Shopping centers are the new gladiatorial arenas, and last week, Jervis shopping center hosted quite the spectacle. Twelve to thirteen first-round offers were flung on the table like confetti at a wedding—with the bid to marry the property of course. Its owners, Paddy McKillen and Padraig Drayne, quietly shuffled it onto the market, perhaps hoping to avoid the emotional turmoil of saying goodbye to their beloved mall.
In a plot twist worthy of a Netflix drama, this was the first time since the 1990s that the shopping center had faced the auction block. Back then, it was a hot property developed by three amigos: McKillen, Drayne, and businessman Paschal Taggart. The Jervis center is like that ancient artifact lying buried under the rubble of modernity—one of the last malls from the last thirty years still clutched in the grasp of its creators, instead of being devoured by predatory private equity funds.
Among the eager bidders were some familiar names that scream “money.” The Comer Group, the US property investment titan Hines, and several equally affluent players were reportedly circling like wine snobs at a free tasting. Let’s not forget, of course, that even David Goddard’s Lanthorn was secretly pooling funds, no doubt hoping the offerings would be as generous as a clearance sale.
As the dust settled after the frenzy surrounding this auction, the stage had been set. Marlet’s trio of retail parks, which dotted Dublin like the last vestiges of civilization, received a whopping ten initial bids. The essence of capitalism flickered brightly, as retail proved to be an unexpected phoenix rising from the ashes of the pandemic—back from the dead to flaunt its discounts.
The real estate agents, sipping coffee and crunching numbers, reported that retail was now the darling of investors, capturing half the value of all deals in the first three months of the year. Forget the claims from a couple of years ago about the “death of bricks-and-mortar.” Even as online shopping roared, it seems the tactile joy of clicking through racks isn’t going quietly into that night. It’s like watching your grandfather become cool again by buying a Vespa.
While some entities like Realty Income were busy splurging nearly a billion dollars on a Las Vegas casino (because why invest in Ireland when you can merge gambling with cabaret?), reports surfaced that consumers were returning to physical stores in droves for a “customer experience.” Jean McCabe from Retail Excellence Ireland mused that people rediscovered joy in shopping, correlating it with increased foot traffic—who knew the allure of shopping could be so enchanting?
As renting retail spaces became as desirable as avocado toast, BPerfect Cosmetics, which began as an online venture, popped up 13 physical stores like an overenthusiastic game of Whac-A-Mole. The drive for more locations wasn’t just about the visual appeal; it was about creating “economies of scale,” or as we like to call it, trying to sell more lip gloss than your competitors at any cost. So while the economy may label some as “retail in decline,” there’s a renaissance underway, where shopfronts become more than mere places to disengage a shopper’s wallet—they become characters in an ongoing farce filled with unexpected plot twists and amusing outcomes.
