A Shopper’s Paradise or Just a Mall of Madness?
Last week, the Jervis Shopping Centre was swarmed, not by eager bargain-hunters but by a much more dignified crowd: the bidders. This wasn’t your average Black Friday stampede; up to 13 first-round offers were thrown around like confetti, courtesy of owners Paddy McKillen and Padraig Drayne. Apparently, they decided it was time to quietly exit the retail stage—perhaps in search of a better, warmer place to sip piña coladas.
Fun fact: this shopping centre has been around since the 1990s and is like that one uncle who still insists he’s “in his prime.” It’s one of the last remaining retail spaces still owned by its original developers, making this sale about as rare as finding a unicorn in a shopping cart.
Among the bidders were a cast of characters that could rival a reality TV show: the Comer Group, the US property mogul Hines, and even David Goddard’s Lanthorn, who’s apparently scouting clients with the intensity of your neighbor trying to borrow a cup of sugar. Rumor has it the auction buzzed with excitement not unlike a permanent 24-hour clearance sale. Yes, please sign me up!
It seems the retail sector has decided to make a dramatic comeback—an unexpected plot twist worthy of a Netflix thriller. Over the past year, retail has magically transformed into the favored child of the property investment market, almost as if it heard the dreadful predictions during the pandemic and decided to show them the finger with a flashy revival. Who knew shopping wasn’t just a pastime but a powerful investment strategy?
However, the revival comes with a catch: while retail parks and shopping centers are getting a facelift, some parts of the property market resemble a ghost town. Cushy office spaces and private rented schemes are about as popular as a paper cut—simply put, they’re not cutting it in this new era. One glance at the statistics and you’ll see retail grabbing half of all deal values this year. And you thought retail therapy was only for individuals!
Speaking of therapy, let’s talk about BPerfect Cosmetics. You know, the brand that went from online sales to opening 13 physical stores in five years. That’s a growth spurt that would make any parent proud. They even took advantage of the pre-owned shopping landscape when they found empty units everywhere, like finding valuable treasures at a yard sale. “Negotiating shorter-term deals and better rents? Sign me up for a million more of those!” McDowell, the creator of this retail empire, quips.
And what’s this about retail parks being the “poster child” for strong investments? Apparently, they are easier to manage than a puppy in a shoe store, leading to high occupancy rates. Maybe they should start handing out “I love retail” bumper stickers. Who wouldn’t want a piece of that action, especially when so many shopping parks are at or near 100% occupancy?
Ah, the plot thickens with rumours that international buyers are prowling around like cats at a fish market. Jervis has an asking price of €120 million that could make even an investor’s heart race faster than a caffeinated squirrel. With older retail spaces turning into hot commodities, it seems retail isn’t just surviving—it’s thriving and sensationalizing the market, leaving behind a legacy that suggests that, just maybe, brick-and-mortar isn’t going anywhere. So, rejoice! Retail is rising from the ashes like a phoenix. Or perhaps like that sweater you thought you’d lost in the back of the wardrobe.
