GLASGOW has cemented its position as one of the top shopping destinations after it was found to be the most expensive location for retailers outside London.

The city's Buchanan Street boasts the priciest retail space this year, according to real estate adviser Cushman and Wakefield.

The firm's flagship retail research report, Main Streets Across the World, showed that Buchanan Street can command a rental of £1887 per square metre, more than Princes Street in Edinburgh, which commands £1406.

Meanwhile Market Street, in Manchester, costs £1372, Briggate, in Leeds, commands £1208 and Northumberland Street, in Newcastle costs £1235. The second highest outside London was Guildford High Street at £1565.

Ross Wilkie, Associate Retail Services for Cushman & Wakefield in Glasgow, said the street was popular with both customers and retailers.

Among the high- profile stores to launch in the heart of the city's Style Mile recently are designer hub Ted Baker, beauty emporium Kiehls and the Hard Rock Cafe, which celebrated its first birthday last week. Meanwhile, developers have lodged a planning application to expand the Buchanan Galleries.

Mr Wilkie said: "Buchanan Street continues to have an enduring appeal to retailers and customers alike, benefiting from high levels of footfall and strong demand from operators looking to open Scottish flagship stores.

"Recent activity on the street includes new lettings to Ted Baker, Lush, Kiehls and Hard Rock Café. The future for the street will only be strengthened further with the proposed extension to Buchanan Galleries."

However, the report shows Buchanan Street's rents pale in comparison to London's New Bond Street which commands a massive £8073 per sq metre.

Oxford Street costs £5328 per sq m, Covent Garden commands £4529, Sloane Street is £4392, Regent Street costs £4198 and Brompton Road costs £3706.

Main Streets Across the World is widely recognised as a barometer for the global retail market and ranks the most expensive locations in the top 330 shopping destinations across 65 countries.

It shows that New York's Upper Fifth Avenue has overtaken Hong Kong's Causeway Bay as the world's most expensive shopping space at a rental of £23,237 per sq metre.