As the capital of Scotland, Edinburgh is the second largest city in Scotland with a population of approximately 487,000 people and a larger catchment of over 1.6 million inhabitants.
The resident population of Edinburgh is generally affluent and well educated, with average gross annual earnings and average gross disposable income per resident being the second highest out of the major UK cities (behind only London).
Edinburgh is the political, administrative, legal and financial capital of Scotland. In particular, the city is widely recognised as a global financial centre, with several major financial organisations locating their headquarters in the city, including Royal Bank of Scotland, Lloyds Banking Group, Scottish Widows and Standard Life. Other major financial organisations located in the city include Tesco Bank, Virgin Money, Baillie Gifford and BlackRock.
The city is home to four major Universities with a total of 61,000 students, and a further 33,000 at the major colleges. The city is also a world recognised tourist destination with over 3.7 million visitors each year, the second most visited city in the UK after London.
Within the city, Princes Street provides the principal retailing thoroughfare. The street offers a unique one sided retailing destination with stunning views over Princes Street Gardens towards Edinburgh Castle.
Princes Street is the prime retailing destination within the city centre, with an annual footfall of circa 12 million people. It is home to a number of major high street retailers and department stores such as Jenner’s department store, Debenhams, Marks & Spencer, Next, H&M, Topshop/Topman and Primark.
George Street provides a unique blend of retail and leisure offerings. In recent years the street has become established as a home to high quality retailers, along with trendy bars and restaurants. Retailers located on George Street include Karen Millen, LK Bennett, Jigsaw, Jack Wills, Hollister, Jo Malone and Anthropologie. The bars and restaurants are operated by a mixture of good quality local Scottish businesses, and various national/international chains such as Hard Rock Café, Gusto, Las Iguanas and Browns.
Multrees Walk is home to up-market and luxury brands such as Louis Vuitton, Mulberry, Hugo Boss, Burberry, Links of London, Kurt Geiger, Reiss and Tommy Hilfiger. Adjacent to Multrees Walk and anchoring this part of the city centre is Scotland’s only Harvey Nichols store. Multrees Walk also provides a retailing and pedestrian link to St James Centre from George Street and St Andrews Square.
ST JAMES CENTRE AND PRINCES MALL
St James Centre provides the main shopping centre within Edinburgh and is located at the eastern end of the city centre, accessed via several entrances including Princes Street/Leith Street and Multrees Walk. The centre provides over 450,000 sq ft of retailing accommodation and is anchored by John Lewis. Other retailers located in the centre include Next, River Island, Boots, JD Sports and Superdrug.
TIAA Henderson Real Estate are progressing with plans to redevelop the St James site to provide a new 1.7 million sq ft development with a value of £850 million. As well as four floors of shopping, dining, leisure and entertainment, the new development will include a state of the art cinema, luxury hotel, up to 250 new homes and 1,650 car park spaces.
Princes Mall is a small shopping centre located at the eastern end of Princes Street, adjacent to Waverley Railway Station. The centre provides two levels of accommodation below ground level, and provides a niche retailing destination, favoured mainly by young fashion retailers such as New Look and Superdry.
|KEY AREAS / STREETS/SHOPPING CENTERS||CONSUMER PROFILE||MAJOR RETAILERS PRESENT||NEW ENTRANTS||TYPICAL RENT FOR UNIT OF 2,000 SQFT||RANGE OF UNIT SIZES|
|Princes Street||Mass market, Tourists||Jenner’s Dept Store, Debenhams, Marks & Spencer, Next, New Look, Vans, Dr Martens||Apple, Halifax||£250,000 pa||1,000 - 30,000 sq ft|
|George Street||Mid/Upper Market||Jigsaw, Hobbs, The White Company, Whitestuff, Space NK, Karen Millen, Hackett, Fat Face, Holister||Rox , Kiehl’s||£200,000 pa||1,000 - 7,500 sq ft|
|Multree’s Walk||Premium and Luxury Market||Louis Vuitton, Mulberry, Reiss, Mulberry, Hugo Boss, Michael Kors||Hilfiger, Burbury||£150,000 pa||500 - 4,000 sq ft|
|St James Centre||Mass market||John Lewis, Next, River Island, Boots, Superdrug Officers Club, Stewart Travel||Tiger||£150,000 pa||500 - 6,000 sq ft|
|Princes Mall||Young Fashion||New Look, Superdry, Warehouse, Oasis||N / A||£100,000 pa||500 - 5,000 sq ft|
Data as of November 2014
Edinburgh has a vibrant nightlife and in particular a large and very diverse food and beverage market, driven by the affluent local population, students and tourists.
Although a number of the national restaurant chains are represented in the city, the market is mainly dominated by good quality, well established local food and beverage (F&B) businesses such as Montpelier Group (Tiger Lily, Candy Bar, Ricks etc), G1 Group (Ghillie Dhu) and Mario Gizzi (Amarone and Café Andaluz), to name a few.
The main F&B destination is based around George Street which is home to lots of trendy bars and restaurants, operated by both local businesses and national chains. There are further leisure destinations on Lothian Road and the Omni Centre, which are both home to the main city centre cinemas. These locations are generally occupied by the mass market, national chains such as Nando’s, The Restaurant Group, JD Wetherspoon etc.
The area surrounding the Royal Mile is also a very popular food and beverage area, driven mainly by the tourist footfall but also popular with locals and students due to its atmosphere and diverse mix of eating and drinking venues.
Generally the best restaurants in Edinburgh are located in off pitch, quirky locations. There are a total of four Michelin-starred restaurants in the city, it is the only city in Scotland to have any starred restaurants. Many of the highest quality restaurants are located in the waterside location of Leith.
There continues to be strong demand from F&B occupiers for representation in the city, particularly from national chains who have struggled to find suitable premises in central locations (due to size and location restraints), compared to local operators who are able to be more flexible with their requirements.
|KEY AREAS||CONSUMER PROFILE||FOOD & BEVERAGE OPERATOR INCLUDING||RENT FOR 3,500 SQFT UNIT|
|George Street||Affluent locals, students, tourists||All Bar One, Living Room, Browns, Tiger Lily, Candy Bar, Café Andaluz, Centotre, Gusto, Jamie’s Italian||£200,000 pa|
|Lothian Road||Office workers, young locals, Cinema/Theatre trade||Wagamama, Nando’s, All Bar One,||£125,000 pa|
|Omni||Family market, cinema/theatre trade||JD Wetherspoon, The Filling Station, Frankie & Benny’s, Slug & Lettuce, Pizza Hut||£130,000 pa|
|Leith||Affluent locals||Pizza Express, The Kitchin, Martin Wishart, Malmaison, The Ship on the Shore||£70,000 pa|
|Royal Mile/Old Town/Grassmarket||Tourists, locals, Students||Pizza Express, Nando’s, Revolution, The Filling Station, The Outsider, Vittoria’s||£120,000 pa|
Data as of August 2013
STUART MONCURPartner, National Retail Services
3rd Floor, 63A George Street
Scotland, EH2 2JG
Tel: +44 (0)131 226 8754
Mob: +447887 795506