Retailer Marks & Spencer has had something of a turbulent time of late, with critics claiming that its clothing line has failed to attract the attention of target audiences. However, as the autumn/winter collection has so far received positive reviews, it appears that things may be on the up for one of the UK’s most established chains.
Now, in a further piece of good news, The Buchanan Partnership has revealed that the anchor store in the large-scale extension of Glasgow’s Buchanan Galleries shopping centre will be leased to Marks & Spencer. The retailer will take up residence in a 150,000 square foot retail space when the extension is completed in 2017.
Altogether, the project will cost around £300 million and will add 65,000 square metres of retail space to the successful city centre shopping plaza. Furthermore, there will be space for up to 15 restaurants and a multiplex cinema, with a 1,700 space multi-storey car park providing capacity for the expected increase in demand.
The Buchanan Partnership is a joint venture between Henderson Global Investors and Land Securities, both of whom hope the exciting development will attract a higher volume of both national and international brands to the Scottish city.
Henderson Global Investors director of shopping centres, Chris Pyne, says; “We are delighted that Marks & Spencer has recognised the value in being part of such a vibrant scheme which will be significantly enhanced by the planned extension.”
However, the Buchanan Galleries extension is not the only development in Glasgow city centre from which partners Land Securities hopes to benefit. It has recently completed development of a neighbouring plot, at 185-221 Buchanan Street, furthering its ambition to build upon the strong retail environment already prevalent in Glasgow.
As a result of this, when Marks & Spencer opens to the public, it will be able to benefit from having brands such as Fat Face, Forever 21 and Gap as neighbours.
Development director for retail at Land Securities, Nick Davis, believes that the inclusion of a large Marks & Spencer store in the extension will bring further prestige to the Buchanan Galleries.
He says; “Securing Marks & Spencer is a significant milestone for the development and follows on from obtaining outline planning consent in March 2013.
“This early commitment to the Buchanan Galleries extension, combined with the successful scheme at 185-221 Buchanan Street, establishes the top end of Buchanan Street as Glasgow’s prime retail pitch.”
With developers keenly seeking to invest in projects as the economy continues to improve, it is almost certain that this is only the beginning in changing the retail face of “Scotland’s cultural capital”.
Do you think Marks & Spencer was the right choice of anchor store for the Buchanan Galleries extension, or given the current trends in the consumer field, should a more technologically-based company have been considered?
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