Princes Square by M reaches full occupancy: M Core completes intensive repositioning of Glasgow landmark

Princes Square by M, the Victorian glass-roofed arcade on Buchanan Street long regarded as one of Glasgow's most distinctive retail destinations, is fully let for the first time in years, marking the conclusion of a two year repositioning by M Core.

The centre had 17 empty units when M Core acquired it in 2024. Three closing deals this summer, including a 15-year lease on a luxury cookery school, take the scheme to 100% occupancy and a turnaround that has lifted annual footfall up 10% on 2024, with 2026 visitor numbers running also 15% higher than that of 2025.

It is a notable moment for a city centre that, like every UK high street, has spent the past five years contending with shifting consumer habits, rising occupier caution and a steady drift of names from the high street to retail parks. The Herald recently described Princes Square as "one of Glasgow city centre's most upmarket shopping destinations".

Marcel, a new all-day café concept, takes 2,371 sq ft across three units on a ten-year lease and opens in early July. Its founders describe the concept as inspired by European all-day café culture, with a focus on speciality coffee, elevated breakfast, brunch and lunch.

"We want Marcel to feel like more than a café. The idea is to create a space that sits naturally within the fashion and lifestyle feel of Princes Square: somewhere with a strong sense of atmosphere, design and quality from morning through to late afternoon. Alongside speciality coffee, Marcel will have a major focus on elevated breakfast, brunch and lunch, delivered with genuinely great service in a space designed for people to spend time in, not just pass through." Store Manager, Marcel

Le Set, a new independent restaurant, takes 4,622 sq ft at Unit 54 on a five-year lease, opening from mid-June.

A luxury food and drink masterclass experience takes 3,450 sq ft at Unit 53 on a 15-year lease, opening in August. The 15-year commitment is one of the longer city centre retail leases signed in Glasgow this year and a clear signal of operator confidence in the repositioned scheme.

Jigsaw, the British women's fashion brand, takes units 27/28 , 1338 sq.ft on a 5 year lease, opening later this year, completing the centre's premium fashion offer.

They follow a wave of arrivals over the past 12 months that has reshaped the centre's tenant mix: & Other Stories, Anthropologie (the brand's first Glasgow store), All Saints, The Whisky Shop, Begg & Co, Cuvee, Delphine and The Club House. Together they have moved Princes Square's offer from a fragmented mid-market arcade to a curated mix of premium fashion, considered lifestyle and elevated food and drink.

Five on-site events have generated an average 23% uplift in footfall on event days, supported by influencer partnerships with Glasgow food and lifestyle creators Food N Gems and The D'Arcy Twins.

Live music has reinforced the centre as a destination rather than a thoroughfare, drawing on local performers and, this week, a free pop-up by Nathan Evans and Saint PHNX. The Scottish trio, whose collaborative album Angels' Share reached the UK Top 5 and topped the Scottish chart in January, used their Princes Square set to debut the World Cup version of their single Home, a tribute to Scotland's qualification for the 2026 World Cup finals, the team's first appearance since 1998. The pop-up placed Princes Square at the heart of a national cultural moment in the week of the single's release, ahead of Scotland's opening group match against Haiti on 13 June.

The building's pull reaches beyond the city. In a recent Vogue guide to Glasgow, the Booker Prize-winning novelist Douglas Stuart, a Glaswegian, sent readers to Princes Square for its restaurants and the Everyman cinema in the basement, where shoppers can "watch a movie with a cold cocktail".

M Core's repositioning has gone well beyond filling units. The centre has been rebranded as Princes Square by M, with new identity guidelines applied across signage, marketing, digital and the physical fabric of the building. New wayfinding and directories were installed in 2025. Lighting, décor and the public realm have been refreshed. A large-scale digital wall now anchors the centre's brand storytelling and event programming. A new website launched in 2025.

"Exactly the kind of turnaround we're known for"

Alex Williams, Asset Manager for Princes Square by M and Head of Scotland at LCP UK, part of M Core, said:

"Princes Square is one of Glasgow's most loved buildings, and that came with a responsibility. The brief was never just to fill units. It was to give the building back its identity, bring in operators who understand what makes the place special, and make it somewhere Glaswegians feel proud of again. Through proactive asset management, investment in the physical space and understanding our Glasgow audience, we've created a premium experience that is attracting new visitors and tenants."

Rakesh Joshi, Director at LCP UK, part of M Core, added:

"From double-digit voids to full occupancy in under two years, this is exactly the kind of turnaround we're known for. We've changed how Princes Square looks, how it trades, and how it's perceived. A 15-year lease on a city centre unit in 2026 tells you what operators think of where this scheme is heading."

Robin Kennedy, Associate Legal Director at LCP's Scotland Legal Office, completed all transactions on behalf of the landlord. Savills acted as letting agents, represented by Charlie Hall, Associate Director, and Stuart Moncur, Head of National Retail.

With every unit let, footfall trading ahead of acquisition and long leases signed by operators of this calibre, Princes Square by M is once again Glasgow's iconic home of luxury, fashion and flavour: a repositioned asset with the income security and tenant mix to hold that position for the long term.