Shoppers of a rather unusual variety swarmed into the Jervis shopping center last week—no, it wasn’t the launch of a new sale; it was the bidding war that turned the mall into a hot ticket item. Who needs retail therapy when you can engage in a high-stakes, adrenaline-fueled real estate bidding frenzy?
Up to 13 first-round offers were lobbed like they were tomatoes at a politician who forgot their reheated response. This picturesque piece of Dublin property was listed quietly on the market by its owners, Paddy McKillen and Padraig Drayne, proving that sometimes silence is golden—especially when it’s time to cash in.
Interestingly enough, this marks the first time the shopping center has been up for sale since its glamorous debut in the ‘90s, when McKillen, Drayne, and the ever-entrepreneurial Paschal Taggart got together like the world’s most misguided boy band. One wonders how it feels to be one of the few remaining developers still clinging to their shopping centers like they’re vintage vinyl records.
Among the brave bidders were the likes of the Comer Group, US property investor Hines, Peter Horgan’s Lugus Capital, and Patron Capital, whom I suspect are now debating whether to hang a giant “Broke but Still Buying” sign on their office. Rumor has it that even David Goddard’s Lanthorn had a go, on behalf of some clients who probably broke out in a cold sweat at the thought of entering such a fray.
Speaking of angst-ridden bidders, it seems retail has claimed the spotlight in the property investment scene for over a year. While offices and private rentals languish like an underachieving child at a family reunion, retail is the star, attracting capital faster than a kid snatches a cookie from a jar—thank you, pandemic. Who knew the death of traditional retail was as exaggerated as a comedian’s punchline?
Statistics reveal an intriguing reversal: AIB recently reported a 2% increase in in-store spending compared to last year’s gloomy, pre-caffeine existence. It seems that seven out of ten consumers prefer to shop in actual stores rather than staring blankly at their screens while “window shopping” online. Who knew the thrill of in-store impulse buys would rise triumphant from the ashes of e-commerce?
Retailing icons have had their moment, too. Jean McCabe of Retail Excellence Ireland remarked that customers are flocking back “for the customer experience,” as if shopping was a magical theme park ride, and don’t get me started on retailers opening more stores just to wring out those economies of scale. Then there’s BPerfect Cosmetics—starting online, now boasting 13 physical stores, like a child who inevitably grows into their hand-me-downs, deciding they want a wardrobe of their own.
In this game of retail catch-and-release, some stores are swapping hands faster than a game of hot potato. As the hallowed Debenhams relics transform into trendy joints, let’s not forget the ever-optimistic Karl Stewart of Cushman & Wakefield, who claims retail resilience has silently risen over the past 15 years, like a phoenix—except with instantaneous rent checks. And while we may mourn the loss of some familiar faces, the influx of new brands seeking their moment in the spotlight might just be the retail reincarnation we didn’t know we needed.
As the retail landscape continues its dance of death and rebirth, remember this: closures can actually pave the way for innovation, like a caterpillar awkwardly making space for its eventual butterfly transformation. So grab your popcorn, and stay tuned to this saga of retail adventures—it appears the only thing really dying here is our sense of stability, and frankly, none of us would have it any other way.
Source: Bannon
