However, as footfall in high street shopping is on the rapid decline, well-known stores have begun a mass exodus from Princes Street and into shopping destinations such as the new St James Centre, making way for budget retailer Poundland to take up residence on the city’s go-to shopping street.

According to the retail unit’s letting agent, Culverwell, the rent for the premises will cost Poundland £500,000 per annum.

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Poundland is set to move into Princes Street.

The planning application submitted has requested a period of time of five years for the advertisement.

The news comes after Monday's report in the Evening News that fashion giant New Look is set to follow the likes of Zara and Next by moving from Princes Street into the new £850 million St James when it opens.

And the units are filling up rapidly despite Brexit uncertainty and it is speculated that more stores may follow suit.

Food and Drink outlets for Princes Street?

As part of proposals to help the famous destination “move with the times,” a public consultation took place throughout September and August on a proposed change of use to allow food and drink outlets on Princes Street which will be discussed by the Planning Committee later this year.

Ahead of the consultation earlier this year a spokesman for the Federation of Small Businesses (FSB) in Edinburgh said: “Central Edinburgh is still a great retail destination but like many shopping strips, Princes Street has found it tough to fill every unit. By loosening planning restrictions, we could see some non-retail businesses – like bars or restaurants – take up some hard-to-fill spaces. These operators could bring important footfall to the existing shops while eliminating unsightly empty premises.

But with regards to shopping the Scottish high street has suffered its fifth consecutive month of shrinking sales as consumers hold back from serious spending commitments, a report has suggested.