Each of our Scottish cities are unique and popular in their very own way, and every so often one city shines brighter than the others.
Dundee, for example, attracted the spotlight when the V&A opened back in 2018 and the city was ranked as one of the UK’s best places to staycation. Glasgow also certainly enjoyed itself when the Commonwealth Games came to visit in 2014 and its legacy is still going strong.
Right now though, it seems like our nation’s capital is enjoying a resurgence, after the difficulties the city has faced over the past 18 months, thanks to the arrival of the long-awaited St James Quarter.
It’s been five years in the making with delay after delay due to the pandemic, but last week the new retail centre opened for shoppers.
Not only does the new addition to Edinburgh’s skyline include household names, with some making their debut in Scotland, it will also soon be home to Scotland’s first W Hotel, the capital’s first Everyman Cinema and even apartments.
This new arrival in our capital city is exciting and it has certainly created a buzz around Edinburgh, however I wonder just how well this new concept will perform in the foreseeable future.
The retail industry, and in particular the High Street, has taken a dive – especially due to the pandemic – which makes me question if St James Quarter will be able to do enough to consistently attract shoppers, locals and tourists alike.
Perhaps in a move away from the more traditional retail outlets, the people behind St James Quarter are referring to the concept as ‘a retail led, lifestyle district’, which is far more interesting than just a shopping centre.
Moreover, it’s concerning that some brands have withdrawn from locations like Prince’s Street, which was once the city’s shopping haven, and instead moved to St James.
It was revealed that rent rates have been reduced, a tactic which is generous given the current climate, to get big brands in the door. However, will this cause devastation elsewhere in Edinburgh? Especially as the city has already lost big names such Jenners and Debenhams from the High Street recently.
I hate to cast a shadow over such a positive addition to Scotland though and with the investment in St James Quarter now totaling around £1billion, its owners are certainly hoping that we all buy into their vision.
Before construction started, an unloved shopping centre and old office block stood in its place, and it certainly was an eyesore to visitors. Not only does St James Quarter now look the part, this investment is bound to draw more attention to our capital city and, hopefully, help it become a shopping destination once again.
Yes, online shopping doesn’t look like it’s slowing down any time soon, but there has been positive figures in relation to spending within brick and mortar stores.
The Midsummer Retail Report from property agents Colliers claims that retail footfall is on the rise thanks to ‘the vaccine bounce’ and the end of the pandemic in sight.
Many of us have been able to save more than usual and now that we’re getting back to some sort of normality, we’re ready to start spending again. Retailers will be hoping that shoppers plan to head out and visit shops to splash their cash, instead of simply clicking or swiping on a phone – something which we’ve all been doing throughout the pandemic.
Now we are able to leave home and explore our cities once again, there is anticipation that our economy and the retail sector will receive a much welcomed boost.
Only time will tell, however we can only hope that these figures continue to increase and thanks to new destinations like St James Quarter, we can see the retail industry bounce back and prove that recent online shopping trends have not caused the death of the High Street.
My thoughts are that traditional shopping centres and high streets will need to re-invent themselves in order to stay relevant and stay open. Creating more ‘retail led, lifestyle districts’ might just be a step in the right direction to do this.
Estate agents are reporting high demand for properties, as viewings and offers go through the roof with keen buyers paying well over valuation prices in Scotland.
Earlier this year, a home in Glasgow’s prestigious West End had an asking price of £395,000, but sold for over £520,000 at a closing date – that’s a whopping 30 per cent increase.
It’s been a peculiar year for house sales. The initial shock lockdown in early 2020, and the tough restrictions we all lived through, initially resulted in a substantial drop in sales in the first quarter of 2020–21. Once rules were more relaxed in the latter part of the year however, the market saw some higher-than-average increases towards the end of financial year.
This has resulted in the average price of a residential property in Scotland in 2020–21 being £194,100, up by 6.7 per cent on 2019–20. What’s more, Registers of Scotland say the average house price in Scotland has risen by up to 92 per cent since they first started recording house price data back in 2003.
This average house price increase has happened in spite of the overall volume of residential property sales decreasing by 6.5 per cent, and the total value of 2020–21 residential property sales decreasing by 0.2 per cent compared to 2019–20 – the first year there has been an overall decrease since 2011.
What could be pushing up average house prices while overall sales are down? Well I would wager it’s the premium that cash buyers are willing to pay for access to outside space. An increasingly important commodity for sellers to exploit. This could be why we are seeing buyers pay well over the odds for their dream homes.
It Made Me Laugh
Our other national drink received the royal seal of approval last week as Her Majesty the Queen and Prince William visited Cumbernauld – the home of Irn-Bru – to officially open its new processing plant.
To welcome the dignitaries and mark the special occasion, a number of the factory staff wore orange and blue kilts, whilst Prince William declared that he had enjoyed the amber nectar while serving in the armed forces.
William, who tried the 1901 version of the soft drink made from the original, closely guarded recipe, remarked: “You can taste the girders in it” in a cheeky reference to one of the catchy advertising slogans which Irn-Bru is famous for.
The visit to AG Barr’s factory was the Queen’s first official trip in Scotland since the death of the Duke of Edinburgh earlier this year.
It Made Me Weep
All that glitters isn’t necessarily gold as beer lovers found out recently after winning a “solid gold can” prize in a competition run by BrewDog.
The Scottish brewer had offered 10 people the chance to find a gold can hidden in a case of its beer, worth £15,000, in a Willy Wonka-style draw.
Winners who scooped the prize were left feeling flat however after discovering that the cans were gold plated, with one misled winner reporting the multinational beer firm to the Advertising Standards Authority.
While a company spokesperson has said the term “solid gold” was a mistake, they stand by their hefty valuation, although an independent jeweller has valued the can at a measly £500.
Sounds like the latest PR stunt to move the news agenda on from their last row has backfired.
