Mulberry has signed a new 10-year lease on Unit Three 197-207 Ingram Street, extending to 2,700 sq ft (250 sq m), where the luxury retailer will unveil a ‘concept store’ similar to its new store on London’s Regent Street. The relocation is the third announcement of its kind on Ingram Street in 2018. Men’s retailer END previously upsized from a 3,300 sq ft (306 sq m) store to 10,000 sq ft (929 sq m) at 196 Ingram Street and GANT will open a new store at 236 Ingram Street in early 2019. Other brands located on the street include Armani, Brora, Hugo Boss, Ralph Lauren and Cruise.
Mulberry’s former address at Unit Two 197-207 Ingram Street totals 2,175 sq ft (202 sq m) and will be available in early 2019 at a rent of £110,000 per annum.
John Menzies, director in the retail agency team at Savills Glasgow, comments: “Ingram Street is bookended by the affluent area of Merchant City to the east and Buchanan Street to the west. The relocation of Mulberry embeds the perception that the street is Glasgow’s leading designer fashion destination where luxury brands choose to stay. The recent churn brought about by Mulberry, Gant and END’s relocation, sees inward investment into formerly vacant units, further improving the tenant mix and paving the way for a new entrant at Mulberry’s former store where there is already strong interest from international retailers.”
With a catchment over 1.8 million and over 91 million shoppers visiting Glasgow each year Savills says the city is the UK’s second most popular retailing destination, after London’s West End.
In Scotland Savills provides asset management and leasing advice on 19 shopping centres, covering almost 8 million sq ft, and 27 retail parks, expanding 3.5 million sq ft.
Mulberry was advised by CBRE on the leasing of its new store.