Global Cities Retail guide. Cushman & Wakefield 2012/2013 TOKYO

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1 Cushman & Wakefield 2012/2013

2 Overview Born of commerce and complexity, Tokyo is the very definition of a metropolis. Twenty-three wards, 39 municipalities, and 31.7 million people join to form Japan s capital. But beyond the city s busy streets and seemingly endless metropolitan sprawl is the very lifeblood of international business. Tokyo is the premier portal to world business in this part of the globe, with a GDP of $14.8 trillion and home to 47 Fortune Global 500 companies, more than any other city in the world. These factors keep Tokyo ahead of challenges, both economic and environmental. The tragedy of the Great East Japan Earthquake gave rise to the eventual triumph and strength of the country s economy. Interest in Tokyo s key main streets and malls is recovering, with many retailers reporting improving sales and several major players planning to open new stores. Retail is a central force in the continuing recovery and rebirth of Tokyo s economic power. Locations like Ginza (which regularly sees rental prices more than $1,000 per square foot) Omotesando and Shibuya still rank among the most desirable and leading retail locations in the world. Competition continues to bloom across the Sea of Japan as China bustles with new retail investment opportunities and a growing hunger for luxury brands, but for now, Tokyo remains the world s leading consumer of luxury goods. Japan itself accounts for approximately 20-30% of global sales for most international luxury brands.

3 Overview 31.7 million Metropolitan Population 47 Number of Fortune Global 500 companies, more than any other city in the world $ 1,044 Rent per square foot in Ginza, Tokyo s leading retail destination

4 Key Retail Areas & Streets ginza Ginza, comprising Chuo Dori Avenue and Harumi Dori Avenue, is the long established retail leader in Tokyo. It enjoys a strong presence of department stores and flagships from industry leading retailers. There are a number of well-established department stores including Wako, Matsuzakaya, Matsuya, and Mitsukoshi. Omotesando Omotesando is known as Japan s Champ Elysees, this pleasant tree-lined avenue has been gaining in stature as one of the two key premiere retail destinations for luxury brand flagships in Japan since the late 1990s, when European brands first started building flagships here as a distinct alternative to the more stuffy Ginza. Minami Aoyama Minami Aoyama is the next door neighbour of Omotesando but much quieter and low-key due to it being a predominantly residential area. Minami Aoyama holds its own avant-garde feel by maintaining its tradition as an underground yet sophisticated fashion area. Brands such as Comme de Garçons and Yohji Yamamoto help to give Minami Aoyama its originality and creativity. Shinjuku Shinjuku speaks for itself by name and reputation. It is home to the biggest train station in the world, with an astronomical 4 million commuters per day. Every imaginable type of retail can be found around this sprawling station, including department stores, standalone retail, F&B, electronics and sports. This city is literally the hub of Tokyo due to its supreme accessibility to other Tokyo locales and the Greater Tokyo area. Harajuku Harajuku has consistently kept its place as the birthplace of Japanese underground fashion for well over 40 years. This area by no means lags in the amount of young fashionistas that it attracts. In an almost cult-like manner, Harajuku shoppers are knowledgeable about their style and are the driving force behind the underground street fashion originating here. Brands such as the Bathing Ape were born in the backstreets of this dynamic retail area. In recent years, popular casual fashion brands like H&M and Forever 21 have built large flagships here, and Harajuku has emerged as one of the few major retail locations in Japan which is completely independent of department stores.

5 Key Retail Areas & Streets market overview Data as of April 2012 KEY AREAS/ STREETS/SHOPPING CENTERS CONSUMER PROFILE MAJOR RETAILERS PRESENT NEW ENTRANTS TYPICAL RENT FOR UNIT OF 2,000 SQFT RANGE OF UNIT SIZES Ginza (Tokyo) Customers range from well-to-do local shoppers, mature shoppers 50+, and fashion connoisseurs. Tourists from Asia, particularly China also make their appearance in this acclaimed retail area. Louis Vuitton, Chanel, Apple, Tiffany, Bvlgari, Gucci, Hermes, Armani, Chaumet, Bottega Veneta, DeBeers, Coach, Burberry, Furla, Dunhill, Abercrombie & Fitch, Zara, H&M, Forever 21, Uniqlo, Diesel, Paul Stewart, Panerai, Loewe, Max Mara, Emilio Pucci New Uniqlo Flagship. Movement amongst brands already present to more heavily trafficked main streets. USD ~ /SQM/Month 196,098 30SQM ~ Omotesando (Tokyo) Shoppers in this area range from fashionconscious professionals, working women aspiring for the best, tourist, and wealthy local residents looking to shop and stroll through a pleasant avenue in style. Ralph Lauren, Paul Stuart, Louis Vuitton, Emporio Armani, Chanel, Christian Dior, Burberry, Nine West, Bvlgari, Gucci, Fendi, Celine, Donna Karan and Tod s. A number of high profile sites are currently under development along Omotesando Avenue. USD ~ /SQM/Month 167,046 30SQM ~350SQM Shinjuku (Tokyo) Shoppers in Shinjuku range from all markets; young, mature, professional, fashion-conscious, and families. Louis Vuitton, Tiffany, Coach, Loewe, Hermes, Chanel, Gucci, ZARA, Forever 21, Topshop, BEAMS and Uniqlo. AZUL by Moussy, A new Bic Camera. USD ~ /SQM/Month 130,732 30SQM ~ Harajuku (Tokyo) Harajuku has consistently kept its place as the birthplace of Japanese underground fashion for well over 40 years. This area by no means lags in the amount of young fashionistas that it attracts. In an almost cult-like manner, Forever 21, H&M, ZARA, GAP, Topshop, NIKE, Puma, Kitson, Mango, Uniqlo, and Birkenstock. GAP, American Eagle, Tommy Hilfiger, and Moussy. USD ~ SQM/Month 167,000 90SQM ~ Shibuya (Tokyo) Customers are a broad mix of schoolaged shoppers to fashionable young couples and professionals. Tokyu 109 (the Mecca of young women s fashion), Forever 21, Zara, H&M, MIU MIU, Addidas, GAP, United Arrows, Disney, Uniqlo, ABC Mart, and many others. Bershka, the sister brand of Zara, opened their doors to an anticipating Shibuya crowd on April 15, 2011 USD ~ /SQM/Month 123,470 30SQM ~350SQM Ikebukuro (Tokyo) Similar to Shibuya, Ikebukuro is primarily gathering place for Tokyo s youth and opportune area for a casual brand flagship. Armani Exchange, Uniqlo, g.u., American Eagle (coming soon), MUJI, Zara. A new Uniqlo Flagship and American Eagle. USD ~ /SQM/Month 87,154 90SQM ~

6 Food & Beverage As Tokyo is a commuter-oriented city with one of the most efficient transportation systems in the world, famous restaurants, family-friendly dining, and quick service restaurants can be found at almost every major train or metro station in the city. During the bubble economy in Japan, there was an influx of fine dining locales which sprang up throughout the metropolitan area, but have since been concentrated in the more urban city centre. Tokyo enjoys periodic and seasonal trends in food & beverage known as booms where a particular style of dining or cuisine becomes popular and a number of restaurants in that trend start to spring up at train stations that receive high amounts of daily users and sometimes even rare less trafficked residential train stations. Current trends include family restaurants, quick service Japanese cuisine such as kaiten sushi, Japanese restaurants/bars that cater to groups and serve a variety of appetizers and inexpensive alcohol, and new novelty brands such as Krispy Kreme, Auntie Anne s and Ben & Jerry s. Health-oriented, or calorie-watcher restaurants and cafes are starting to gain popularity in the market now. A plethora of Tokyo s local F&B retailers are run by group companies, each holding a number of brands and chains in different cuisine and price categories, while many major international F&B retailers and franchises typically enter the market with a local partner. Smaller international franchises can sometimes be found operating without partners, for example the quick service burrito retailer Frijoles. Many international F&B retailers have found success here in Tokyo including the TexMex chain Zest, Bubba Gump s Shrimp, Tony Roma s, Wendy s, Burger King, McDonald s, Auntie Anne s, and Krispy Kreme. Delivery service has also increased with international competitors Domino s Pizza and Pizza Hut. Many local restaurants have joined the delivery competition by offering delivery services as an option to their already present restaurant. market overview KEY AREAS Akasaka Shibuya Ebisu Shinjuku CONSUMER PROFILE Primarily business people and a sprinkling of wellto-do residents from surrounding city wards. Well-known for its massive crowds of young people and tourist, Shibuya also attracts young professionals looking for casual dining and night-life. Ebisu has become an enclave of trendy and stylish young professionals, as many trendy and unique restaurants have opened up here and Ebisu Station is centrally located on two major commuter lines. Shinjuku has one of the most varied consumer profiles in Tokyo as patrons range from the wild youth of the Kabukicho area to the sophisticated shoppers at Isetan Department Store. food & beverage operators including High-end to casual local restaurants and cafes offering Japanese, Italian, Asian, Belgian, and other cuisines. A small amount of international retailers are present such as McDonald s, Burger King and Starbucks. Hooters has also made their debut in A smorgasbord of budget, casual, and high-end Japanese and international restaurants of every cuisine; Legato, McDonald s, Burger King, KFC, Outback Steakhouse, T.G.I. Fridays, and a wide-variety of Japanese restaurants. There are a host of trendy locally-run Japanese restaurants as well as a few international ones. Ebisu also has its own line-up of quick-service restaurants such as McDonald s, KFC, Ramen Noodle shops, and Fine dining available at many of Shinjuku s upscale hotels like the Park Hyatt, as well as casual dining of all cuisines. All of the top quick-service restaurants are present here. Data as of April 2012 rent for 3,500 sqft unit (20,000 tsubo) USD 25,421 (24,000 tsubo) USD 30,503 (26,000 tsubo) USD 33,047 (30,000 tsubo) USD 38,129

7 JOHN STRACHAN Global - EMEA Ph: Portman Square London, England W1A 3BG john.strachan@eur.cushwake.com MATT WINN Americas Ph: Ivan Allen Jr. Boulevard, Suite 700 Atlanta, GA matt.winn@cushwake.com SANJAY VERMA Asia Pacific Ph: /F The Headquarter Building 168 Xizang Zhong Lu Shanghai, China PRCi sanjay.verma@ap.cushwake.com No warranty or representation, express or implied, is made to the accuracy or completeness of the information contained herein, and same is submitted subject to errors, omissions, change of price, rental or other conditions, withdrawal without notice, and to any special listing conditions imposed by our principals Cushman & Wakefield, Inc. All rights reserved.