Shoppers of a Different Breed
Last week, Jervis shopping centre attracted a peculiar crowd. A flock of investment vultures, armed with shiny briefcases and those dangerously alluring spreadsheets, descended upon Dublin’s city centre mall, which its owners, Paddy McKillen and Padraig Drayne, discreetly listed for sale, probably while sipping overpriced lattes.
This isn’t just any retail space; it’s the shopping temple that McKillen, Drayne, and their buddy Paschal Taggart put together back in the ’90s—back when “retail therapy” didn’t sound like a desperate cry for help. It’s one of the last of the original shopping centres still in the hands of its creators. Now that’s a legacy worth a nostalgic sigh!
Among the bidders were the types you might expect: the Comer Group, US property investor Hines, Peter Horgan’s Lugus Capital, and Patron Capital—which sounds like something out of a heist movie, doesn’t it? If there were a bidding war, one can only imagine the popcorn sales skyrocketing in the area.
Recent auction excitement has been contagious, especially following the heated bids for Marlet’s retail parks; they’ve been getting more attention than a puppy on Instagram, showing just how well retail is rebounding in this post-COVID landscape. When the pandemic hurled mankind into the digital shopping abyss, everyone panicked that brick-and-mortar was a relic of the past. Surprise! Retail is now the star performer of the property investment market, making more cash than a tech startup with a mediocre app.
In the first quarter of this year alone, retail transactions accounted for half of all property deals—yes, folks, shopping is back, and apparently, it’s got a hug for all of us who wandered off into the e-commerce wilderness. AIB’s latest report confirmed in-store shopping isn’t throwing up its hands in despair; it’s strutted back onto the scene with a 2% rise in spending!
As retail experiences a resurgence, we’re seeing a delightful transformation. Jean McCabe, head honcho of Retail Excellence Ireland, has noted an enthusiastic crowd returning to stores—not just to get the latest trends but for that sweet interaction with humans (imagine that!). Retailers are responding by opening more stores, making it impossible for anyone to ignore those pesky sale signs blasting you from all directions.
And the great retail paradox continues: while COVID seemed to collapse the shopping world, it turns out the ashes just needed a bit more time to breathe. Instead of the death knell for malls, we see retailers seizing the opportunity to recalibrate their tenant mix. So, if a few stores bait a few birds, you might just spot something you love—or didn’t even know you needed—hiding in that once-emptied space.
