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Taiwan Retail 1H 2018

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Taiwan Retail 1H 2018 Savills World Research1H 2018 Taiwan Asian Cities Report Taiwan Retail 1H 2018 savills.com.hk/research savills.com.hk/research 01 Asian Cities Report | Taiwan Retail GRAPH 1 Economic overview 3% of group sales. As a result, annual Retail sales growth rates by sector, 2009 – The recovery of the global economy sales for ShingKong Mitsukoshi are expected to remain fl at in 2018. 2017 stimulated Taiwan’s exports, and GDP growth improved from 1.48% Increase the space for food and Department store sales Supermarkets Convenience stores Hypermarkets in 2016 to 2.58% in 2017, according 10% to the country’s Directorate-General beverage (F&B): while online shopping of Budget, Accounting and Statistics is rapidly taking over retail markets, 8% (DGBAS). However, the improvement department store operators have in the economy did not have a positive realized that the demand for F&B is 6% effect on consumer spending. Growth hard to replace and can effi ciently in retail sales was slow, increasing by attract foot traffi c. Therefore, the 4% 1.2% year-on-year (YoY) and many share of total gross fl oor area (GFA) sub-sectors recorded weaker growth in department stores that’s being 2% rates than the previous year, including dedicated to F&B is increasing. Total revenue for ShingKong Mitsukoshi 0% department stores (0.4% YoY), convenience stores (2.8% YoY) and group’s F&B sector reached NT$10 -2% hypermarkets (3.0% YoY). million in the fi rst eight months of 2009 2010 2011 2012 2013 2014 2015 2016 2017 2017, accounting for 16% of total Department stores sales and exceeding cosmetics and Source: Ministry of Economic Affairs Due to the strong performance of luxury goods. Breeze Xin Yi, opened non-store sales and the lack of new in 2015, has allocated 25% of GFA to department stores launched, sales for the F&B sector. Furthermore, Breeze Nanshan, a Breeze Center group GRAPH 2 department stores was stagnant, with total sales increasing by 0.4% YoY to store launching at the end of 2018, Annual sales of department store groups, NT$334.6 billion in 2017, the lowest will designate three fl oors of the 2013 – 2017 growth rate since the Global Financial eight-story department store to F&B, Crisis and signifi cantly lower than the increasing the F&B proportion to ShinKong Mitsukoshi Pacific Sogo Far Eastern Breeze Center 35%. However, retailers mentioned 90 4.3% average sales growth of the past fi ve years. Annual sales for four major that even though F&B can attract 80 department store groups grew only more customers, it may have a 70 0.7% compared with 2016. Shingkong negative impact on profi ts once F&B 60 Mitsukoshi and Pacifi c Sogo, two sales exceed 20% of total revenue, owing to its lower profi t margin 50 leading department store groups, even experienced a decline in sales over compared with other store sectors. 40 NT$ billion two consecutive years. To face these 30 challenges, some operators plan to New supply 20 adopt a strategy as follows: In comparison to the lack of large 10 department store openings in 2017, Continue to expand: several regional shopping centers that focus 0 2013 2014 2015 2016 2017 major department store groups have on entertainment or F&B have been announced plans to launch new stores more active. Places such as Showtime Source: Ministry of Economic Affairs, Savills Research & Consultancy over the next three years. Far Eastern Plaza (Taichung) and ATT EAT OUT will open stores in Hsinchu County attract consumers living or working in and Xinyi planning area in Taipei the area, and in the next two years, we City in 2020 and 2019 respectively, will see a few large stores open. GRAPH 3 pushing their total number of stores New supply of department stores, retail malls to 12 and increasing their overall fl oor Mitsui Outlet Park Taichung Port, and outlets, 2000 – 2020F area by 30%. After launching three the second project of Mitsui Fudosan department stores in Xinyi planning Co., Ltd. in Taiwan, is located at Department store Retail mall Outlet area, Breeze Center continues to Taichung harbor and is scheduled to 300,000 enlarge their market share in Taipei open at the end of 2018. Its 33,000 sq m of retail space will provide 160 250,000 City’s bustling shopping district. They also successfully secured retail spaces brands in an 18-hectare development 200,000 in Taipei Nanshan Plaza, a mixed-use site. While 70% of space will be for project combining grade A offi ce and retail, the rest will focus on F&B and 150,000 entertainment. This will be the fi rst sq m retail. In 2017, ShingKong Mitsukoshi acquired 60% of shares, at a cost commercial property in Taiwan to 100,000 of NT$1.17 billion, in shopping mall combine a waterfront location with a Tofoko Park, to expand their footprint retail environment. 50,000 in Kaohsiung. However, due to lease 0 expirations, ShingKong Mitsukoshi will Breeze Nanshan Xin Yi will be close two stores in Hsinchu County Breeze Center’s third store in Xinyi and Taipei City in 2018. Combined, planning area and is a joint venture Source: Savills Research & Consultancy the two properties used to contribute project between Breeze Center, Mitsui 02 1H 2018 & Co., Ltd. and Atre Co. Ltd., which Japan, expanded aggressively to GRAPH 4 is the JR-East group’s company for target foreign tourists from Asia. Number of stores for selected international managing train station commercial complexes. Located on the lower After suffering from high vacancy rates fashion brands, 2010 – 2018 in the last three years, landlords in the fl oors of Taipei Nanshan Plaza, a Uniqlo Zara GU Gap H&M Forever 21 grade A offi ce building, the total retail Zhongxiao E. Rd. district eventually 70 space of 53,000 sq m will contain became more willing to lower rents. 280 brands, while Atre will roll out As rents decreased by 15% to 20% 60 approximately 9,000 sq m of Atre fl oor from the district’s previous peak, new 50 as its fi rst entry into the Taiwan market. tenants started to move in, including In addition to Atre and 2,500 sq m of banks and jewellery, clothing and 40 space allocated for Breeze market, cosmetics shops. NEW ART group, 30 the complex will also focus on luxury, a Japan-based jewellery company, No. of stores sport and exclusive F&B. Annual sales rented a 13-fl oor, newly-completed 20 revenue is projected to reach NT$7 building to open their fi rst shop in billion. Taiwan. The ground fl oor will be 10 occupied by Ginza Diamond Shiraishi 0 Far Eastern A13, located in and Exelco Diamond, and upper fl oors 2010 2011 2012 2013 2014 2015 2016 2017 2018 Xinyi planning area, is scheduled to will showcase an art gallery, spa and Source: Savills Research & Consultancy launch in 2019. Built by Far Eastern cafe. Niko and …, a Japan fashion Group, the project took ten years and lifestyle shop, also opened their to fi nalize its overall design from fi rst store (approximately 730 sq m) in the time the superfi cies land was Taiwan in Q3/2017, with a monthly rent GRAPH 5 acquired in 2003. The total space of over NT$3 million. Overall, the vacancy approximately 33,000 sq m will focus rate in the district improved from 10% Retail transactions (over NT$300 million), 2007 special attention on entry-luxury to 6% by the end of 2017. – 2017 brands and entertainment, with Vieshow Cinemas already confi rmed Outlook 40 as an anchor tenant. Taiwan’s economic recovery combined 35 with new department stores joining the Street shops market, driving retail sales in the short 30 Retailers remained conservative with term. However, street shop owners 25 regard to opening street shops. Since face challenges to attract retailers and 2016, several international fast-fashion will fi nd it diffi cult to increase rents. As 20 NT$ billion brands, including Zara, H&M, Gap and online shopping grows and department 15 Forever 21, have stopped expanding store operators become major in the Taiwan market. In general, the competitors for retail brands, retailers 10 decrease in demand from retailers has are less likely to open street shops or 5 put downward pressure on rents. shift their brands to department stores. 0 The factors mentioned above coupled 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 Ximending and the Zhongxiao E. Rd. with the risk of growing interest rates shopping area, two major shopping in the second half of 2018 will make Source: Savills Korea Research & Consultancy areas in Taipei City, face different it harder for investors to buy retail situations in terms of rent and property. occupancy rates. Due to an increase of independent travellers and new TABLE 1 fl agship stores launched by leading Signifi cant retail transactions, 2017 sporting goods brands, vacancy rates in Ximending remained below 1% and rents in the central area grew Amount Area Property to over NT$66,000 per sq m. Young Date Property shoppers are major customers, which (NT$ mil) (sq m) type led Ximending to become the most Whole block important market for sporting goods retail building in Jan 2,200 3,917 High street brands. Adidas, Jordan and Under Ximending, Taipei City Armour have all opened fl agship stores in the last two years. They target en- G/F, Tatung Mar Building, 933 884 High street bloc retail shops with large facades.
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