Savills have reported that over the last year, Glasgow city centre has welcomed a variety of top branded retail units to the region
, with some of them a first not only in Glasgow, but in the whole of Scotland.
Boux Avenue, Camper, Carluccio’s, Cath Kidston, Forever 21, Gio Goi, Hotter, Nike Town, Paperchase, Pesto, and Pretty Green have either opened or are planning to open a commercial property in Glasgow very soon. Other retails that have shown an interest in Glasgow are; Eat, Perry Ellis and Sketchers footwear. But as yet, there have been no announcements regarding any of the three companies planning to occupy a commercial property in Glasgow.
Ross Allardice, Retail director at Savills said, “We have seen a real increase in new retail entrants to Scotland, particularly from the fashion sector, who have recognised the benefits that Glasgow offers as a strong retail hub. Forever 21, which opens in 2013, was a particular coup for the city as it is only the third UK store the retailer has taken and has helped to augment Glasgow as a leading retail destination.”
One of the main reasons why top retail brands have decided to set up home in Glasgow could be down to the strength of its high street. Buchanan Street is one of the most recognised shopping streets in the whole of the UK, outside of London. The area has seen a constant stream of high profile lettings, which have maintained a zone A rental value of £250 per sq ft, which is the second largest shopping street rental outside of London.
Ross Allardice expressed, “Buchanan Street has evolved over recent years upholding almost a 100% occupancy rate and has significantly changed the retail landscape in Glasgow. While the more value-led surrounding areas such as Argyle Street and Sauchiehall Street have found market conditions more challenging with a greater number of voids, they have also benefitted from the strength of the main retail pitch. In addition, the new Atlas development located at the northern end of Buchanan Street will create the final piece in the city’s retail jigsaw and will prove fundamental in cementing Glasgow’s leading retail position.”
Earlier this month it was reported that Land Securities have invested £70 million into a new development at Buchanan Street. Stuart Moncur representing Cushman & Wakefield’s stated, “The fact that Land Securities chose Buchanan Street for one of the few large retail schemes planned for the UK since the downturn in the market clearly illustrates the confidence investors, developers and occupiers have in the retail market on Buchanan Street. Demand has remained strong for well configured properties on Buchanan Street and the fact the development at 185-221 Buchanan Street is now all under offer is indicative of this.”
The future for Glasgow’s high street looks bright, with more and more top retail brands showing an interest in Glasgow’s commercial properties. But with Glasgow sharing the same shopping sq ft rental rate as Birmingham, Leeds, Manchester and Newcastle-Upon-Tyne will Glasgow be able to continue to attract top retailers outside of England?
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