Glasgow sees highest volume of F&B deals in 2024

Glasgow city centre saw the highest volume of F&B transactions for over six years in 2024 with over 34 new openings, signifying a 25% rise on the year before, according to Savills. 

Of those 34 openings, almost 90% were local independent operators. This is a marked change since 2023, when the split between local and national, and chain brands sat at almost 50:50.

It comes as 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. 

The city 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. 

Savills predicts that in 2025, businesses will be negatively affected by the national insurance increase and lower consumer spending, but this will be somewhat offset by a lower than expected minimum wage increase. However, these increases will still impact profitability, and less well-financed operators may struggle, especially during the first quarter.

John Menzies, director at Savills Scotland, said: “Occupier demand for the very best F&B properties in Glasgow will continue to be strong in 2025. However, supply of good quality sites remains 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.”