Glasgow is Scotland’s largest city and the third largest in the UK, with a population of approximately 593,000 and a wider catchment including the surrounding local authority areas of 1.75 million people. Situated in the Central Belt of Scotland on the west coast it is easily accessible by road, rail and air. Glasgow is also one of Europe’s top 20 financial centres and is home to many of Scotland’s leading businesses.
The city sits at the heart of Scotland’s largest urban economy, supporting 450,000 jobs in over 12,000 companies. Glasgow has a vibrant shopping district in the heart of the city focused around the pedestrianised areas of Buchanan Street, Argyle Street, and Sauchiehall Street. Argyll Arcade, one of Britain’s oldest covered shopping arcades built in 1827, is home to 32 jewellery shops, while Buchanan Galleries is one of the UK’s largest city centre retail projects. Other highlights include the refurbished St Enoch Centre, the Designer Exchange off Royal Exchange Square/ Ingram Street, and Princes Square set in a renovated 1841 square, which has a cosmopolitan selection of premium retailers and restaurants.
The prime retail zone of Sauchiehall Street is pedestrianised and becomes progressively stronger on the approach to Buchanan Street and Buchanan Galleries, which lie at its eastern edge. The retailer profile is mass market/discount orientated and major stores include Primark, TK Maxx and BHS.
Buchanan Street represents 100% prime retailing, not just in Glasgow, but also the UK as a whole, and is one of the strongest pedestrianised retail thoroughfares in Europe. Mid and upper-market fashion brands dominate, clustered around House of Fraser, which anchors the southern end of the street.
Argyle Street connects directly with the southern end of Buchanan Street, where it runs in an easterly direction toward Marks & Spencer, representing the end of the prime retail pitch. The thoroughfare is partly pedestrianised and is home to a number of mass market brands including H&M, Next, TK Maxx and Gap.
BUCHANAN GALLERIESBuchanan Galleries is the newest shopping centre in the heart of Glasgow having opened in 1999. Positioned at the junction of Sauchiehall Street and Buchanan Street, Buchanan Galleries is the top shopping destination in Glasgow, anchored by a 275,000 sq ft John Lewis department store with other retailers such as H&M, Hollister, Next and Mango all located within the centre.
ST ENOCH CENTREThe St. Enoch Centre is the largest mall in the City Centre, and was subject to a major extension and refurbishment in 2009. St Enoch comprises 824,000 sq ft of retail and leisure space across 116 units, creating a strong retailing environment. The scheme is anchored by Debenhams and the mall is also home to a 28,000 sq ft Hamley’s flagship store.
PRINCES SQUAREPrinces Square is a fashionable converted Merchant’s Square shopping centre housing a cosmopolitan selection of premium retailers, exclusive boutiques and restaurants. Princes Square is accessed from Buchanan Street and is home to COS, Reiss, Links of London, Jo Malone, Space NK and Vivienne Westwood.
|KEY AREAS / STREETS/SHOPPING CENTERS||CONSUMER PROFILE||MAJOR RETAILERS PRESENT||NEW ENTRANTS||TYPICAL RENT FOR UNIT OF 2,000 SQFT||RANGE OF UNIT SIZES|
|Buchanan Street||Mid to premium market shoppers||House of Fraser, Apple, Hugo Boss, Nike, All Saints, Zara||Massimo Dutti, Hawes & Curtis, Michael Kors||£350,000 pa||200 - 20,000 sq.ft|
|Argyle Street||Mass market shoppers||Debenhams, TK Maxx, Primark, Gap, Marks & Spencer||Yours, JD||£175,000 pa||200 - 20,000 sq.ft|
|Sauchiehall Street||Mass market increasingly discount focused||Marks & Spencer, Boots, TK Maxx, Primark, Bhs, Poundland||Costa, Vodafone||£100,000 pa||200 - 20,000 sq.ft|
|Buchanan Galleries||Mass market shoppers||John Lewis, Next, H&M, Boots||The Entertainer, Kimbles||£175,000 pa||200 - 20,000 sq.ft|
|St. Enoch Centre||Mass market shoppers||Debenhams, Bhs, Boots, Hamley’s||Rohan, Swarovski, Muffin Break||£75,000 pa||200 - 20,000 sq.ft|
|Princes Square||Premium luxury and designer brands||COS, Whistles, Belstaff, Links of London, Reiss||Joules, Pringle of Scotland, Shearer Candles||£125,000 pa||200 - 20,000 sq.ft|
Data as of December 2015
Glasgow has experienced considerable growth in the restaurant sector over the last few years, with a number of expanding operators in the mid-market/fast casual dining sector opening new restaurants. This has been facilitated by a steady stream of available properties in the favoured 300-500 sq m size bracket.
Operators who have opened recently in the City Centre include Miller & Carter, Cau, Gusto, Trading House, Anchor Line, Bill’s, Five Guys, Gourmet Burger Kitchen, Ed’s Easy Diner, Hard Rock Café, Cote and Byron Burger.
There continues to be strong demand for both national restaurant operators and local restauranteurs for the area surrounding George Square, St Vincent Place, West George Street and St Vincent Street.
The City has a strong reputation as a profitable location amongst restaurateurs and public house operators, particularly at weekends where many operators report a spike in turnover higher than most other UK Cities. The prognosis is one of continued market expansion, with a number of new requirements emerging in the sector.
In contrast, Glasgow has an established (but limited in scale) fine dining market. Highlights include Rogano, Brian Maule at Chardon D’or and The Ubiquitous Chip, however growth in this sector has been notably absent recently, in stark contrast to the mid-market segment.
|KEY AREAS||CONSUMER PROFILE||FOOD & BEVERAGE OPERATOR INCLUDING||RENT FOR 3,500 SQFT UNIT|
|City Centre||Late and lively leisure circuit||Jamie's Italian, Anchor Line, All Bar One, Café Rouge, Zizzi, Trading House||£180,000 pa|
|Merchant City||Trendy, educated, aspirational||Metropolitan, O'Neills, Arta, Café Gandolfi||£100,000 pa|
|West End||Trendy, urban, affluent||Zizzi, Di Maggio's, Cottiers, Ubiquitous Chip||£150,000 pa|
Data as of December 2015
STUART MONCURPartner, National Retail Services
3rd Floor, 63A George Street
Scotland, EH2 2JG
Tel: +44 (0)131 226 8754
Mob: +447887 795506