Global Retail City Profiles Japan
Tokyo
From trophy flagships and one-of-a-kind concept stores to under- ground malls at some of the busiest train stations in the world – Tokyo’s retail landscape is incredibly diverse, exciting, and complex. The rela- tive insularity of the market historically has enabled strong local brands such as Uniqlo, Muji, and Tomorrowland to thrive. Although depart- ment stores were once central to the retail ecosystem in Japan, their influence is waning as Japanese consumers are changing the way they discover, shop, and engage with brands. While domestic consumption remains stable, the influx of tourism over the last few years has injected fresh blood into retail sales. Developers are also busy planning for the upcoming Olympic Games, which has fuelled a number of construction projects around the city, particularly around Shibuya and Ginza.
High street International retailers have a strong high street presence in Tokyo, particularly in the Ginza and Omotesando shopping districts. Ginza is highly sought after by luxury brands, particularly as a location for flagship stores. Ginza is also popular for watch and jewellery retailers. Most recently, GSIX, a 506,000 sqft-luxury mall opened along Chuo Dori, showcasing numerous new-to-Japan retailers, a theatre, art exhibits, F&B shops, and a rooftop garden. The main tree-lined thor- oughfare through Omotesando is often likened to Champs-Élysées, with its glamourous row of boutiques by both premium and mass market brands. Nearby Aoyama is the home of trend- setting fashion and architectural marvels, including the Prada building designed by Herzog & de Meuron. Meanwhile, Harajuku is a favourite among younger shoppers and has recently become a sports and lifestyle hub with openings by New Balance, Asics, Sketchers, and Adidas.
Shopping centers The majority of Tokyo’s shopping centers are located in suburban areas as well as neighbouring prefectures. Major malls include Futako- tamagawa Rise, Diver City Odaiba, Aquacity Odaiba, Lalaport Toyosu, and Solamachi. Within the city center, Omotesando Hills, Roppongi Hills, and Tokyo Midtown are premium malls targeted at affluent shoppers through a mix of high-end retail as well as countless F&B and entertainment options. Lumine and Atre are also two popular shopping mall chains operated by Japan Railways at key railway hubs around Tokyo. Primarily targeting a younger crowd, the malls cater to men and women in their twenties and thirties. Looking ahead, Mitsui will open the 2,024,000 sqft-Tokyo Midtown Hibiya overlooking the Imperial Palace grounds next spring.
Shopping center Lalaport Toyosu
DiverCity Tokyo Roppongi Hills
Futakotamagawa Rise Omotesando Hills Tokyo Midtown
Opening year Size (sqft) 2006
2012 2003 2011 2006 2007
667,000 488,000 409,000 340,000 266,000 237,000
Location
Regional Inner City Regional Inner City City Center Edge of City City Center City Center
Note: *Figures are estimates based on available market information. Mall size is based on GLA. Source: JLL 2018
Population 38.2m
Prime rent (sqft per year)
US $890 Prime rental information for Ginza Chuo-Dori
Key indicators Population (‘000s No.)
GDP per Capita (US$, Real, PPP) GDP Forecast 2018-2022 (% pa)
Retail Sales Forecast 2018-2022 (% pa) Global CBRA Rank (Out of 140 cities)
Rental growth outlook
38,241 43,586 0.9 0.6
10th
Source: JLL, Oxford Economics (May 2018) Global CBRA Rank = Global Cross Border Retailer Attractiveness Rank
Key retail entrants
Canada Goose Lululemon Happy Socks
All Saints Scotch & Soda Karen Walker
Key tenants
Birkenstock, Michael Kors, Crocs, Gap, LL Bean, Samsonite Uniqlo, American Eagle Outfitters, H&M, Forever 21, Zara Zara, Louis Vuitton, Bottega Veneta, Hugo Boss, Cartier H&M, Loft, Uniqlo, Birkenstock, Oshman’s, JINS Valentino, Bottega Veneta, Jimmy Choo, Boucheron Valextra, Isetan Salone, New Balance, Joseph, Harry Winston
Copyright (c) JLL IP, INC 2018
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