Shoppers of an entirely different persuasion invaded Jervis shopping centre last week. No, they weren’t looking for the latest fashion trends; they were the kind of people who view retail as a high-stakes poker game.
Up to 13 first-round offers were submitted for the Dublin city centre mall, which has recently emerged from its quiet slumber, courtesy of owners Paddy McKillen and Padraig Drayne. Apparently, selling malls is the new black.
This impressive property has not seen the light of a “For Sale” sign since the 1990s, when it was lovingly crafted by McKillen, Drayne, and their partner in retail crime, businessman Paschal Taggart. It stands proudly as one of the last shopping centres built in the past thirty years and still owned by its original creators. If malls had a family tree, this one would be a rare breed!
Leading the bidding were notable characters like the Comer Group, US property mogul Hines, and even David Goddard’s Lanthorn—who, we assume, doesn’t trade in popcorn. The urgency to stake a claim was palpable, especially following Marlet’s recent success with bids for a trio of retail parks that practically had investors knocking each other over for the chance to sign a check. “Oh, you too? Have a seat!”
Meanwhile, retail has decided to don its best suit and charm the property investment market. It’s strange but true: retail is now the belle of the ball, attracting capital like moths to a flame. It seems the pandemic predictions of retail’s demise were about as accurate as my uncle’s weather forecasts—utterly misguided.
Retail experts reported record-high in-store spending as consumers drifted back from the ether of online shopping. Apparently, the allure of in-person shopping is so strong that seven out of ten consumers prefer the tactile experience of grabbing goods over the ethereal realm of e-commerce. Who knew people missed the good old days of queues?
As for retail establishments, they’re getting a modern facelift. The trend has shifted towards diversifying tenant offerings—think more entertainment and food venues, because what better way to kill time while waiting for a transaction than by enjoying a gourmet burger? Jean McCabe of Retail Excellence Ireland encourages this renaissance, asserting that shoppers are coming back for the “customer experience.” If only they could find their way back to customer service while they’re at it!
And while BPerfect Cosmetics, which initially embarked on an online adventure, now boasts 13 physical stores, proving that if you build it, they will indeed come. “When we first opened in Blanchardstown, it felt like a graveyard for empty units,” said founder Brendan McDowell. Talk about low-pressure negotiating—no one walks away from a land of deserted shelves without a deal!
So, as the Jervis shopping centre dances on the precipice of new ownership, it seems like retail might just be getting back on its feet, despite a few stumbles. If property ownership truly proves to be the ticket to wealth, perhaps we should start bidding on those empty malls in our neighborhoods—who knows, they might just spark the second coming of retail! After all, if you wait long enough, someone will figure out that shopping is indeed a spectator sport.
