Tokyo

Born of commerce and complexity, Tokyo is the very definition of a metropolis. Twenty-three wards, 39 municipalities, and 13.6 million people join to form Japan’s capital. Include the 3 surrounding prefectures of Kanagawa, Saitama and Chiba, and you have a population base that exceeds 36 million people.

Above the city’s busy streets, Japan’s economic engine occupies the office spaces of the seemingly endless metropolitan sprawl. Tokyo is the premier portal to world business in this part of the globe and the Tokyo metropolis is the largest city globally in terms of economic might as it has an estimated GDP of USD 1.5 trillion. Tokyo is also home to 37 Fortune Global 500 companies, second only to Beijing, China.

Currently, Japan is enjoying the most stable political environment seen since Prime Minister Koizumi was in power. Prime Minister Shinzo Abe and his 3 arrows of aggressive monetary policy, flexible fiscal policy and growth strategy, including structural reform, have helped drive economic growth in the short term and the outlook for the economy for the next 3 years is positive. These policies and the anticipation of the 2020 Olympic and Para-Olympic games are contributing to the record numbers of international tourists and the value of commercial and residential real estate in Japan’s larger markets.

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Cushman & Wakefield, Inc, Tokyo

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Ginza: 35.670546, 139.765406
Omotesando: 35.667408, 139.708757
Aoyama: 35.665172, 139.712513
Shinjuku: 35.690764, 139.702835
Harajuku: 35.667896, 139.705710
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Ginza


Ginza, comprising Chuo Dori Avenue and Harumi Dori Avenue, is the long established retail leader in Tokyo and is globally recognized area as one of the world’s top performing and most expensive (rent PSF) retail areas.. It enjoys a strong presence of department stores and flagships from industry leading retailers. Ginza is home to three of Japan’s most prestigious department stores including Wako, Matsuya, and Mitsukoshi.
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Shinjuku


Shinjuku is home to the biggest train station in the world, with over 4 million passengers 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. Shinjuku is home to Isetan, Japan’s highest grossing department store and Lumine, Japan’s highest grossing station/fashion building.
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Omotesando


Omotesando offers some of the most awe-inspiring flagships and an aesthetically pleasing avenue that makes this trade area comparable to that likes of Champ Elysees in Paris. Omotesando is considered as Tokyo’s alternative trade area for luxury and aspiration brands which garners a broad range of shoppers from Tokyo’s true fashionistas, young professionals to tourists, and residents.
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Harajuku


Harajuku has consistently kept its place as the birthplace of Japanese underground fashion for well over 40 years and has evolved into one of the three major commercial trading areas in Tokyo. This area serves as one of the biggest magnets for the young fashionistas in Japan. 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. Harajuku has become the home to the highest concentration of casual apparel retailers with flagships for H&M, ZARA, Forever 21, American Eagle, GAP, and Tommy Hilfiger.
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Aoyama


Aoyama is the home of Tokyo’s Avant-Garde and destination flagships such as Comme de Garcons, James Perse, and Prada. Aoyama is the original home to Tokyo’s underground and sophisticated fashion, with a contrast to its more commercial neighbor, Omotesando. Recently, upscale F&B has been increasing its presence here in this quaint and quiet retail area.

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Lazona Kawasaki : 35.533095, 139.695883
LaLaport Tokyo-Bay: 35.686580, 139.990273
Omotesando Hills: 35.667000, 139.708600
Terrace Mall Shonan: 35.338231, 139.446390
New Shopping Center: Ginza Six: 35.669590, 139.764009
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Lazona Kawasaki Plaza 

Directly connected to the main terminal of Kawasaki Station, Lazona Kawasaki Plaza attracts visitors from an extensive area and is among the shopping complexes with the highest sales and the largest number of visitors in Japan. Kawasaki station is a major station between Yokohama and Tokyo with approximately 598,000 riderships per day. Since its opening in 2006, Lazona Kawasaki Plaza has seen increasing annual sales, and in 2015,it generated approximately USD 787 million, with approximately 36 million cash register transactions.
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LaLaport Tokyo-Bay

One of the largest (1,097,919 SF), and first super regional malls in Japan. With Approximately 450 tenants, it generates approximately USD755 million annually. The catchment profile are residents living in western Chiba prefecture commuting to work in Tokyo, and residents in eastern Tokyo.
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Omotesando Hills

Located alongside the Omotesando Boulevard leading toward Meiji Shrine, Omotesando Hills is a commercial complex consisting of shopping center, residential, and parking developed by Mori Building from the Dojunkai Aoyama Apartment complex, which was a renowned landmark of Omotesando for many decades. Designed by an internationally acclaimed Japanese architect Tadao Ando, its façade extends approximately 250 meters along the boulevard and has a total floor area of 366,630 SF with over 100 tenants. Omotesando Hills is the unique cultural / commercial complex, emerging as the new face of Omotesando, which has disseminated various trends as the hub of Japanese fashion and cultures.
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Terrace Mall Shonan

Opened in November of 2011, Terrace Mall Shonan is directly connected to the Tsujido Station in Shonan, a region along the coast of Sagami Bay in Kanagawa. With approximately 678,126 SF of total commercial floor area, this shopping mall generated approximately USD 540 million in 2015.
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New Shopping Center: Ginza Six

The epic scale produced by redeveloping two blocks, including the former Matsuzakaya Department Store and surrounding area, this world-class redevelopment opened in April 2017. This newly completed mixed-use complex is Ginza’s newest and largest of its kind, consists of retail, office, theater, tourist information center, and a tour bus bay. With 505,903 SF of retail area, it is the largest area for a retail facility in the Ginza area, with 241 tenants (merchandise sales 210, restaurants 24, services 7).

MARKET OVERVIEW
KEY AREAS / STREETS/SHOPPING CENTERSCONSUMER PROFILEMAJOR RETAILERS PRESENTNEW ENTRANTSTYPICAL RENT FOR TIER 1RANGE OF UNIT SIZES
Ginza 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, Dior, Chanel, Apple, Tiffany, Bvlgari, Gucci, Hermes, Prada, Armani, Fendi, Valentino, Chaumet, Bottega Veneta, Cartier, Mikimoto, Coach, Burberry, Furla, Dunhill, Moncler, MCM, Abercrombie & Fitch, Zara, H&M, Uniqlo, Diesel, Van Cleef & Arpels, Max Mara, Emilio Pucci, Michael KorsDelvaux, Perrin, Belstaff, Equipment, lululemon, COSUSD 766 ~ 1,226/SQF/Year 1,067SQF ~ 10,675SQF
Omotesando Shoppers in this area range from fashion-conscious professionals, working women aspiring for the best, tourist, and wealthy local residents looking to shop and stroll through a pleasant avenue in styleRalph Lauren, Paul Stuart, Fendi, Apple, Louis Vuitton, Christian Dior, Chanel, Burberry, Gucci, Celine, Loewe, Saint Laurant, Tod’s, Moncler, Prada, Jimmy Choo, Emporio Armani, Coarch, Marc Jacobs, Dolche & Gappana, Comme de Garcon, Ted BakerValentino, La Perla, Jo Malone, MSGMUSD 460 ~ 920/SQF/Year 1,067SQF ~ 5,337SQF
Shinjuku Shoppers in Shinjuku range from all markets; young, mature, professional, and familiesLouis Vuitton, Tiffany, Burberry, Coach, Gucci, H&M, ZARA, Forever 21, Uniqlo, MUJI, Addidas, LevisUSD 460 ~ 858/SQF/Year 3,558SQF ~ 16,012SQF
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 mannerForever 21, H&M, ZARA, GAP, Tommy Filfiger, American Eagle, SKECHERS, GUESS, NIKE, Addidas, Puma, Uniqlo, Zara, North Face, Snowpeak, and ColumbiaNew BalanceUSD 460 ~ 920SQF/Year2,669SQF ~ 17,792SQF
Shibuya Customers are a broad mix of school-aged shoppers to fashionable young couples, professionals and touristsTokyu 109 (the Mecca of young women’s fashion), Forever 21, Zara, H&M, Bershca, Addidas, GAP, Apple, UGG, Disney Store, Uniqlo, ABC Mart, and many others USD 307 ~ 613/SQF/Year 1,779SQF ~ 16,012SQF

Data as of May 2017

Tokyo revolves around its food culture – no matter what you are looking for, be it fine French dining or b-class gourmet fair such as ramen or tonkatsu, Tokyo’s got it. Whether you are sitting at a quiet table for two at an upscale restaurant, standing slurping some noodles for a quick lunch or enjoying a drink packed into a corner seat at a cozy Japanese style pub that has been in operation for decades, food is a focal point of life in the city. And like all things produced in Japan, quality is essential.

In this spirit, Tokyo has achieved an almost mythical status as a culinary sanctuary that no other metropolis even comes close to: Tokyo boasts 227 restaurants with one or more Michelin stars and 12 restaurants with the coveted 3 star ranking. Osaka is a distant number two at 96, beating Paris with 92. Not all of these Michelin star restaurants are expensive either as in recent years, 2 ramen joints have earned their spot in the illustrious guide book.

Restaurateurs finding success are not limited only to local proprietors as international brands are finding success here. Recently, casual upscale burger chains from the US such as Shake Shack, Carl’s Junior and Umami Burger have all been received very well. Gourmet coffee too has earned a special place in the hearts of Japanese consumers as gourmet focused groups like Dean and Deluca continue to expand and Blue Bottle Coffee continues to draw crowds. With the onset of the Tokyo Olympics, healthier options are also starting to make their appearance in the form of Salad focused fast food restaurants such as Salad Stop from Singapore and French organic frozen food chain Picard.

MARKET OVERVIEW
KEY AREASCONSUMER PROFILEFOOD & BEVERAGE OPERATOR INCLUDINGRENT FOR 1000 SQF UNIT
Ginza Largely made up of higher income individuals and wealthy tourists combined with a contingent of aspirational buyers.Fairly well balanced offering between casual and high-end restaurants and cafes however the price point tends to be on the higher side due to higher area occupancy costs. World famous sushi restaurant Sukiyabashi Jiro is located here.USD 107 ~ 230/SQF/Year
Akasaka Primarily business people and tourists, complimented by a sprinkling of well-to-do residents.High-end to casual local restaurants and cafes offering Japanese, Korean French, Italian, Asian, and other cuisines. The high-end restaurants include exclusive Japanese “kaiseki,” or course, restaurants often used for business entertainment. USD 92 ~ 138/SQF/Year
Shibuya Well-known for massive crowds of young people and tourists - Shibuya also attracts younger professionals looking for casual dining and night-life. A patchwork of budget, casual, and high-end Japanese and international restaurants of every genre. The majority of the restaurants are chains that cater to the masses though there are some stand out. USD 92 ~ 184/SQF/Year
Ebisu 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.There are a host of trendy locally-run restaurants and a smattering of domestic chains as well as a few international ones. Ebisu Yokocho, a local favorite, never seems to fail to draw a crowd and Shake Shack has had success in its station front location. USD 92 ~ 153/SQF/Year
Roppongi/Azabu Upscale restaurants in the Roppongi area are frequented by those in a relatively high disposable income bracket, both domestic and international alike. Locally and internationally run high-end dining establishments, including well hidden hideouts of the rich and famous and Michelin starred eateries. Gonpachi, famous for inspiring the “Kill Bill” restaurant scene, calls this area home. USD 77 ~ 153/SQF/Year
KichijojiKichijoji is an upper-end suburb of Tokyo that attracts a mixed crowd but given the area’s higher property pricing, the majority of the clientele tends to be quite well-to-do. Local operators dominate the submarket, especially Harmonica Alley, a famous watering hole for suburban Tokyoites. Bubby’s Tribeca has chosen the submarket for their 6th location in Japan.USD 92 ~ 138/SQF/Year

Data as of May 2017

 


Tokyo Contacts

Masahiro Tanaka

Retail Services Japan
T +(81 3) 3596 7070
M +(81 90) 9014 7824

Timothy Gregersen

Research Japan
T +(81 3) 3596 7070
M +(81 90) 6005 4382