| Comment | The owners of Buchanan Galleries and separately the St Enoch Centre both see the writing on the wall. There's no long term future in the rents they can command for medium to large retail. Online shopping isn't going away, to put it simply.
We've reached the tipping point where there is more long term security in a business model built around residential rents. It's also why the landbanking has stopped in areas around Broomielaw and elsewhere in Glasgow. For the first time it is making business sense to develop the land for rented accommodation.
This specific phenomenon of retail centre owners looking to change towards mixed use development, to avoid putting all their eggs in one basket, is something that's happening around the world by the way not just Glasgow or other UK cities. |
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