SCOTLAND
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THE MARKET HAS COOLED IN THE RESTAURANT SECTOR, WITH ONLY A HANDFUL OF NATIONAL OPERATORS STILL ACTIVE, SUCH AS NANDOS AND COSMO.
This is in addition to operators already committed including W Hotel, Next, Boots, Everyman and Roomzz. Whilst Zone A rates have remained relatively stable on Princes Street and George Street during 2018, undoubtedly the St. James effect will take effect imminently. As a consequence, it is anticipated there will be a downward pressure on Zone A rates across the city and the prime pitch on Princes Street will shift eastwards with the western end having to reinvent itself in light of the imminent St. James opening. Indeed this has already started with Diageo’s plans to convert the House of Fraser on Princes Street to a Johnnie Walker whisky experience centre. Notable deals in the city over the last 12 months include Max Mara, Mint Velvet, Oliver Bonas, Helly Hansen and Timberland with Seasalt rumoured to be under offer on George Street for their Scottish debut.
ABERDEEN Activity in Aberdeen has been more subdued with Union Square continuing to be the dominant retail and leisure destination. New arrivals have included Brewdog, Homesense, Skechers and Mozza. The landlord of Bon Accord/St. Nicholas Centre still has plans to introduce a cinema and additional restaurant offer but given current leisure market conditions looks unlikely at present. Other deals concluded within the same ownership include Deichmann, Jack Wills and Bon Marche. Despite this we have seen rents drop back but only marginally in the Granite City.
LEISURE The market has cooled in the restaurant sector, with only a handful of national operators still active, such as Nandos and Cosmo, with increased activity from local operators. With a continued softening in the market conditions, gym operators such as The Gym, Pure Gym and JD Gyms are increasingly in demand.
RETAIL WAREHOUSING This market has held up relatively well compared to High Streets and shopping centres.
Active players in this arena are Lidl, Aldi, Food Warehouse, B&M, Home Bargains, etc. Another recent addition has been the introduction of drive-thru coffee operators Costa, Tim Hortons and Starbucks to retail parks where their presence has made a significant addition to footfall and dwell-time thereby generating a cross benefit across the park.
Ediston Properties has commenced work on the new 120,000 sq ft retail park at south Glasgow, where many of the above retailers have committed to pre-lets ahead of a programmed 2020 opening.
EXECUTIVE SUMMARY
THE MARKET
RETAIL REIMAGINED
MONEY
IS THIS THE END OF THE GOLDEN AGE OF ONLINE RETAILING?
KNOWLEDGE
SHOPPING WITH A CONSCIENCE
FOOD
REGIONAL UPDATES
CONTACTS
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