Shoppers of a rather unique breed crowded the Jervis Shopping Centre last week, and no, they weren’t searching for the latest fad diet in a trendy boutique. Instead, up to 13 first-round offers were made for this central hub of consumerism, quietly placed on the market by the illustrious owners Paddy McKillen and Padraig Drayne. Who knew capitalism could be so theatrical?
Remarkably, this shopping gem has been under McKillen, Drayne, and their companion Paschal Taggart’s watchful eye since the 1990s. It’s like the last untouched relic of a bygone era, which begs the question: why are so many wannabe owners eager to acquire this slice of retail heaven? Spoiler alert: it’s not the seasonal sales.
Among the eager bidders were heavyweight contenders: the Comer Group, the US property tycoon Hines, Peter Horgan’s Lugus Capital, Patron Capital, and a mysterious David Goddard’s Lanthorn, possibly auditioning for the next “Investor Idol.” Do they all have a secret plan to turn Jervis into a Disney park? One can only hope!
The auction followed a frenzy of offers for Marlet’s trio of retail parks, where the excitement was palpable with ten initial bids. Who knew retail could be such a competitive blood sport? For over a year, the retail sector has been the beautiful swan gliding across the murky waters of property investment—gaining attention while office sales wallow in despair like a sad puppy at a shelter.
Reports indicate that retail was back with a bang. AIB revealed a meteoric rise of 2% in in-store spending, an eyebrow-raising rebound after trying to maintain sanity during Covid hysteria. The EY Future Consumer Index even claimed that 70% of consumers prefer the tactile experiences of bricks-and-mortar outlets over online shopping, possibly because clicking “add to cart” doesn’t provide the thrill of real-life shopping mischief.
Jean McCabe, the Retail Excellence Ireland chief, cheerfully noted that customers have returned not just for the goods but for the “customer experience.” Apparently, shopping is now a form of leisure like a Sunday stroll through the park. Retailers, in return, are launching more stores to play the scale game—because who doesn’t want more retail therapy options?
Brendan McDowell, the founder of BPerfect Cosmetics, reveals his intriguing strategy of starting online but then discovering the wonders of physical stores, having launched 13 locations recently. After all, who wouldn’t want to witness fellow shoppers battling over the latest makeup shades in person rather than through a screen? When asked about opening a store, he mused, “It was a good time to negotiate.” Who knew shopping would evolve into a high-stakes poker match?
