MARKET REPORT: ASIA
restricted to large waterparks and many smaller indoor parks and spa resorts are enjoying increased popularity. It is estimated that in 2016, over 50 new waterparks in various configurations and scales opened across China and this is a trend which is expected to continue in 2017 and beyond. Shopping centres, which are a familiar sight in most Chinese cities, are also not immune to the trend of opening themed entertainment attractions. With almost 2,000 malls recently opened in China, developers and owners are sourcing interesting ways to enliven these projects with unique competitive advantages. One of the preferred strategies is to develop entertainment centres and children’s attractions within these complexes to fill up space and also to draw additional customers. As well as using innovations such as virtual reality, mall operators are also gearing more products towards families and children, and on average almost 15% of retail space at any typical shopping mall is now tenanted by children’s entertainment, education and retail outlets. By 2020, China will undoubtedly surpass the US as the
largest single theme park market in the world in terms of park admissions. Growth will continue strongly for another decade as economic conditions generate hundreds of millions of new middle class households. China’s population is expected to peak around 2030 at 1.45 billion people, or 4.5 times that of the USA. Considering the vast market in China, there is ample opportunity for a large number of theme parks and waterpark in a variety of configurations. New high speed rail lines, highways and airports will allow Chinese travellers to commute longer distances to visit the theme park of their choice, just as how 70% of total visitors to Shanghai Disneyland are from outside the city itself. However, in the long term, the rapidly aging population may prove to be a challenge for parks unless operators can find ways to appeal to an older customer base.
The path will undoubtedly be rocky with wonderful successes and disappointing failures. All too many parks are being built with insufficient resources, little thought to entertainment content, and ultimately lack of reinvestment. China’s social media, online information channels and visitor reviews are ubiquitous and unforgiving. Great attractions and experiences will be sought out while those offering poor value and service will suffer. While some parks will undoubtedly fail, those that truly understand the value of entertainment and offer fun and safe places for family and friends to enjoy themselves will likely reach high levels of success and longevity.
ELSEWHERE IN ASIA Japan’s first full scale Lego theme park (there are already Legoland Discovery Center FECs in Tokyo and Osaka) is expected to open on April 1 this year as Merlin Entertainments teams up with the city of Nagoya to create Legoland Japan. Together they are aiming to attract 2 million annual visitors. Comcast has made the bold statement that it plans to completely purchase Universal Studios Japan in Osaka, reaffirming its commitment to its Universal Parks and Resorts division (Universal Studios Singapore remains under the ownership of the Malaysia-based Genting group as part of a licensing deal). While both Universal Studios Japan and Tokyo Disney Resort continue to perform exceptionally – on both the regional and global stage – some Japanese theme parks have failed to experience such monumental success with the year’s disappointments being headlined by the expected year end closure of Space World near Fukuoka.
“South Korea certainly has opportunity, especially given the increasing tourism arrivals from Greater China”
Universal Studios Japan 24
South Korea is experiencing a revival, with construction of Legoland Korea in Chuncheon well underway for a 2018 launch. The park is strategically situated around 90 minutes from central Seoul. Merlin has successfully rolled out Legoland theme parks in a set of diverse markets, however, due to their appeal to younger audiences and families, AECOM sees that these parks tend to have less competitive impact on traditional theme parks. Elsewhere in South Korea, there are several new developments
PARK WORLD Handbook & Buyers Guide 2017
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