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 EDINBURGH UK after London. OVERVIEW 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. Cushman & Wakefield | Edinburgh | 2019 1 EDINBURGH 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 EDINBURGH 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 EDINBURGH 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 EDINBURGH 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 5 EDINBURGH FOOD & BEVERAGE Edinburgh has a vibrant nightlife The area surrounding the Royal Mile is very and in particular, a large and very popular for food and beverage, driven mainly 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 6 EDINBURGH 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 7 EDINBURGH 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.