01/17/2023 | Press release | Distributed by Public on 01/18/2023 05:21
The firm's research shows activity is 15% ahead of 2021, with a total of 80,000 sq ft of new F&B space opening in the city centre. Independent operators continue to dominate, says Savills, with 65% of all transactions attributed to local entrepreneurs looking to add a point of difference to the city`s dining and drinking offer. Notable openings including Fat Lobster, Gost, Devil of Brooklyn, August House and Bao. Savills reports the larger national operators were also active in 2022 including new names to Glasgow including Cosmo, Fat Hippo and Mowgli. In line with Savills 2022 forecasts, bars as opposed to restaurants, proved to be the most prevalent in their search for Glasgow premises as Innis & Gunn opened a new taphouse on West Nile Street (pictured) and The Alchemist launched a new cocktail bar on George Square.
John Menzies, retail director at Savills in Glasgow, comments: "The five year picture of transaction volumes illustrate the bounce back from Covid-19 and is a strong vote of confidence in the ability of our largest cities to evolve and recover. 2023 promises to be another busy year in Glasgow, with well-funded occupiers retaining their appetite for the best located properties in Scotland`s largest city.
"These sentiments may sound surprising given the acutely challenging trading picture at present, and the F&B sectors exposure to rising utility costs, the cost of living crisis and the impact of train strikes on city centre visits. With many operators reporting trade down 25% on expectation over the Christmas period, confidence to commit to new properties at the moment is predicated on an underlying optimism that the economic climate will improve as we move past the current year, into 2024 and beyond."
Turning to 2023, Savills Top predictions for Glasgow F&B are:
Merchant City, which promises to dominate the growth of city living over the next five years, many of which will include F&B accommodation.