Shoppers of a rather peculiar sort gathered at the Jervis shopping center last week, proving that not all shoppers have their priorities straight. Up to 13 first-round offers were made for the Dublin city center mall, recently placed on the market by the financially savvy Paddy McKillen and Padraig Drayne, who probably thought, “Why not cash out now?”
It’s been ages since anyone whispered the words “Jervis” and “for sale” in the same breath — since the 90s, to be exact. Ah, the simpler times when McKillen, Drayne, and Paschal Taggart were just three friends setting out to break the Irish mall monopoly with a vision that apparently lasted longer than some TV series. But let’s not get lost in nostalgia; this is about investment, not reruns.
Reportedly among the bidders were the Comer Group, the US property giant Hines, and, of course, Lanthorn—on behalf of clients, because who doesn’t like to play poker with someone else’s money? Even David Goddard took a stab at it with Lanthorn, showing that everyone loves a good shopping spree, especially if it comes with a fancy name.
The bidding for the Jervis follows a fierce competition for Marlet’s trio of retail parks, which also drew an impressive number of initial bids. It’s as if everyone suddenly remembered that real estate is, technically speaking, not just for Monopoly boards.
Retail has somehow morphed into the star player of the property market. For over a year now, it’s been the shiny coin that attracts all sorts of investors, while office spaces sulk in the background, waiting for their turn. It’s ironic, isn’t it? Just when everyone thought retail was done for, it pulled a Lazarus and re-emerged with fresh stats showing an uptick in in-store spending. Who needs a crystal ball when you can just check the AIB retail report?
Jean McCabe, CEO of Retail Excellence Ireland, noted that people are flocking back to stores primarily for the ‘customer experience’—a phrase that makes you wonder what, exactly, stores were offering before. Probably just monotonous aisles of discounted socks. She also claimed that retailers are opening more stores, which is quite the shopping revolution considering the post-apocalyptic vibes of the COVID years.
Meanwhile, Brendan McDowell, CEO of BPerfect Cosmetics, is a rebel in his own right, having thrived by launching physical stores after initially testing the waters online. Because what’s a better marketing strategy than showing up unannounced with a whole bunch of lipsticks? “When we opened in Blanchardstown, there were a lot of empty units,” he said, hinting at the massive inventory sale of some past retailers, reminding us all that sometimes, opportunity stems from desperation.
To wrap it up in a neat little bow: Retail parks are making a flashy comeback, but only if they’re appealing enough to lure potential investors. The true irony here, as pointed out by Max Reilly from JLL, is that while buyers want discounts, they’re also realizing it’s time to stop looking for bargains on the Titanic before it fully sinks. It’s a delicate juggling act that leaves us all wondering if the best deal in retail is simply to stay home and order online after all.
