Savills notes that of these 34, almost 90% were local independent operators. New openings included Margo and Sebbs, both new initiatives from Scoop Restaurants, which opened on Miller Street, the most improved F&B location in the City Centre over the past five years. Also, The Last Bookshop, from leading independent operator Marco Lazurri, opened on Hope Street, adding a much needed boost to the street.

This is a marked change since 2023, when the split between local and national / chain brands sat at almost 50:50.

Glasgow continues to be attractive to F&B operators with the fourth largest catchment population of any UK city outside of London and the largest in Scotland, according to Geolytix. It has also retained its status as the top shopping city in the UK outside of London, with MyTraffic reporting that Buchanan Street now has an annual footfall of 16 million people, making the neighbouring thoroughfares highly sought after F&B locations. This, along with its significant student population, has made it a popular choice with operators targeting a range of customer groups.

John Menzies, director at Savills Scotland, comments: “We are still often asked how operators are trading post-pandemic and Glasgow remains in a recovery phase. The trading picture is symptomatic of this with some districts feeling the lingering effects of disruption more than others. However feedback from many national operators who have prime sites in Glasgow put the city in the top 10% of their UK bar and restaurant portfolios, measured by both turnover and profit margin. Some have even reported that turnover is now in excess of 40% above pre-Covid levels. Granted, this growth has been essential for occupiers to offset sharply rising operational costs, but this remains a clear signal of the underlying strength of the local market.”

Looking ahead to 2025, Savills anticipates that while businesses will no doubt be impacted by the increase in national insurance announced in the October Budget, along with customers spending less freely, this will be partly offset by the lower than expected increase to the minimum wage. However, such increases will no doubt impact profitability, with less well financed operators potentially falling into difficulty, especially during the ever challenging first quarter of the year.

Notwithstanding the above, the firm also expects national operators to make a comeback in 2025. One example is Dishoom, which is expected to open later this year on Nelson Mandela Place where Savills advised the landlord. Having traded successfully in Edinburgh, Glasgow is slated as the leading Indian operator’s next UK opening.

John Menzies continues: “Occupier demand for the very best F&B properties in Glasgow will continue to be strong in 2025. However, supply of good quality sites remain limited and as a result we expect to see rents increase by around 20% by the end of the year. In contrast, we expect to see less growth in the secondary market where rents have become more affordable. Overall, though, things are looking more positive than the headlines may lead us to believe. For example, we expect to see one of the best ever F&B opportunities in Glasgow secure a tenant this year at 30 St Vincent Place. Marketed by Savills, the 25,000 sq ft unit has experienced a “significant level” of interest from national, international and independent brands.”