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Japan Retail MarketView Q1 2022

11 may. 2022

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Tokyo:The high street vacancy rate in Tokyo’s Ginza area rose by 0.2 pp q-o-q to 4.5% in Q1 2022. While relatively large vacancies were filled during the quarter, several new vacancies appeared. Ginza high street rents remained unchanged for the second straight quarter at JPY 241,500 per tsubo per month. In addition to demand from luxury brand operators which do not have a presence in the Ginza area, the period saw other retailers looking to relocate from existing stores within the district.

Osaka:Osaka’s Shinsaibashi high street vacancy rate rose 1.8 pp q-o-q to 14.5% in Q1 2022, due to an increase in vacancies in the Shinsaibashi-suji shopping district. High street rents in the Shinsaibashi district were up by 0.7% q-o-q to JPY 142,000 per tsubo per month, mainly led by Mido-suji, where luxury brand demand is concentrated. While demand in the Shinsaibashi-suji shopping district was weak, the loosening of the supply-demand balance was not sufficient to further lower the already reduced rent levels.

Nagoya:Nagoya’s Sakae high street vacancy rate for Q1 2022 was up by 0.8pp from the previous quarter to 0.8%, and vacancies remain limited. Demand was observed from multiple luxury brands without any street-facing stores in the Sakae area.  Sakae high street rents remained unchanged for the third straight quarter at JPY 70,500 per tsubo per month.  Although there were several demand for new store space from multiple luxury goods brands, limited availability along high streets means actual relocations may take some time.