Page 12 - Glasgow Harbour Board Proposal 2018

WHY
GLASGOW?
Glasgow is the powerhouse of the Scottish economy – the cultural, sporting and academic heart of Scotland and one of Europe’s most vibrant and cosmopolitan cities. Scotland’s largest city and only metropolitan region generated £43 billion GVA in 2016, Glasgow is Scotland’s number one city for foreign direct investment and has been named one of Europe’s top ten large cities of the future.
Glasgow has the highest retail spend per head outside of London and is underserved in the outlets market. As Scotland’s Premier Outlet, Lifestyle Outlets Glasgow will draw from a wide geographical area with the retail offer designed to appeal to the affluent customer demographic.
FSP’s independent assessment suggests that the key opportunities for Lifestyle Outlets Glasgow include:
Sales density performance at Lifestyle Outlets Glasgow is expected to be significantly better than UK average (£280/ft2). FSP estimates an opening sales density of
£433/ft2.
Strong Consumer Demand for Outlet: Lifestyle Outlets Glasgow will be ranked in the top ve within UK outlet centres as well as having a greater number of upscale shoppers.
Excellent Accessibility: 54% of Scotland’s population live within 60 minutes drive of Lifestyle Outlets Glasgow, making it one of the most accessible sites in the country. Glasgow City Centre achieves annual Non-Grocery turnover of £1.1bn, FSP has identi ed untapped potential for an additional £249m. £78m of this Trading Gap is in the Assured Clothing & Footwear segment, which will be the main focus for the offer at Lifestyle Outlets Glasgow (and should account for c.50% of fashion sales) .
Strong Leisure Adjacencies:
Provision of a multi screen cinema plus extensive Food & Beverage at Lifestyle Outlets Glasgow will provide a much needed evening hub for Glasgow’s West End. In combination with the Riverside Museum (1.4m visits in 2014), leisure represents
a strong opportunity to generate additional footfall and sales.
Good Public Transport Links:
Lifestyle Outlets Glasgow is 200 metres from Partick station which provides excellent rail links to the city centre and af uent suburbs. The site is well connected to the SECC which holds major concerts and events.
Weak and Vulnerable Competition:
Scottish outlet centres have historically been badly executed and poorly managed. Today’s dated sites, with offers that are ill matched to consumer needs provide a strong opportunity for Lifestyle Outlets Glasgow to create a superior experience, incorporating more appropriate brands, a more suitable environment and a more complete destination.
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