Despite the initial bad publicity mooting that the street was doomed to white-elephant status, Spray insisted he never panicked. It certainly helped that the British Coal Pension Fund had taken a long- term view about its return on investment. "They still expect The Walk to be an excellent investment. Their view has always been that it is more important to get the development right, then to do it quickly," he explained.

"We recognised we had the opportunity to do something with The Walk that hadn't been done in Edinburgh before or in many European cities." The aim was to create a shopping street that provided a home for the world's most luxurious brands but also a mix of specialist shops that simply couldn't be found on the average high street. It was exactly the kind of place that Colin McClymont, managing director for The Pen Shop, had been searching for to sell its designer writing instruments.