Plans to turn the old Marks & Spencer store on Sauchiehall Street into housing for students are moving forward, according to the developer. Fusion Group recently announced that they have bought the building for £150 million.
This acquisition will allow for the transformation of the building into a mixed-use development, featuring 619 student beds and 9,500 square feet of new commercial space on the ground floor in the form of a shopping arcade. Additionally, this project will restore a historic pedestrian route from Sauchiehall Street to Renfrew Street.
The Scotch whisky industry has been taken aback by the recent Budget announcement of a duty rise on whisky. The managing director of Speyside Distillery, Patricia Dillon, expressed the shock felt by the industry and the need to figure out how to handle the increase in duty. The company is concerned about potential reduced turnover due to this unexpected change.
On a more positive note, Next has seen an increase in profit forecasts following strong sales during the colder months. The retailer is now on track to surpass £1 billion in annual profits, thanks to a 7.6% rise in full-price sales. This significant increase in profit guidance is a result of the early arrival of cold weather this year compared to the previous year.
Overall, these developments in the retail and housing sectors are shaping the landscape of Sauchiehall Street and the Scotch whisky industry. The revitalization efforts and unexpected challenges faced by these industries highlight the ever-changing nature of business and the need for adaptation in the face of new circumstances.
