better taste than the last decade’s agricultural-themed investments. Rumor has it that David Goddard’s Lanthorn showed up, fashionably late but ready to make a statement on behalf of clients. Maybe they all just heard that the word “sale” was invoked.
And speaking of sales, it seems retail has been the life of the property investment party for over a year, while other sectors slump like a deflated balloon at a toddler’s birthday party. Who knew the pandemic would unleash a retail phoenix from the ashes of our e-commerce despair? Apparently, clients prefer shopping in-store—2% more this year, if we’re to believe the latest reports—because nothing says “retail therapy” quite like battling through a crowd to find a half-off toaster.
The EY Future Consumer index squealed with delight this May, reporting that seven out of ten consumers have a penchant for real-life shopping experiences, often claiming “it’s just not the same” as online browsing—even though your couch technically sounds far cozier. Jean McCabe from Retail Excellence Ireland assures us customers are flocking back for that “customer experience,” which might just mean they can finally talk to other humans. Maybe that’s the real win here.
One notable transition came from Brendan McDowell of BPerfect Cosmetics, who morphed from an online shop to a physical presence faster than you can say “global pandemic.” He opened 13 stores in just five years, making him the retail version of the Hulk—except instead of smashing, he’s just shopping. Pop-up tests in malls have proven to be fruitful, allowing him to negotiate deals as if he were at a flea market, and his €2 million investment is making physical stores rain cash.
Although major retail casualties are still rife—I’m looking straight at you, dear Debenhams—replacement units are swooping in like superheroes to save the day. Old stores are being reimagined by a plethora of contenders, proving once and for all that in retail, not all heroes wear capes. Take that, UK chains. And local Irish tenants? They’re hammering away at the vacancies with all the enthusiasm of a DIY show, probably fueled by caffeine and sheer disbelief that they can actually pay rent.
