By Karen Peattie
AN increase in retail footfall in Scotland has been attributed to a “vaccine bounce” as shoppers dip into lockdown savings and consumer confidence starts to return, according to Colliers’ annual Midsummer Retail Report.
The commercial real estate and property agent’s annual report states that the unlocking of “record UK household savings made last year, when more than £200 billion was put away for a rainy day”, is beginning to make an impact as the Scottish economy reopens and people start spending.
Ross Wilkie, director of retail at Colliers in Scotland said: “The pandemic will continue to shape the retail and leisure landscape in Scotland for generations to come but it is, of course, positive for retailers to see the economy opening up and footfall increasing.
“There will inevitably be further business failures once the rent moratorium and furlough are lifted but there is still demand for the right opportunities on the high street for operators who see a future in bricks-and-mortar retail.”
The Midsummer Retail Report looks at trends across the retail spectrum and their impact on the property market which supports the UK shopping scene.
It also highlights the latest developments in Edinburgh and Glasgow, pointing to the £1bn St James Quarter in the capital as “top of the retail agenda” with 85 shops, 30 restaurants, two hotels and a cinema.
Mr Wilkie noted: “The St James Quarter will shift Edinburgh’s retailing centre of gravity, with the western end of Princes Street needing to reinvent itself from its traditional retail use to alternative uses, such as the Johnnie Walker Experience Centre, due to open in the former House of Fraser.”
Looking west to Glasgow, Colliers says much of the leasing activity has been centred around Blackstone’s St Enoch Centre which will welcome a raft of new lettings to create a mixed-use destination. The nine-screen Vue cinema has recently opened with an array of other leisure and retail opening soon.
“On Glasgow’s most established retail pitch, Buchanan Street, we continue to see an unprecedented number of units available, which will undoubtedly result in a rebasing of rental values,” Mr Wilkie said. “Activity has been subdued but there have a been a number of deals including Sky, Peloton and Breitling.”
Colliers is calling on the governments both north and south of the Border to do more to reconcile the interests of landlords and occupiers.
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