EDINBURGH Cushman & Wakefield Global Cities Retail Guide - Cushman & Wakefield
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EDINBURGH
Cushman & Wakefield
Global Cities Retail Guide
Cushman & Wakefield | Edinburgh | 2019 0
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.
EDINBURGH
Within the city, Princes Street provides the principal
OVERVIEW
retailing thoroughfare. The street offers a unique
one-sided retailing destination with stunning views
over Princes Street Gardens towards Edinburgh
Castle.
Cushman & Wakefield | Edinburgh | 2019 1
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KEY RETAIL STREETS & AREAS
PRINCES STREET MULTREES WALK
Princes Street is the prime retailing destination within the Multrees Walk is home to up-market and luxury brands
city centre, with an annual footfall of circa 13.5 million including Louis Vuitton, Mulberry, Hugo Boss, Burberry,
people. It is home to a number of major high street Links of London, Kurt Geiger, Reiss and Max Mara.
retailers and department stores such as Jenner’s Adjacent to Multrees Walk and anchoring this part of the
department store, Debenhams, Marks & Spencer, Next, city centre is Scotland’s only Harvey Nichols store.
H&M, Topshop/Topman and Primark. Multrees Walk also provides a retailing and pedestrian link
to St James Centre from George Street and St Andrews
Square.
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.
Cushman & Wakefield | Edinburgh | 2019 2
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MARKET OVERVIEW
KEY AREAS / STREETS CONSUMER PROFILE MAJOR RETAILERS PRESENT TYPICAL RENT FOR UNIT RANGE OF UNIT
OF 2,000 SQFT SIZES
SQFT
Jenner’s Department Store, Debenhams,
Princes Street Mass market, Tourists £275,000 pa 500 - 30,000 sq ft
Marks & Spencer, Next, New Look, Apple
Jigsaw, Hobbs, The White Company,
George Street Mid/Upper Market Whitestuff, Space NK, Karen Millen, Hackett, £175,000 pa 500 - 7,500 sq ft
Fat Face, Hollister, Rox, Kiehl’s
Louis Vuitton, Reiss, Mulberry, Hugo Boss,
Multrees Walk Premium and Luxury Market £150,000 pa 500 - 4,000 sq ft
Michael Kors, Max Mara, Burberry.
Cushman & Wakefield | Edinburgh | 2019 3
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SHOPPING CENTRES
ST JAMES CENTRE WAVERLEY MALL
Nuveen Real Estate are progressing with the Waverley Mall is a purpose-built shopping centre, with
redevelopment of the St James Centre to provide a new retail and F&B over three levels and with a total of 35
1.8 million sq ft development with 850,000 sq ft of retail units. The centre is strategically located in central
space. As well as four floors of shopping, dining, leisure Edinburgh on Princes Street, with a busy transport
and entertainment, the new development will include a network of bus stops, tram links, tourist buses and taxi
state of the art Everyman cinema, luxury W Hotel, up to ranks all surrounding the scheme. The centre is
250 new homes and 1,650 car park spaces. immediately adjacent Edinburgh Waverley train station
which serves over 29 million passengers per annum.
Situated at the heart of the city centre, linking Princes
Street with George Street via Multrees Walk, Edinburgh St Waverley Mall provides two levels of accommodation
James will sit at the retail apex of the city at the eastern below ground level and provides a niche retailing
end of the city centre. destination as well as a large food court. It is home to a
number of national multiples including Superdry, New
St James has recently signed four of the Inditex brands.
Look, Warehouse, Sainsbury’s, McDonald’s, The Post
Zara will open a 37,000 sq ft store over three floors,
Office, Starbuck’s, Costa and a new food court.
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 owners, Moorgarth, are currently redeveloping the
the main multi-level shopping galleria. scheme to create a new entrance, rooftop gardens and a
European piazza style area as part of their substantial
Construction is underway with a completion date set for
investment into the 1980’s style shopping centre. The
September 2020 for the retail and leisure element, with full
building will be increased by a level, with space for a
scheme completion scheduled for early 2021.
restaurant, offering views across Princes Street gardens
and the old town. The development is expected to be
complete by the end of 2020.
Cushman & Wakefield | Edinburgh | 2019 4
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MARKET OVERVIEW
KEY SHOPPING CENTRES CONSUMER PROFILE MAJOR RETAILERS NEW ENTRANTS TYPICAL RENT RANGE OF UNIT
PRESENT FOR UNIT OF 2000 SIZES
SQFT (P.A) SQFT
Boots, Bershka, Pull &
St James Centre Mass market John Lewis, Next £275,000 pa 500 – 160,000 sq ft
Bear, Stradivarius, Zara
Waverley Mall Young Fashion New Look, Superdry, Warehouse £100,000 pa 500 - 5,000 sq ft
Cushman & Wakefield | Edinburgh | 2019 5EDINBURGH
FOOD & BEVERAGE
Edinburgh has a vibrant nightlife The area surrounding the Royal Mile is very
popular for food and beverage, driven mainly
and in particular, a large and very by the tourist footfall. This area is also popular
diverse food and beverage market, with locals and students due to its atmosphere
driven by the affluent local and diverse mix of eating and drinking venues.
population, students and tourists. Generally, the best restaurants in Edinburgh
are located in off-pitch, quirky locations. There
are a total of four Michelin-starred restaurants
Although a number of the national restaurant chains
in the city, it is the only city in Scotland to have
are represented in the city, Edinburgh also has a
any starred restaurants. Many of the highest
strong offering of good quality, well established local
quality restaurants are located in the waterside
food and beverage businesses such as Montpelier
location of Leith.
Group (Tiger Lily, Candy Bar, etc), G1 Group (Ghillie
Dhu) and Mario Gizzi (Amarone and Café Andaluz), to Overall, there continues to be good demand
name a few. from F&B occupiers for representation in the
city.
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.
Cushman & Wakefield | Edinburgh | 2019 6EDINBURGH
MARKET OVERVIEW - FOOD & BEVERAGE
KEY AREAS CONSUMER PROFILE FOOD & BEVERAGE RENT FOR 3500
OPERATOR INCLUDING SQFT UNIT (P.A)
The Ivy, Dishoom, Wahaca,
Mixed, tourists, students,
St Andrews Square Wagamama, The Refinery, £225,000
locals, office workers
Gaucho
All Bar One, Living Room,
Affluent locals, students, Browns, Tiger Lily, Candy Bar,
George Street £165,000
tourists Café Andaluz, Centotre,
Gusto, Jamie’s Italian
Office workers, young locals, Wagamama, Nando’s, All Bar
Lothian Road £125,000
Cinema/Theatre trade One, Brew Dog
Nando’s The Filling Station,
Family market, cinema/theatre Cosmo, The Glasshouse, Tony
Omni £125,000
trade Macaroni, Slug & Lettuce,
Lloyds, Frankie & Benny’s.
Pizza Express, The Kitchin,
Leith Affluent locals Martin Wishart, Malmaison, £70,000
The Ship on the Shore
Pizza Express, Nando’s,
Royal Mile/Old
Tourists, locals, Students Revolution, The Filling Station, £150,000
Town/Grassmarket
The Outsider, Vittoria’s
Cushman & Wakefield | Edinburgh | 2019 7EDINBURGH
OUT OF TOWN RETAIL / LEISURE
FORT KINNAIRD THE GYLE SHOPPING CENTRE
Fort Kinnaird is a large retail and leisure park located off The Gyle Shopping Centre is located in the South Gyle
the A1 in the south-east of Edinburgh and is easily area of Edinburgh. The Centre is anchored by Marks &
accessed by car and public transport. The Park totals over Spencer and Morrisons.
600,000 sq ft, with over 70 units.
The current retail tenant line up includes WH Smith, Next,
The current retail line up includes: Boots, Marks & Boots, Holland & Barrett, Schuh and River Island. The
Spencer, New Look, H&M, River Island, Primark, Fat food offering includes Burger King, Pizza Hut, Chopstix
Face, TK Maxx and HomeSense. and Frankie & Benny’s.
There is also a strong leisure offering alongside this, with The Landlord is currently reviewing options for a new
a seven screen Odeon Cinema and a restaurant offer extension to include a cinema and F&B offering. Planning
including Five Guys, Pizza Express, Nando’s, Frankie & is expected to be submitted in summer 2019.
Benny’s, Chiquito, TGI Friday’s and Caffe Nero.
Cushman & Wakefield | Edinburgh | 2019 8EDINBURGH
MARKET OVERVIEW – OUT OF TOWN RETAIL / LEISURE
CENTRE CONSUMER RETAILERS F&B AND TYPICAL RANGE OF
PROFILE PRESENT LEISURE RENT FOR UNIT SIZES
TENANTS UNIT OF SQFT
2,000 SQFT
(P.A)
Fort Kinnaird Mass market M&S, Primark, TK Greggs, McDonalds, £160,000 875 – 50,000 sq ft
Maxx, Next, ScS, H&M, Nandos, Five Guys,
Oak Furniture land, Chiquito, TGI Fridays
Argos Extra
The Gyle Shopping Mass market M&S, Morrisons, Pizza Hut, Burger £125,000 500 – 120,000 sq ft
Centre Holland & Barrett, King, Subway,
Schuh,WH Smith, Boots Chopstix
Cushman & Wakefield | Edinburgh | 2019 9EDINBURGH
RETAIL WAREHOUSING
CRAIGLEITH RETAIL PARK STRAITON RETAIL PARK
Craigleith Shopping Park is situated 3 miles from Located just outside the city of Edinburgh Straiton Retail
Edinburgh City Centre. The park totals approximately Park is circa 240,000 sq ft. It has 24 units let to a mixture
185,000 sq ft and comprises 16 units. of homeware, fashion, food and lifestyle brands. It is
anchored by TK Maxx, Next and M&S Simply Food.
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.
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.
Cushman & Wakefield | Edinburgh | 2019 10EDINBURGH
MARKET OVERVIEW - RETAIL WAREHOUSING
CENTRE CONSUMER RETAILERS F&B AND TYPICAL RANGE OF
PROFILE PRESENT LEISURE RENT FOR UNIT SIZES,
TENANTS UNIT OF SQFT
10,000 SQFT
(P.A)
Craigleith Shopping Mass market M&S, Homebase, TK KFC Drive Thru , £300,000 2,000 – 35,000 sq ft
Park Maxx, Currys/PC Costa, Starbucks
Worldcarphone ,
Homestore & more,
Argos Extra
Hermiston Gait Retail Mass market B&Q, Tk Maxx, Krispy Kreme, £175,000 7,500 -102,500 sq ft
Park Halfords, Carpetright, KFC
Wren Kitchens,
Decathlon, Tesco
Straiton Retail Park Mass market Carpetright, Halfords, Costa, M&S £350,000 7,500 – 102,500 sq ft
Matalan, Outfit, ScS, Foodhall, Frankie
Furniture, Oak and Benny’s
Furnitureland, Harveys,
Nike, N&M
Cushman & Wakefield | Edinburgh | 2019 11PETER HUTTON Partner National Retail & Occupier Services – Scotland Direct: +44 (0) 141 304 3210 Mobile: +44 (0) 7585 509 466 peter.hutton@cushwake.com 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.
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