RETAIL PROSPECTUS - Invest Glasgow
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RETAIL PROSPECTUS
REASONS TO
INVEST IN GLASGOW
UK’s 2nd Global #1 UK’s No.1
Largest Brand Out-of-Town
Retail centre
Retail Centre by Spend Retail Destination
ECONOMY COMPETITIVE
‘Shopaholic’s Paradise’ £47,513 GVA Scotland’s Largest City ADVANTAGE
– Lonely Planet per job filled Powerhouse of the Scottish Economy Top Large European City of the Future
Competitive Business Environment
4th Largest City in UK
– 2nd highest of 10 UK core cities Lower Property Costs than
414,000 Jobs
Manchester, London and Edinburgh
Diverse and Resilient Economy
57 million people ‘Friendliest City £43 billion Gross Value Added (GVA)
Lower Salary Costs than London and
Edinburgh
– annual footfall in the World’ for Glasgow City Region, 32% of
Scottish total
on Glasgow’s prime Buchanan Street – Rough Guides CONNECTED
Glasgow City Region has 34% of
Scottish Jobs and 28% of Scottish Glasgow is Scotland’s main transport
companies hub
£862 Retail Workforce of
34,600 12% Target of 50,000 new jobs by 2023 Excellent road, rail, shipping and air
services
million Prime Rent
Retail GVA people Year-on-Year Increase
DEMOGRAPHICS
615,000 City Population
Easily accessible from 3 Scottish
airports serving over 150 worldwide
destinations
Glasgow City Region population of 1.8
million
Significant Retail 2nd Highest
Development EDUCATION
Prime Rent World-class Talent Pool
and Investment in UK at £314 per sq.ft.
44% of Population Educated to Degree
Level
£1 billion
130,000 Students from over 135
£4.2 billion countries
Annual Retail Spend annual spend 5 Higher Education Institutions
WORLD-CLASS SPORTING
– 2nd highest in UK by 20 million day visitors 3 Super Colleges
AND EVENTS CITY
INVESTMENT UK’s Best Convention Bureau 11 years
running
2.2 million tourists
Over £15 billion capital investment
since 2011 The SSE Hydro – World’s 3rd busiest
entertainment arena
visit each year – £619 million spend No. 1 City in Scotland for FDI, 5th in UK
5th Best Sporting City in the World
Top Ten Global City for FDI Strategy
UK’s first UNESCO City of Music
Largest sporting infrastructure outside
London
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WHISTLES COS GIO-GOI ZARA BOSE KIKO
A GLOBAL CATH KIDSTON SWAROVSKI VANS BELSTAFF
BRAND CITY URBAN
OUTFITTERS ALL SAINTS T M LEWIN THOMAS PINK APPLE
STORE
Glasgow is a world-class shopping destination and is actively engaged in attracting a
number of global brands. Demand for prime retail pitch in the city remains extremely HOTEL
strong and Glasgow has recently welcomed more global brands, Massimo Dutti (their first FOLLI-FOLLIE CHOCOLAT THOMAS SABO
UK store outside London), T2, Monki and Kiko Milano, among others.
“Boasting the UK’s largest
retail phalanx outside
Glasgow also boasts many unique independent
designer and flagship stores for British and
international retailers.
CRUISE TIMBERLAND THE DISNEY
STORE
L.K. BENNETT DOWER AND
HALL T2
The city is home to an abundance of luxury outlets
London, Glasgow is a while independent retail is vibrant and continues to
shopaholic’s paradise.
The ‘Style Mile’ around
grow in variety and scale.
TED BAKER NIKE SWATCH CASTLE
Buchanan Street, Argyle
Street and Merchant City
JOHN
is a fashion hub.”
– Lonely Planet: Great Britain
SUPERDRY
LEWIS END REPLAY FRENCH
CONNECTION
KAREN MILLEN
LINKS OF SPACE NK
LONDON
HAWES AND
CURTIS GANT SKECHERS FAT FACE PRETTY GREEN HOLLISTER
H&M L’OCCITANE REISS
LIPSY JIGSAW DUNE JACK WILLS OFFICE
KIEHL’S MASSIMO DUTTI HOBBS MICHAEL KORS
KURT GEIGER MULBERRY MANGO JO MALONE
4 / RETAIL PROSPECTUS INVESTGLASGOW.COM \ 5
THE STYLE MILE PRINCES SQUARE
Over twenty five years ago, this early 19th century
architectural gem, half-hidden behind Buchanan
Street, was restored, roofed over and filled with
stylish temptations.
The biggest global brands and major UK retailers can be found in Glasgow’s Style Mile – Today, Princes Square’s delights range from hot
a square mile in the very centre of the city which houses an extraordinary concentration heels at Kurt Geiger and covetable trinkets at Dower
& Hall and Links of London to a whole world of
of shops. There is an exceptional selection of outlets in the Style Mile with malls, beauty at Space NK and Jo Malone London plus
independent boutiques and designer stores including: Buchanan Galleries, Buchanan goodies for the home at Le Creuset and Castle
Quarter, St. Enoch Centre, Princes Square, Argyll Arcade and House of Fraser. Galleries. Since its inception Princes Square has
been a major fashion destination in Scotland. It is the
perfect location for the Scottish outposts of fashion
grande dame Vivienne Westwood and super-cool
outerwear brand Belstaff – alongside affordable
BUCHANAN GALLERIES contemporary style from COS, Whistles, French
Provides a gleaming, modern showcase for over Connection, Reiss, Ted Baker and many more.
80 famous retailers – anchored by John Lewis.
The world-famous department store, renowned
for exemplary customer service, has four floors
filled with everything from fabulous fashion labels
to covetable homewares.
This huge mall is also home to a mesmerising mix ARGYLL ARCADE
ranging from UK High Street fashion favourites The Argyll Arcade offers the largest and finest
such as Next, Warehouse and River Island, to the selection of diamond rings, diamond jewellery,
eye-catching jewellery of Swarovski and Thomas wedding rings and luxury watches in a single
Sabo, the super-cool Californian vibe of Hollister location in Scotland.
and the hot Spanish style of Mango.
Widely regarded as the diamond jewellery centre
of the North, the Argyll Arcade hosts more than 30
jewellers and diamond merchants all under one roof.
BUCHANAN QUARTER
A recently new development at the top of Glasgow’s
prime retail pitch, Buchanan Street, brings an
eclectic mix of retail and residential property to
Scotland’s premier shopping and leisure destination.
HOUSE OF FRASER
With the addition of exciting new retailers including
There are shops, there are department stores
H&M‘s largest UK store, Paperchase, Gap, Fat Face,
and then there are premium department stores.
Skechers, Office and Watches of Switzerland among
Established in 1849, Frasers is one of Scotland’s
many others, Buchanan Quarter has quickly become
premium department stores. Standing at the bottom
established as a firm favourite with shoppers.
of Buchanan Street, the most iconic building on
Glasgow’s Style Mile, offers five floors of temptation
including an internationally renowned Beauty Hall
and brands that you will not find anywhere else in
Scotland.
ST. ENOCH CENTRE
Situated at the corner of Buchanan Street and
Argyle Street and anchored by a huge Debenhams
store teeming with choice in fashion, beauty and MERCHANT CITY
homeware. St. Enoch Centre is a gleaming modern The nearby Merchant City is a vibrant quarter full of
mall housing the most popular names in High Street bars, restaurants and high-end boutiques. The Italian
shopping including H&M, Topshop and Superdry Centre and Ingram Street are home to a range of
alongside world-famous brands such as Hamleys designer names including Emporio Armani, Ralph
and The Disney Store. Lauren, Mulberry, Hugo Boss, Replay, Cruise and
Jigsaw.
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PRIME RETAIL UNITED KINGDOM RETAIL MARKET SNAPSHOT
Source: Cushman & Wakefield – United Kingdom Retail Market Snapshot Q3 2017
MARKET INDICATORS PRIME RETAIL RENTS (September 2017)
MARKET OVERVIEW INDICATOR
Prime Rents
MARKET OUTLOOK
Rental growth possible in prime
HIGH STREET
SHOPS
London (West
Zone A £
SQ.FT YR
2,200
Zone A €
SQ.M YR
16,146
Zone A US$
SQ.FT YR
1,780
Growth %
1 YR
0.0
Growth %
5 YR CAGR
17.1
locations, softening rents across End)
secondary centres
Glasgow is a ‘shopaholic’s paradise’ according to Lonely Planet and is ranked number Glasgow 310 2,607 287 3.3 4.0
Prime Yields Predominantly stable with inward
one UK retail destination outside of London’s West End. Over half a million square metres pressure across the leisure sector Manchester 280 1,747 193 1.8 3.1
of retail space can be found in the city, with prime and super prime shopping to be had Supply Demand continues to outstrip Leeds 245 1,528 169 0.0 0.4
supply in the best locations Edinburgh 215 1,808 199 0.0 2.5
within one square mile in the city centre, known as the Style Mile. Buchanan Street, Demand Concentration of demand in Birmingham 210 1,310 144 2.4 2.0
Glasgow’s premier shopping street, is the busiest high street in the UK, after London, with prime locations while softening
demand in secondary locations Cardiff 205 1,279 141 0.0 3.2
an average hourly footfall of 6,500 people.
PRIME RETAIL YIELDS (September 2017)
Glasgow’s retail sector generates an annual spend
HIGH STREET CURRENT PREVIOUS PREVIOUS 10 YEAR HIGH 10 YEAR LOW
of more than £4.2 billion, £862 million in GVA and SHOPS QUARTER QUARTER YEAR
(FIGURES ARE
sustains a substantial retail workforce of 34,600 NET, %)
people. Post Brexit, the retail sector continues to London (West 2.50 2.50 2.50 4.25 2.25
demonstrate real strength and resilience. Indeed, End)
Glasgow’s enduring appeal to international retailers, Glasgow 4.00 4.25 4.50 6.75 4.00
most notably Buchanan Street has seen a surge in Manchester 4.00 4.00 4.25 6.75 4.00
demand and rental growth on the street. In the last
Leeds 4.50 4.75 4.75 6.25 4.50
12 months, the Zone A rate has jumped from around
£280 per sq.ft. to a peak of £314 per sq.ft. – a very Edinburgh 4.75 4.75 4.75 7.00 4.75
healthy year-on-year increase rate of 12%. Birmingham 4.50 4.50 4.50 6.75 4.50
Cardiff 4.75 4.75 4.75 6.50 4.50
This continued surge in demand for prime retail
space in Glasgow is evidenced by the recent
acquisition of the former 65,000 sq.ft Forever 21 GLASGOW RETAIL MARKET SUMMARY:
store on Buchanan Street by H&M, the largest of HISTORY AND OUTLOOK
its 260 UK store portfolio, and the arrival of other
PRIME RENT % PRIME INCOME PRIME APPRECIATION PRIME TOTAL
global new entrants including Kiko Milano, Hotel RETURN % RETURN % RETURN %
Chocolat, T2, Clarks and Nespresso (Colliers Glasgow
International).
2003-09 1.5 5.1 2.9 8.0
2010-15 1.9 4.9 2.0 6.9
2016-21 0.9 4.5 2.8 7.4
Annual footfall Europe index
– 57 million people 2003-09
2010-15
4.7
5.4
6.0
5.3
6.6
9.7
12.6
15.0
2016-21 2.3 4.1 2.5 6.6
Since late 2013, more than 200 of Glasgow’s city Sources: CoStar Portfolio Strategy; Various Brokers
centre retailers have extended their opening hours
to 7pm on weeknights, bringing the city more in MARKET SIZE – TOP 10 UK RETAIL CENTRES
line with continental operating hours. The move CENTRE RETAIL SPEND POTENTIAL VITALITY RANK CHANGE SINCE 2014
comes on the back of strong customer demand
London (West End) £9,141,226,044 14 +2
and consumer research. Footfall figures recorded
Glasgow £4,260,877,222 38 +30
on four key locations on the Style Mile collectively
amounted to just under 57 million people. Birmingham £3,378,666,154 34 +31
Manchester £3,534,636,565 52 -9
Leeds £3,180,292,167 35 +4
Liverpool £3,102,829,857 47 0
Nottingham £3,003,776,127 55 +14
Cardiff £2,798,170,147 62 +4
Newcastle-upon-Tyne £2,796,940,154 84 +22
Edinburgh £2,346,843,910 17 +5
Source: Harper Dennis Hobbs Vitality Index 2017
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VIBRANT SILVERBURN
OUT-OF-TOWN RETAIL Built in 2007 and located in
the south side of Glasgow,
Silverburn is one of the
largest shopping centres in
Global shopping brands and independent retail is thriving in the city but ‘out-of-town’ the UK. It includes 1,000,000
sq.ft. of retail and leisure
shopping is also booming with Glasgow Fort once again ranked as the UK’s leading retail space, 2,000 parking spaces
park destination (Javelin Group, Venuescore 2017). in a multi-story car park and
25,000 ground spaces.
Anchored by UK staple retail brands including
In total, there are five ‘out-of-town’ retail and leisure Glasgow Fort and Silverburn are Glasgow’s newest, Marks and Spencer, Next, Debenhams and Tesco,
parks across the city of Glasgow and its near-by biggest and most successful ‘out-of-town’ retail and Silverburn has around 100 retail outlets and a
surroundings, namely Glasgow Fort, Silverburn, The leisure shopping destinations. substantial day leisure offering that comprises a 14
Forge, intu Braehead and EK (East Kilbride). screen Cineworld cinema, 14 restaurants and several
fast-food and coffee shop chains including everyday
favourites such as Five Guys, Carluccio’s, Nando’s
and Tim Hortons. Silverburn operates with extended
opening hours very similar to those of Glasgow Fort,
which again, has proven to be very popular with
shoppers.
GLASGOW FORT
Glasgow Fort opened for to leading shopping brands including Marks &
business in 2004 and is Spencer, Topshop, Zara, River Island, H&M, Next
now the United Kingdom’s and Schuh. New investment and development has
number one ‘out-of-town’ seen the addition of an 8 screen Vue cinema and
retail and leisure park. The centre offers a whole an array of eateries including Nando’s, TGI Fridays,
range of the UK’s favourite retail brands. With almost Wagamama and many more.
100 outlets, Glasgow Fort is an award-winning
Extended opening hours to 10pm through Monday
shopping experience with 2,500 free parking
to Friday to 8pm and 7pm on Saturday and Sunday
spaces. Situated in Glasgow East, just off junction 10
respectively, provides the modern-day shopper with
of the M8 motorway, the Fort, as it more commonly
the retail accessibility they demand. Naturally, the
referred to by patrons, is very accessible and home
Fort’s leisure facilities open later still.
SCALE AND CAPACITY FOR
MULTIPLE RETAIL SITES
Glasgow’s successful and extensive ‘out-of-town’
retail market has grown exponentially over the last
10 years. This has resulted in extensive retail chain
expansion and roll-out activity by many large UK
and international retailers to take their presence
beyond Glasgow city centre into all city areas and
neighbouring towns.
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KEY RETAIL
DRIVERS
From a declining industrial centre to one of Europe’s hippest spots, Glasgow has undergone
one mighty transformation (worldtravelguide.net). A world-class city in which to live, work,
study, invest, meet and visit, Glasgow is Scotland’s cultural powerhouse. It proudly boasts
the largest cultural offering and largest sporting infrastructure outside London.
People from all around the world visit Glasgow the art nouveau genius, Charles Rennie Mackintosh,
because it is now one of Europe’s most vibrant is now a dynamic 21st century metropolis. Each
and cosmopolitan cities, where business, sport and year, millions of people from across the world visit
international culture flourish. The city that inspired Glasgow to enjoy everything it has to offer.
RETAIL AND LEISURE
TOURISM
Glasgow has a robust economy and a busy calendar of events until 2024, attracting leisure
COMPREHENSIVE RETAIL OFFER shoppers with real choice. Whether they want to and business tourists all year round and ensuring the retail sector in the city thrives.
Glasgow is an exciting and extensive retail simply enjoy a coffee at Costa, afternoon tea at
destination for shoppers. The Style Mile’s Buchanan Darcy’s or dinner at the NY American Grill, there
Street adjoins Sauchiehall Street and Argyle Street really is something for everyone. Sector growth LEISURE TOURISM
to form what is known as Glasgow’s ‘Golden Z’ of
retail. These three major city retail thoroughfares
remains strong and is demonstrated by high-profile
new-arrivals including Tim Hortons (first outlet in
People from across the world visit
Glasgow to experience its cultural
Tourism
Day Visits
20m
people
£1b
spend
are relatively unbroken and despite being some Europe), Taco Bell (first outlet in Scotland), The Ivy, offerings including the city’s excellent
distance apart, each area within the ‘Golden Z’ will Smash Burger and Vapiano.
be visited by a large proportion of shoppers as part
museums, world-class art galleries
and exhibitions, theatres, festivals and
Leisure 3 hours+ 46m £1.5b
of one shopping trip.
Beyond the integrated retail food and beverage Day Visits average people spend
offering, Glasgow’s food and drink scene is breathtaking scenery.
vibrant and firmly part of the city’s unique culture.
FOOD AND BEVERAGE Glasgow’s culinary offering is imaginative and
Integrated food and beverage is a key value driver cosmopolitan and the range of choice for visitors WORLD-CLASS CULTURE BUSINESS TOURISM
and an increasingly important component of a retail is breathtaking, with new restaurants popping up
Home to the Royal Scottish National Orchestra, In the UK, Glasgow is second only to London in
destination’s overall brand proposition. Glasgow’s on a regular basis. This distinctive food and drink
National Theatre of Scotland, BBC Scottish attracting international conference delegates
integrated food and beverage provision throughout experience is guaranteed to enhance the visitor
Symphony Orchestra, Scottish Opera and Scottish with the capacity to host more conferences and
the ‘Golden Z’ is substantial and varied and provides experience in the city.
Ballet and an internationally acclaimed reputation in welcome more business delegates than Scotland’s
contemporary art, design and music. six other cities combined. The leading industry body
International Conference and Congress Association
(ICCA) ranks Glasgow 28th in its index of 400
A CENTRE OF EXCELLENCE FOR conference cities globally. Apart from London, no
VISUAL ARTS other UK city is included within the top 30. In May
Seven Turner Prize winners, including the 2014 2017, reflecting Glasgow’s position as a conference
SPORTING AND winner and 11 nominees have lived, trained or powerhouse, ICCA reported that Glasgow attracted
EVENTS CITY worked in the city in recent years. more international delegates in 2016 than major
Glasgow is recognised competitors including the likes of Geneva, Sydney,
as having the UK’s Best San Francisco and Johannesburg and held more
Convention Bureau (11 years
EUROPE’S FINEST CIVIC ART international conferences than Zurich, Frankfurt am
running), one of the world’s
COLLECTIONS Main, Moscow and The Hague.
top five cities for sporting Two of the world’s finest civic art collections can
be found in Glasgow, at the Burrell Collection and Glasgow’s tourism business is not seasonal; with a
events, and in The SSE
Kelvingrove Art Gallery and Museum. year-round conference calendar, Glasgow is always
Hydro, has the third busiest
open for business.,
entertainment arena in the
world.
GREAT NATURAL BEAUTY
The archipelago of the Clyde Coast and Islands
and the Highlands’ stunning scenery is on the city’s
doorstop, just 45 minutes away.
12 / RETAIL PROSPECTUS INVESTGLASGOW.COM \ 13
GLASGOW – OPEN
FOR RETAIL BUSINESS
RETAIL INVESTMENT
The public and private sectors in Glasgow adopt a proactive and innovative partnership
approach to continuously improve and develop Glasgow’s retail sector to vigorously
sustain its position as the largest and best retail destination outside of London. This has
seen significant investment in retail infrastructure in the city on a staged basis over the last
decade. Exciting plans are in place to deliver further significant expansion in the retail and
leisure offer in each of Glasgow’s three prime shopping centres over the next few years.
SAUCHIEHALL STREET AVENUES PROJECT
BUCHANAN GALLERIES SAUCHIEHALL STREET AVENUES COUNCIL BUSINESS SUPPORT
PROJECT FOR LOCAL RETAIL
As part of the Glasgow City Region City Deal The excellent retail offers available in Glasgow city
funding, Glasgow City Council is investing centre and its ‘out-of-town’ retail destinations prove
approximately £115 million within the city centre to to be very popular with shoppers. However, the
deliver on the Enabling Infrastructure – Integrated local retail network consisting of over 2000 retail
Public Realm programme. Better known as the enterprises (13.5% of Scottish total), operating across
‘Avenues Programme’ it will implement catalytic 34 designated local town centres throughout the
measures to dramatically improve the quality of the city, is also very popular and is proactively supported
city centre environment. By redressing the balance through Glasgow City Council’s comprehensive city-
between vehicles, pedestrians and cyclists, and wide retail business growth programme.
transforming perceptions of the city for citizens,
visitors and investors alike, the Avenues programme
aims to make fundamental improvements to
Glasgow’s city streets.
The Sauchiehall Street ‘pilot’ project to be delivered
by the programme, commenced in January 2018
and set the benchmark for all other designated
programme ‘Avenues’ in the city. The aim is to totally
transform the western half of Sauchiehall Street
from a somewhat hostile, traffic dominated street, to
a place for people to enjoy with a more attractive,
safer and inclusive streetscape – and a mixed,
ST. ENOCH CENTRE PRINCES SQUARE economically sustainable offer.
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WHY GLASGOW? KEY SECTORS
Glasgow’s new Economic Strategy 2016-2023
With a can-do attitude, a commitment to being the most business-friendly city in the UK, was launched with the prime objective of making
and more than two million visitors a year – it is people that make Glasgow different. Glasgow the most productive major city economy
in the UK. Alongside this, the strategy has set an
ambitious new jobs target of 50,000 by 2023.
OPEN FOR BUSINESS Glasgow is among the fastest growing cities in the
Top businesses choose Glasgow for many The first Scottish city to secure City Deal funding UK and the key to this success is the diversity of
reasons. They say it is because of the quality and from the UK and Scottish Governments. £1.13 its business and industry base and its highly skilled
loyalty of the flexible and qualified workforce, the billion will fund major infrastructure projects and workforce. Economic and productivity growth is
cosmopolitan feel of a large city, great access, drive innovation, whilst levering in £3.3 billion of focused on 8 key sectors:
world-class and cost-effective office space and private investment.
� Digital Technology
one of the most sophisticated and competitive
An economic powerhouse – Glasgow city region
telecommunications environments in Europe. � Financial and Business Services
generates £43 billion gross value added (GVA)
Highly qualified and flexible workforces – it is every year to Scotland’s economy. � Creative Industries
what every employer needs. Glasgow is one of
Generating £47,513 GVA per job filled, Glasgow � Low Carbon
Europe’s top ten cities for business friendliness
has the 2nd highest level of productivity of the 10
and connectivity and fDi Magazine’s runner up � Health and Life Sciences
UK core cities.
in the ‘Top Large European City for FDI Strategy
� Engineering, Design and Advanced Manufacturing
(2018/19)’. Excellent transport links – the city is served by
three international airports with direct flights from � Tourism and Events
Number one city in Scotland for FDI and ranked
over 150 destinations. Once you arrive, getting
5th in the UK (2016). � Higher and Further Education
about is easy by road and rail.
Since 2011, the city has received more than £15
Office, leisure and retail space – to suit every
billion in capital investment across housing, retail,
type and size of business – and exciting new
health, education, hotels, offices, leisure and
development opportunities too.
industrial space.
FORWARD-THINKING CITY
Scotland’s economic powerhouse is setting its sights Establishing Scotland’s first two innovation
#1 50
on becoming the most innovative and productive districts in Glasgow’s West End and Merchant
city in the UK. It is: City to encourage business clusters and to
stimulate growth in the Life Science and Higher
A leading city for renewable technology by
Education sectors. These will maximise the
using its historic strengths in engineering and
benefits of existing high value industries including
education, to deliver a low carbon economy that
Number one New jobs target Home to Scotland’s will deliver a greener environment for its residents
pharmaceutical manufacturing, distributed energy,
photonics, bio-nano technology, and aerospace
Scottish city for FDI first two innovation and visitors.
and ranked 5th in
of 50,000 by manufacturing.
districts Keeping pace with emerging trends including the
the UK (2016) 2023 provision of flexible co-working space, build-
Delivering exciting City Deal projects, with over
£100 million of city centre investment underway
to-rent city centre living while future-proofing
with the ‘Avenues Project’ which will see
investment through enabling infrastructure, smart
Glasgow’s major city centre streets revitalised
technologies and world-class digital connectivity.
to improve connectivity, infrastructure and
Meeting and exceeding the most demanding streetscapes through installation of intelligent
digital technology requirements of its modern lighting schemes, new paving, traffic calming
business community. The Gigabit City fibre measures and tree planting.
network is transforming the city’s digital
Setting its sights on becoming one of Europe’s
infrastructure, supporting internet connectivity of
most climate-ready regions. Communities
up to 100 times faster than the UK average. The
across the region are being transformed and
state-of-the-art network will future-proof the city
future-proofed as a result of investment in
as the demand for greater bandwidth continues
green networks incorporating sustainable urban
to grow.
drainage, as well as large-scale flood prevention
schemes.
Creating a smart business environment with
world-class facilities that support future savings
and efficiencies for any business to flourish.
16 / RETAIL PROSPECTUS INVESTGLASGOW.COM \ 17
CONNECTED CITY
Glasgow is wonderfully connected – making it easy to do business in the UK, Europe and
beyond.
AIR ROAD
Glasgow Airport is Scotland’s principal long-haul Scotland’s trunk road and motorway network
airport offering direct flights to North America, connects its cities, towns, airports and ports enabling
Europe, Asia and the Middle East. It is located easy movement of people, goods and services.
approximately 9 miles west of the city centre and Roads are well maintained and, in general, the traffic
was voted best European, UK and Scottish Airport of density is lighter than other parts of the UK. Glasgow
the Year in 2016. is served by four motorway systems which efficiently
link the Glasgow city region and beyond.
RAIL
Glasgow is served by two main railway stations, E-CONNECTIVITY
Central Station and Queen Street Station, and has Digital connectivity in the city meets and exceeds
the largest suburban rail network outside of London. the most demanding technology requirements and
Regular connections to London and major English expectations of our modern business community.
and Scottish cities makes travel throughout the For example, free wi-fi is available throughout all
UK simple. Glasgow city centre is also served by a areas of Glasgow’s city centre, as standard. Our
subway and low level train system which links the Gigabit City fibre network is transforming the city’s
city to outlying residential areas. digital infrastructure, supporting internet connectivity
speed of up to 100 times faster than the UK average.
This state-of-the-art network will future-proof
Glasgow as the demand for greater bandwidth
continues to grow.
PLANE BUS
150+ destinations worldwide 16 million passengers per year
Direct flights to North America, Europe, 40,000 passengers a day
Asia and the Middle East
170 bus services in and out of Glasgow
200+ flights daily
9.4 million passengers per year
SUBWAY
30+ new routes for 2017 – Frankfurt,
£300 million refurbishment
Munich, Krakow and Madrid
15 stations
Most European destinations within 2
hour flight Runs every 4 mins at peak times
London 1 hour flight time 13 million passengers per year
438 flights per week to London
CAR
TRAIN Edinburgh 1hr 5 mins
Central Station – 38 million Manchester 3hrs 30 mins
passengers per year
Birmingham 4 hrs 30 mins
Queen Street – £750 million
London 7hrs 20 mins
improvement programme
38 trains per day to London Euston
8 trains per hour to Edinburgh
Edinburgh – 50 mins
Manchester – 3 hrs 20 mins
PROUD TO SERVE SCOTL AND
London – 4 hrs 30 mins
18 / RETAIL PROSPECTUS INVESTGLASGOW.COM \ 19AWARD WINNING
CITY
TOP LARGE EUROPEAN CITY OF ONE OF THE WORLD’S TOP
THE FUTURE 2018/19 SPORTING CITIES AND NO 1 CITY
Glasgow has achieved an FOR SPORT LEGACY
outstanding set of results in Glasgow is ranked 5th in the
the prestigious fDi Magazine world’s top 10 sporting cities –
‘European Cities of the Future according to the internationally
Awards 2018/19’. In the Large recognised SportBusiness
Cities categories, Glasgow was Ultimate Sports City 2016 Awards.
awarded: Top 10 overall Large The city was ranked ahead of
City; Runner-up for FDI strategy; and Top 10 for Olympic cities such as Los Angeles, Tokyo, Sydney,
Business Friendliness and Connectivity. Amsterdam and Paris. Glasgow was also named
the No. 1 city in the world in the Legacy category to
recognise its longstanding commitment to increasing
TOP TEN GLOBAL CITY FOR FDI sports participation and creating new sporting
STRATEGY 2016/17 opportunities for citizens.
Glasgow has been recognised
as a Top Ten Global City for FDI
Strategy. Ranked 7th, this is a true TOP UK CITY FOR RETAIL
endorsement of the city’s appeal OUTSIDE LONDON
as a location for FDI. Glasgow Glasgow is one of the UK’s
also received bespoke awards largest and most successful
for worker training (The Glasgow shopping locations, after
Guarantee) and a specialism award for life sciences. London’s West End, it is the first
UK city for retail by comparison spend (tourists,
workers and residents) (HDH 2017).
ONE OF THE WORLD’S BEST
PERFORMING FINANCIAL
CENTRES – Global Financial Centres Index 2017 WORLD’S TOP INDOOR ARENA – UK’S BEST CONVENTION 4TH IN THE WORLD FOR
The Global Financial Centres Index (Sep 2017) has
THE SSE HYDRO BUREAU 11 YEARS RUNNING SUSTAINABLE BUSINESS
ranked Glasgow in the Top 50 The SSE Hydro is ranked first TOURISM
of the world’s best performing in the global Billboard Chart Now ranking number
financial centres (out of 92) and Top 10 Venues Index ahead 4 in the world,
in the Top 15 of Europe’s best performing financial of Hallenstadion in Zurich, the Glasgow has been
centres. Mercedes-Benz Arena in Berlin and Brisbane recognised as one of
Entertainment Centre, Australia. It is third in Pollstar’s The Glasgow Convention Bureau at Glasgow Life
Glasgow has the third most important financial the world’s leading
Top 100 global arenas list ahead of Madison was named the UK’s Best Convention Bureau for a
centre in the UK and has its own dedicated cities for sustainable business tourism by the Global
Square Garden in New York and the Ziggo Dome in record 11th time in 2017. At the influential Meetings
International Financial Services District. Destination Sustainability Index after climbing 3
Amsterdam. & Incentive Travel (M&IT) Awards, held in London,
places and increasing its overall score by 16% on last
Glasgow beat off strong competition from across the
year.
UK to become the first organisation to collect the top
BEST EUROPEAN, UK AND prize on 11 occasions and over consecutive years.
SCOTTISH AIRPORT ‘BEST IMPROVED DESTINATION’
Glasgow Airport celebrated its
1ST EVER CONVENTION BUREAU AWARD 2017 (ICCA)
50th Anniversary in 2016 by
scooping a range of prestigious TO RECEIVE A GREEN TOURISM Glasgow Convention
awards: the Airport Council AWARD Bureau has been
awarded the “Best
International Europe’s (ACI Green Tourism, the world’s
Improved Destination
Europe) Best Airport Award;
PROUD TO SERVE SCOTL AND
largest certification programme
2017” Award at the
Scottish Airport of the Year 2016; UK Airport of the of its kind, assesses businesses
International Congress and Convention Association
Year; and the Airport Operators Association (AOA) on their green credentials with
(ICCA) Congress in Prague in recognition of the city’s
Airport of the Year. Glasgow Convention Bureau
enhanced sustainable business tourism offering.
awarded a ‘Silver’ grading for demonstrating
a progressive approach and commitment to
sustainability – the first convention bureau to receive
such an award.
20 / RETAIL PROSPECTUS INVESTGLASGOW.COM \ 21INDUSTRY
PERSPECTIVES
KEVIN SIMS, SENIOR DIRECTOR, CBRE LTD
ADVISORY & TRANSACTION SERVICES | RETAIL SCOTLAND
Despite a challenging backdrop of city including Argyle Street, Sauchiehall
economic and political uncertainty Street and George Street. We have
Glasgow’s retail market has remained also continued to see a number of new
robust and in fact one could argue prime restaurant brands investing in Glasgow
retail in the city centre has never been including Vapiano who are due to open
so strong. Buchanan Street remains the at the north end of Buchanan Street
city’s crown jewel and has witnessed an in early 2018, Taco Bell who have just
extremely positive last 12 months with opened their first Scottish store on
demand at an all-time high and rental Sauchiehall Street and the Di Maggios
growth witnessing unprecedented levels. Restaurant Group who have recently
New entrants onto the street include opened The Citizen adjacent to their
Kiko Milano, T2, Swatch, Scribbler, Hotel Anchor Line and Atlantic operations on St
Chocolat and Nespresso who are due Vincent Street.
to open in early 2018. A number of
Glasgow City Council are committed to
international retailers are rumoured to
a number of streetscape improvements
have outstanding requirements including
throughout core retail locations in the
the likes of Ralph Lauren, Lyle & Scott
city which will help attract new retailers
and Kate Spade.
to the city and retain existing occupiers
Out with Buchanan Street we have also who have forthcoming lease expires.
witnessed activity from new entrants With improvements planned for both
including Tim Horton’s who chose Buchanan Galleries and St. Enoch Centre
Glasgow to open their first UK store and the future looks bright for the UK’s 2nd
are opening multiple sites across the biggest retail market.
KATHERINE RUSSELL, HEAD OF REAL ESTATE, PLANNING,
POLICY & COMMERCIAL, THE JOHN LEWIS PARTNERSHIP
John Lewis is at the heart of Glasgow’s John Lewis sees a bright future in
vast retail offer, occupying a prime Glasgow and supports the proposed
position on the city’s famous Buchanan investment by the City Council and
Street. The shop has gone from strength Land Securities to further enhance the
to strength over the course of its 18 profile of the shopping district, including
year history. It is an important retail Buchanan Galleries. This investment will
anchor for the city centre as well as a help maintain its profile as one of the
major employer, making a significant UK’s major shopping cities.
contribution to the vibrant social and
Despite a challenging
cultural life of the city. backdrop of economic
and political uncertainty
Glasgow’s retail market
has remained robust and
in fact one could argue
prime retail in the city
centre has never been so
strong.”
– Kevin Sims, CBRE Ltd
22 / RETAIL PROSPECTUS INVESTGLASGOW.COM \ 23INTERESTED?
FIND OUT MORE
Top companies choose Glasgow for many reasons;
because of the quality and loyalty of the flexible and
qualified workforce, the cosmopolitan feel of a large
city, great access and one of the most sophisticated
and competitive telecommunications environments
in Europe. Glasgow offers excellent, competitively-
priced leisure and retail spaces to suit every type
and size of business and exciting development
opportunities too.
Invest Glasgow offers comprehensive business
support and guidance, providing one point of contact
to all businesses, property investors and developers
seeking to invest in the city.
All of this contributes to why Glasgow was recently
named one Europe’s top cities for business
friendliness and connectivity, and fDi Magazine’s
runner up for FDI Strategy in the large cities category.
Come and see for yourself.
TO FIND OUT HOW INVEST GLASGOW CAN
SUPPORT YOU, CONTACT:
invest@glasgow.gov.uk
investglasgow.com
@invest_glasgow
Invest Glasgow
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