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GREATER GLASGOW RETAIL MARKET SNAPSHOT R


etail Sales in Scotland have been under well documented pressure recently.


Statistics reveal a familiar trend, with the retail sales monitor showing Scotland undershooting the UK average; In January like for like sales were -3.4% compares to + 1 UK wide. Paradoxically, footfall in Scotland rose 1.5% in January - ahead of the UK average of +1.2%. So do these mixed set of statistics mean that the Scottish retail sector is bereft of market


John Menzies, Partner,


retail Services, Cushman & Wakefield


activity and that retailers are shying away from opening new stores north of the border? Thankfully for landlords, the answer is no, and the market in the Greater Glasgow area is showing encouraging signs of life as we move towards Spring. Glasgow City Centre continues to attract


a steady stream of new UK and international retailers. Occupiers who have recently opened or are scheduled to open stores in the first half of 2016 include Emporio


Armani, Massimo Dutti, Swatch, JD Sports, END, Kuoni, Yours, Smiggle, Quiz and Subway. And here is a word we have not seen for a while. Rental growth. Granted it is a very localised feature but Buchanan Street rents have grown 7% in the last 12 months and now reflect a maximum of £281 Zone A - the highest of any shopping area in Scotland. Elsewhere in the City Centre, the


market is more mixed. The postponement of the extension to Buchanan Galleries has led a number of retailers to look afresh at their City Centre strategy. Arguably the beneficiary has been St Enoch, which has seen recent new lettings to Quiz, Barrhead Travel, Ed’s Easy Diner, Harry Ramsdens, Subway, Muffin Break, Yankee Candle, Jnr Station and Pizza Hut. Sauchiehall Street has struggled to attract national multiple retailers and with an oversupply of available units rental values have dropped and temporary tenants from the discount market have become prevalent. The frustrating thing is that Sauchiehall Street’s recovery is being been hampered by an overly restrictive planning policy which prohibits non retail uses. This is now coming into even sharper focus with the emergence of a number of new requirements from the casual dining/catering sector of the market, with


the likes of Ed’s Easy Diner, Caffè Nero, Smashburger and Barburrito considering Sauchiehall Street as a target location. I anticipate some of these occupiers will seek planning consents for their use over the next 6 months and these are exactly the type of occupiers which would bring much needed vitality to the street. Surely it would be nonsensical for Glasgow City Council not to allow these occupiers to trade and help kick start a recovery of a shopping thoroughfare that was historically one of the best in Scotland? The trend has already begun with impending arrival of Bella Italia at 47/49 Sauchiehall Street which obtained the required Class 3 consent at appeal, in a deal Cushman & Wakefield structured for the tenant last year. Outside the City Centre, the market is


also showing signs of activity. At Glasgow Fort, the opening of Marks and Spencer’s 80,000 sq.ft store was the largest store opening in Scotland in 2015. Since then, River Island, Wagamama, Fat Face and Pandora, Kiko and Antler have secured new outlets. At Silverburn the extension to the Wintergarden and introduction of Cineworld plus 11 new restaurants has significantly enhanced the centre and will both enhance the shopper experience and increase shopper dwell time in the mall.


TO LET ////////////////////////////////////////


The Paragon HAMILTON INTERNATIONAL PARK, BLANTYRE, G72 0AG


• 3,239 sq m (34,866 sq ft) • Newly refurbished


• Ground and first floor office accommodation


COMMERCIAL PROPERTY MONTHLY 2016


• Enclosed yard and separate car parking


• Eaves height 7.5m (24 ft)


57


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