Edinburgh retail floorspace the most productive in the UK after London
The city's strong retail performance reflects significant growth and investment in recent years.
Research by independent commercial property consultancy Knight Frank has found that Edinburgh has the most productive retail floorspace of any major UK city outside of London. The city achieved a retail sales productivity rate of £560 per square foot, ahead of Manchester (£532); Leeds (£503); and Glasgow (£499).
During 2024, retail rents in Edinburgh grew by 3.0%, with prime rents in the city reaching £280 per square foot. The city's retail vacancy rate stood at 11.8% - the lowest outside of London.
"Edinburgh seemed to go against the grain of other cities in the UK with the development of St James Quarter – it is the biggest retail development of recent years and no other city or town in the country has anything like this in the development pipeline. But, the city centre lacked a high-quality retail destination as a focal point and, as our research shows, it has adapted well to the Quarter’s arrival. As a result, Edinburgh’s various retail pitches have re-established themselves or carved out their own distinct identities to co-exist, rather than compete. George Street is a prime example, showing that it can offer a distinct location for luxury brands. In recent years, we have seen more investor interest in the right type of retail property and expect that to continue as 2025 progresses."
- Euan Kelly, capital markets partner, Knight Frank Edinburgh