Shoppers of a rather *unique* variety flocked to the Jervis shopping centre last week—not for the latest shoes, mind you, but to bid on the very mall itself. Yes, it seems the transaction was a tad more exciting than the usual retail therapy.
A total of 13 first-round offers, reminiscent of a competitive game of Monopoly, were submitted for the Dublin city centre gem, discreetly listed for sale by its owners, Paddy McKillen and Padraig Drayne. Ah, the sweet scent of capitalism wafting through the aisles.
Let’s take a moment to marvel: this marks the first time the shopping centre has graced the auction block since its developers completed it back in the ’90s. Fun fact: it’s one of the few shopping centres conceived during that era still owned by its original creators, which makes it an antique by the standards of fast fashion.
Among the bidders are some big names that sound like they’ve just stepped out of a corporate thriller: the Comer Group, US property mogul Hines, Peter Horgan’s Lugus Capital, and even David Goddard’s Lanthorn—who likely had a good laugh at the expense of Dad jokes. Given the bidding wars of recent weeks, it’s almost as if retail parks are the new NFTs—only tangible and without the existential dread.
As for retail in general, it’s been thriving like a well-watered houseplant—a drastic change from the doom and gloom predicted during the pandemic. More capital has been funneled into retail than into your average college student’s bank account, leaving offices and other rental schemes trembling in fear.
Statistics show that retail has rebounded, with the first quarter of this year seeing in-store spending shoot up by 2 percent compared to last year. But don’t go pouring champagne just yet; the sentiment is largely dependent on consumers wanting a splash of actual human interaction instead of scrolling their way through online shopping.
Jean McCabe, the chief executive of Retail Excellence Ireland, sums it up eloquently: “Shoppers are flocking back for the experience.” Yes, nothing says ‘thrill’ quite like trying on clothes under the fluorescent lights of a shopping centre that hasn’t been renovated since the dawn of the millennium. Retailers are counteracting challenges by adding entertainment venues and expanding their food offerings, presumably to keep you entertained while you contemplate that impulse buy.
As for Brendan McDowell, the founder of BPerfect Cosmetics, he has taken steps to expand from online sales to brick-and-mortar stores faster than you can say “impermanent makeup.” After testing the waters with pop-up locations, McDowell found that empty units offered better negotiation power—because who doesn’t love a good rent-free period? Pondering a future with more stores, he highlights that *there’s a lot of room for growth*—literally and figuratively.
But let’s derail for a second: while the retail market is rich with opportunities, it’s also a bit of a reality show with tons of twists. The past decade has seen the balance of power shift continually from hotshot developers to private equity, back to institutional finance, and now… where are we headed now? Spoiler alert: still no one’s quite sure.
So whether you’re bidding on the next big shopping centre or merely contemplating your next grocery splurge, one thing’s clear: the retail landscape is a chaotic mix of opportunity, confusion, and just enough excitement to keep the investment sharks circling.
