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Glasgow has most expensive retail street in UK outside London

The Car Hire Glasgow Airport location are a little bit shocked at the news of one of their retail streets being more expensive than a number of other UK destinations.

The global real estate adviser Cushman & Wakefield has suggested Glasgow high street Buchanan Street is the most expensive per square metre per year after London.

The news came as the consultancy firm published its Main Streets across the World report, examining the global retail market in the top 330 shopping destinations across 65 countries.

It reported that Upper Fifth Avenue in New York came in as the most expensive street in the world at £23,237 per square metre per year, while New Bond Street in London ranked fourth-highest globally at £8,073 per square metre.

Ross Wilkie, associate retail services for Cushman & Wakefield in Glasgow, said “Buchanan Street still has ‘enduring appeal’ for retailers and customers, enjoying high levels of footfall and robust demand from retailers looking to open Scottish flagship stores.”

Work to extend Buchanan Galleries by 500,000 square feet could start on-site as soon as April next year, the shopping centre’s owner Land Securities said earlier this month. The development is set to add 42 retail and catering units and a Showcase Cinema to the Galleries, with completion set for March 2018 at the earliest.

Buchanan Street was last year boosted with the opening of the Buchanan Quarter, also owned by Land Securities, which describes itself as ‘reinforcing Glasgow’s status as the top shopping destination outside of London.’