The retail property market in Glasgow offers a number of opportunities and Invest Glasgow can provide the most up-to-date retail property information upon request.
Over half a million square metres of retail space can be found in Glasgow, with prime and super prime shopping to be had within one square mile in the city centre, known as the Style Mile. Buchanan Street, Glasgow’s premier shopping street, is the busiest high street in the UK, after London, with 6,600 people passing through every hour.
The area surrounding Buchanan Street and Argyle Street in Glasgow has been confirmed as the most desired retail pitch in Scotland. An active investment market offers average yields of 4.5% and prime retail rents of £280 (per sq ft/yr) are commanded (March 2016). Glasgow’s prime pitch is growing in demand and the city has recently welcomed global brands Massimo Dutti (their first store outside London), Michael Kors, Kiko, and a Paul Smith pop-up shop, among others.
Glasgow’s retail sector generates more than £3.3 billion and supports 17,000 full-time jobs and post Brexit, shows no sign of weakening with H&M and Inditex (Zara) both upscaling in the city centre. Independent retail is also thriving in the city and continues to be nurtured through a variety of initiatives while out-of-town shopping is also booming with Glasgow Fort the UK’s leading retail park destination (Javelin Group, Venuescore 2015-16).
A sampling of Glasgow’s current retail developments:
- Argyll Arcade – a thoroughfare linking Argyle Street with Buchanan Street, the covered walkway is lined with 32 jewellery shops.
- Buchanan Quarter – Glasgow City Council’s £80 million project is the first in the UK to be financed with the Tax Incremental Financing (TIF) scheme. Opened 2013 the new development at the top of
Buchanan Street brings an exciting new mix of retail and residential property to Scotland’s premier shopping and leisure destination.
- Buchanan Galleries – Where Sauchiehall and Buchanan Street meet, Buchanan Galleries provides a gleaming, modern showcase for over 80 famous name retailers – anchored by John Lewis and home to a mesmerising mix of high street and fashion.
- Buchanan Street – Sweeping from Sauchiehall Street down to St Enoch Square, Buchanan Street is a gracious pedestrian boulevard lined with architectural gems and some of the city’s finest shopping, with more than 40 stores including Topshop, Urban Outfitters, Diesel, Zara, Massimo Duitti and many more.
- Ingram Street – This artery, running from Royal Exchange Square right through the Merchant City, is lined by elegant blonde sandstone buildings and innumerable architectural wonders – not least the ravishing former banking hall that’s now home to contemporary womenswear brand Jigsaw.
Ingram Street morphed into the city’s most exclusive fashion boulevard for luxury and high fashion brands.
- Markets – The Barras is an open-air weekend street market in the East End and the Glasgow Farmers’ Market (South Side and West End) features fresh and organic produce from around 40 farms and producers.
- Merchant City – As the epicentre of Glasgow’s extraordinary mercantile wealth, this area housed tobacco lords and cotton kings. Two centuries later, the Merchant City has been brought back to life as a lively cultural quarter featuring bars, restaurants and high-end boutiques and the Italian Centre.
- Princes Square – Recently names Scotland’s favourite building of the last 100 years and is the Scottish outposts of fashion grande dame Vivienne Westwood and super-cool outerwear brand Belstaff – alongside affordable contemporary style from COS, Whistles, French Connection, Reiss, Ted Baker and many more.
- Sauchiehall Street – home to an impressive array of popular brands from the legendary Watt Brothers and M&S to TK Maxx and you’ll find the only BoConcept showroom in Scotland – the ultimate destination for contemporary furniture in this part of the style mile.
- St. Enoch Centre – situated at the corner of Buchanan and Argyle Streets and anchored by a huge Debenhams store teeming with choice in fashion, beauty and homeware,St Enoch Centre is a gleaming modern mall housing the most popular names in High Street shopping plus a fantastic food court – all under one roof.
- Three shopping centres on city outskirts are Braehead, Silverburn and the Fort.
- West End– Recently voted ‘Best Neighbourhood in UK & Ireland’ by the Academy of Urbanism, this is area is an eclectic mix of unique bookshops, independent shops, antiques, vintage clothing stores plus eating and drinking.