Shoppers of a different flavor flocked to the Jervis shopping centre last week, likely looking for bargains and maybe a free sample or two. According to the grapevine, a jaw-dropping 13 first-round bids have been tendered for the Dublin city centre mall, quietly placed on the auction block by owners Paddy McKillen and Padraig Drayne. Perhaps the duo was simply trying to spice up their investment portfolios, or maybe they had a sudden urge for a holiday in the Bahamas. Who knows?
This grand sale is akin to finding a vintage wine in the back of your cabinet; it’s the first time the shopping centre has been for sale since its inception in the wild ‘90s. In fact, it’s one of the last shopping centers still kicking it with its original developers. One would think a place with such history might come with a side of nostalgia, too—perhaps a “Save the Shopping Centre” campaign is in the works?
The rumored bidders are an eclectic mix, including the Comer Group, the US property giant Hines, and some financial gurus like Peter Horgan’s Lugus Capital and Patron Capital. Imagine these big shots at an auction, dramatically raising paddles and furiously texting their financial advisers while fending off competing offers—if only they had to sweeten the deal with baked goods.
Notably, this round of bidding comes hot on the heels of a spirited auction involving Marlet’s trio of retail parks, which, spoiler alert, also attracted ten initial bids. Clearly, retail has become the hot new brick-and-mortar sport; who knew shopping could be as thrilling as the World Cup?
In a post-pandemic world where naysayers proclaimed that retail would meet its demise like a character in a poorly written horror movie, it seems the brick-and-mortar industry has risen from the grave—armed with discounts and sales events that would make a clearance rack weep for joy. You could call it a resurrection, but maybe “revival” fits better: “40% off all in-store purchases!” might just be the battle cry of our times.
According to AIB’s latest report, in-store spending has seen a 2% rise, creating the wild illusion that consumers miss the feel of actual shopping. Meanwhile, an EY Future Consumer index suggests that 70% of folks prefer the tactile experience of shopping—because, let’s face it, swiping a credit card digitally just doesn’t have the same thrill.
Jean McCabe, the brain behind Retail Excellence Ireland, claims that customers are returning to stores for the “customer experience.” Picture that—people now prefer human interaction over buying sweatpants online. It seems retailers are discovering that nothing says “I’m a real adult” more than going to a store, navigating crowds, and encountering expensive impulse buys that you can avoid until “next time.”
So, as the retail landscape shifts and Eamon Waters peers over the Jervis centre like he’s checking a stock report, we must ask the real questions: Is retail back with a mission? Can brick-and-mortar truly outlast e-commerce? Only time—and the continuing trend of auctions—will tell. But one thing’s certain: this shopping resurrection could have you rummaging through your old college sweatpants to catch those lucrative sales. Let the shopping spree—er, revival—begin!
