Urban Outfitters has signed up for a new five-year lease for its flagship Scottish store on Glasgow’s Style Mile.
The Philadelphia-based company has a 22,000 sq ft, three-level unit in the historic former Scottish Stock Exchange building at 159 Buchanan Street, where it sells vintage-style clothing, beauty products, footwear, homeware, vinyl, record players and tech accessories. It has occupied the property since 2001.
Property investment fund AEW bought the building in May from Aberdeen Standard Investments in a £33 million deal.
Peter Hutton, head of retail and occupier services for Cushman & Wakefield , acted for AEW in the letting. He said: “Urban Outfitters’ commitment to their prominent position in this iconic location reinforces the draw and strength of Buchanan Street within the Glasgow retail market. Urban Outfitters offers the kind of lifestyle shopping experience young adults want today with its laid-back atmosphere and in-house record store, and is a real draw for other retailers.
“We also understand that its sister company – Anthropologie are keen to acquire representation in the city. This transaction follows a number of recent additions on Buchanan Street including Schuh, Victoria’s Secret, Penhaligons, Jo Malone, Chisholm Hunter and The Ivy.”
Urban Outfitters was represented by Andrew Donachie at The McDevitt Company.