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Approval given to £70m Glasgow retail development

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Redevelopment of the Atlas site in Glasgow city centre has been approved by the local council, paving the way for a £70 million retail and residential scheme.

US-based youth fashion brand Forever 21 will anchor the development with a 60,000 sq ft outlet, while two other large stores, eight shops & restaurant units and 49 apartment will complete the project.

Situated at the north end of Buchanan Street, site developers Land Securities hope that the buildings will reinvigorate the area which has been blighted by a lack of investment for 25 years.

Francis Salway, CEO of Land Securities, commented: “The multi-million pound development in Glasgow will help boost the Scottish economy, create jobs, strengthen the retail offer in Glasgow city centre and regenerate the north end of Buchanan Street.

“The development has secured a significant pre-letting in Forever 21, which is a great vote of confidence in the city demonstrating that there is a demand from retailers for the right space in the right location.”

Few city centres have retail development in the pipeline right now and Scottish retail certainly needs a boost with sales down 1.6 per cent in February on a like-for-like basis.

Glasgow has been bucking the national trend however, second only to London in terms of retail offering according to Verdict Research, and the addition of an exciting up-and-coming retailer like Forever 21 will give the city an added boost.

Forever 21’s huge store at the Bullring in Birmingham has proved very popular so far and, showing its ambitions, the retailer is also taking the place of a closed HMV store on Oxford Street, London.

Don Chang, founder and CEO of Forever 21, said: “We are excited about coming to the trendy fashion capital of Scotland and opening one of our largest stores in the UK.

“This new retail scheme enticed us to enter the Scottish market with a superstore that offers the right space in a first-class location.”

Published on Wednesday 23 March by Editorial Assistant

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