EDINBURGH - Cushman & Wakefield

0Cushman & Wakefield | Edinburgh | 2019

EDINBURGHCushman & Wakefield

Global Cities Retail Guide


As the capital of Scotland,

Edinburgh is the country’s second

largest city, with a population of

approximately 507,000 and a larger

catchment of over 1.4 million

inhabitants.

The resident population of Edinburgh is generally

affluent and well educated, with average gross

annual earnings and average gross disposable

income per resident being the second highest out of

the major UK cities (behind only London).

Edinburgh is the political, administrative, legal and

financial capital of Scotland. In particular, the city is

widely recognised as a global financial centre, with

several major financial organisations locating their

headquarters in the city, including Royal Bank of

Scotland, Lloyds Banking Group and Aberdeen

Standard Investments. Other major financial

organisations located in the city include Tesco Bank,

Virgin Money, Baillie Gifford and Blackrock.

The city is home to four major Universities with a

total of 61,000 students, and a further 33,000 at the

major colleges. The city is also a world recognised

tourist destination with over 8.6 million total nights

spent each year, the second most visited city in the

UK after London.

Within the city, Princes Street provides the principal

retailing thoroughfare. The street offers a unique

one-sided retailing destination with stunning views

over Princes Street Gardens towards Edinburgh

Castle.

EDINBURGH

OVERVIEW


EDINBURGHKEY RETAIL STREETS & AREAS

PRINCES STREET

Princes Street is the prime retailing destination within the

city centre, with an annual footfall of circa 13.5 million

people. It is home to a number of major high street

retailers and department stores such as Jenner’s

department store, Debenhams, Marks & Spencer, Next,

H&M, Topshop/Topman and Primark.

GEORGE STREET

George Street provides a unique blend of retail and

leisure offerings. In recent years the street has become

established as a home to high quality retailers, along

with trendy bars and restaurants. Retailers located on

George Street include Karen Millen, Jigsaw, Jack Wills,

Hollister, Jo Malone and Anthropologie. The bars and

restaurants are operated by a mixture of good quality

local Scottish businesses, including Le Monde, Contini

and Tigerlily and various national/ international chains

such as Hard Rock Café, Gusto, Las Iguanas and

Browns.

MULTREES WALK

Multrees Walk is home to up-market and luxury brands

including Louis Vuitton, Mulberry, Hugo Boss, Burberry,

Links of London, Kurt Geiger, Reiss and Max Mara.

Adjacent to Multrees Walk and anchoring this part of the

city centre is Scotland’s only Harvey Nichols store.

Multrees Walk also provides a retailing and pedestrian link

to St James Centre from George Street and St Andrews

Square.


EDINBURGHMARKET OVERVIEW

KEY AREAS / STREETS CONSUMER PROFILE MAJOR RETAILERS PRESENT TYPICAL RENT FOR UNIT

OF 2,000 SQFT

RANGE OF UNIT

SIZES

SQFT

Princes Street Mass market, TouristsJenner’s Department Store, Debenhams,

Marks & Spencer, Next, New Look, Apple£275,000 pa 500 - 30,000 sq ft

George Street Mid/Upper Market

Jigsaw, Hobbs, The White Company,

Whitestuff, Space NK, Karen Millen, Hackett,

Fat Face, Hollister, Rox, Kiehl’s

£175,000 pa 500 - 7,500 sq ft

Multrees Walk Premium and Luxury MarketLouis Vuitton, Reiss, Mulberry, Hugo Boss,

Michael Kors, Max Mara, Burberry.£150,000 pa 500 - 4,000 sq ft


EDINBURGHSHOPPING CENTRES

ST JAMES CENTRE

Nuveen Real Estate are progressing with the

redevelopment of the St James Centre to provide a new

1.8 million sq ft development with 850,000 sq ft of retail

space. As well as four floors of shopping, dining, leisure

and entertainment, the new development will include a

state of the art Everyman cinema, luxury W Hotel, up to

250 new homes and 1,650 car park spaces.

Situated at the heart of the city centre, linking Princes

Street with George Street via Multrees Walk, Edinburgh St

James will sit at the retail apex of the city at the eastern

end of the city centre.

St James has recently signed four of the Inditex brands.

Zara will open a 37,000 sq ft store over three floors,

Bershka, Stradivarius and Pull & Bear will take stores of

9,300 sq ft, 6,000 sq ft and 8,000 sq ft, all located within

the main multi-level shopping galleria.

Construction is underway with a completion date set for

September 2020 for the retail and leisure element, with full

scheme completion scheduled for early 2021.

WAVERLEY MALL

Waverley Mall is a purpose-built shopping centre, with

retail and F&B over three levels and with a total of 35

units. The centre is strategically located in central

Edinburgh on Princes Street, with a busy transport

network of bus stops, tram links, tourist buses and taxi

ranks all surrounding the scheme. The centre is

immediately adjacent Edinburgh Waverley train station

which serves over 29 million passengers per annum.

Waverley Mall provides two levels of accommodation

below ground level and provides a niche retailing

destination as well as a large food court. It is home to a

number of national multiples including Superdry, New

Look, Warehouse, Sainsbury’s, McDonald’s, The Post

Office, Starbuck’s, Costa and a new food court.

The owners, Moorgarth, are currently redeveloping the

scheme to create a new entrance, rooftop gardens and a

European piazza style area as part of their substantial

investment into the 1980’s style shopping centre. The

building will be increased by a level, with space for a

restaurant, offering views across Princes Street gardens

and the old town. The development is expected to be

complete by the end of 2020.


EDINBURGHMARKET OVERVIEW

KEY SHOPPING CENTRES CONSUMER PROFILE MAJOR RETAILERS

PRESENT

NEW ENTRANTS TYPICAL RENT

FOR UNIT OF 2000

SQFT (P.A)

RANGE OF UNIT

SIZES

SQFT

St James Centre Mass market John Lewis, NextBoots, Bershka, Pull &

Bear, Stradivarius, Zara£275,000 pa 500 – 160,000 sq ft

Waverley Mall Young Fashion New Look, Superdry, Warehouse £100,000 pa 500 - 5,000 sq ft


Edinburgh has a vibrant nightlife

and in particular, a large and very

diverse food and beverage market,

driven by the affluent local

population, students and tourists.

Although a number of the national restaurant chains

are represented in the city, Edinburgh also has a

strong offering of good quality, well established local

food and beverage businesses such as Montpelier

Group (Tiger Lily, Candy Bar, etc), G1 Group (Ghillie

Dhu) and Mario Gizzi (Amarone and Café Andaluz), to

name a few.

The main F&B destination is based around George

Street and the redevelopment of St Andrews Square,

which has proven very successful, operated by both

local businesses and national chains, recent entrants

include; The Ivy, The Refinery, Dishoom, Wahaca,

Gaucho and Wagamama.

There are further leisure destinations on Lothian Road

and the Omni Centre, which are both home to the

main city centre cinemas Odeon and Vue. Both

destinations are generally occupied by the, national

chain occupiers, including Nando’s, The Restaurant

Group and JD Wetherspoon.

New entrants to the city in 2019 will include Franco

Manca and Tattu, with Hawksmoor having opened in

Summer 2018, all taking space in St Andrews Square.

EDINBURGHFOOD & BEVERAGE

The area surrounding the Royal Mile is very

popular for food and beverage, driven mainly

by the tourist footfall. This area is also popular

with locals and students due to its atmosphere

and diverse mix of eating and drinking venues.

Generally, the best restaurants in Edinburgh

are located in off-pitch, quirky locations. There

are a total of four Michelin-starred restaurants

in the city, it is the only city in Scotland to have

any starred restaurants. Many of the highest

quality restaurants are located in the waterside

location of Leith.

Overall, there continues to be good demand

from F&B occupiers for representation in the

city.


EDINBURGHMARKET OVERVIEW - FOOD & BEVERAGE

KEY AREAS CONSUMER PROFILE FOOD & BEVERAGE

OPERATOR INCLUDING

RENT FOR 3500

SQFT UNIT (P.A)

St Andrews SquareMixed, tourists, students,

locals, office workers

The Ivy, Dishoom, Wahaca,

Wagamama, The Refinery,

Gaucho

£225,000

George StreetAffluent locals, students,

tourists

All Bar One, Living Room,

Browns, Tiger Lily, Candy Bar,

Café Andaluz, Centotre,

Gusto, Jamie’s Italian

£165,000

Lothian RoadOffice workers, young locals,

Cinema/Theatre trade

Wagamama, Nando’s, All Bar

One, Brew Dog£125,000

OmniFamily market, cinema/theatre

trade

Nando’s The Filling Station,

Cosmo, The Glasshouse, Tony

Macaroni, Slug & Lettuce,

Lloyds, Frankie & Benny’s.

£125,000

Leith Affluent locals

Pizza Express, The Kitchin,

Martin Wishart, Malmaison,

The Ship on the Shore

£70,000

Royal Mile/Old

Town/GrassmarketTourists, locals, Students

Pizza Express, Nando’s,

Revolution, The Filling Station,

The Outsider, Vittoria’s

£150,000


FORT KINNAIRD

Fort Kinnaird is a large retail and leisure park located off

the A1 in the south-east of Edinburgh and is easily

accessed by car and public transport. The Park totals over

600,000 sq ft, with over 70 units.

The current retail line up includes: Boots, Marks &

Spencer, New Look, H&M, River Island, Primark, Fat

Face, TK Maxx and HomeSense.

There is also a strong leisure offering alongside this, with

a seven screen Odeon Cinema and a restaurant offer

including Five Guys, Pizza Express, Nando’s, Frankie &

Benny’s, Chiquito, TGI Friday’s and Caffe Nero.

EDINBURGHOUT OF TOWN RETAIL / LEISURE

THE GYLE SHOPPING CENTRE

The Gyle Shopping Centre is located in the South Gyle

area of Edinburgh. The Centre is anchored by Marks &

Spencer and Morrisons.

The current retail tenant line up includes WH Smith, Next,

Boots, Holland & Barrett, Schuh and River Island. The

food offering includes Burger King, Pizza Hut, Chopstix

and Frankie & Benny’s.

The Landlord is currently reviewing options for a new

extension to include a cinema and F&B offering. Planning

is expected to be submitted in summer 2019.


EDINBURGHMARKET OVERVIEW – OUT OF TOWN RETAIL / LEISURE

CENTRE CONSUMER

PROFILE

RETAILERS

PRESENT

F&B AND

LEISURE

TENANTS

TYPICAL

RENT FOR

UNIT OF

2,000 SQFT

(P.A)

RANGE OF

UNIT SIZES

SQFT

Fort Kinnaird Mass market M&S, Primark, TK

Maxx, Next, ScS, H&M,

Oak Furniture land,

Argos Extra

Greggs, McDonalds,

Nandos, Five Guys,

Chiquito, TGI Fridays

£160,000 875 – 50,000 sq ft

The Gyle Shopping

Centre

Mass market M&S, Morrisons,

Holland & Barrett,

Schuh,WH Smith, Boots

Pizza Hut, Burger

King, Subway,

Chopstix

£125,000 500 – 120,000 sq ft


EDINBURGHRETAIL WAREHOUSING

HERMISTON GAIT RETAIL PARK

Hermiston Gait Retail park totals approximately 300,000

sq ft and has12 units. It is anchored by a B&Q

Warehouse and Tesco. It is well positioned on the west

side of Edinburgh at city bypass (A720)., M8 – Junction

1 and is accessible also by public transport.

Other tenants within the park include TK Maxx, Halfords,

Decathlon, Krispy Kreme and KFC.

STRAITON RETAIL PARK

Located just outside the city of Edinburgh Straiton Retail

Park is circa 240,000 sq ft. It has 24 units let to a mixture

of homeware, fashion, food and lifestyle brands. It is

anchored by TK Maxx, Next and M&S Simply Food.

CRAIGLEITH RETAIL PARK

Craigleith Shopping Park is situated 3 miles from

Edinburgh City Centre. The park totals approximately

185,000 sq ft and comprises 16 units.

Occupiers include M&S, Nike, Homebase with Garden

Centre, TK Maxx, Bargain Buys, Pets at Home. Boots,

Card Factory, Starbucks, KFC, Currys/PCWorld/

Carphone Warehouse, Trespass, Costa and Clarks.


EDINBURGHMARKET OVERVIEW - RETAIL WAREHOUSING

CENTRE CONSUMER

PROFILE

RETAILERS

PRESENT

F&B AND

LEISURE

TENANTS

TYPICAL

RENT FOR

UNIT OF

10,000 SQFT

(P.A)

RANGE OF

UNIT SIZES,

SQFT

Craigleith Shopping

Park

Mass market M&S, Homebase, TK

Maxx, Currys/PC

Worldcarphone ,

Homestore & more,

Argos Extra

KFC Drive Thru ,

Costa, Starbucks

£300,000 2,000 – 35,000 sq ft

Hermiston Gait Retail

Park

Mass market B&Q, Tk Maxx,

Halfords, Carpetright,

Wren Kitchens,

Decathlon, Tesco

Krispy Kreme,

KFC

£175,000 7,500 -102,500 sq ft

Straiton Retail Park Mass market Carpetright, Halfords,

Matalan, Outfit, ScS,

Furniture, Oak

Furnitureland, Harveys,

Nike, N&M

Costa, M&S

Foodhall, Frankie

and Benny’s

£350,000 7,500 – 102,500 sq ft

No warranty or representation, express or implied, is made to the

accuracy or completeness of the information contained herein, and the

same is submitted subject to errors, omissions, change of price, rental

or other conditions, withdrawal without notice, and to any special

listing conditions imposed by our principals.

© 2019 Cushman & Wakefield LLP. All rights reserved.

PETER HUTTON

Partner

National Retail & Occupier Services – Scotland

Direct: +44 (0) 141 304 3210

Mobile: +44 (0) 7585 509 466

[email protected]

mailto:[email protected]

EDINBURGH - Cushman & Wakefield

Documents