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Spotlight Seoul Retail Market 2H 2013 Savills World Research Seoul Spotlight Seoul Retail Market 2H 2013 savills.co.kr/research Spotlight | Seoul Retail Market 2H 2013 Spotlight Seoul Retail Market As the proportion of one- and two-person TABLE 1 households grows steadily, convenience Major shopping mall supply, 2013– 2014 store and non-store retailer sales are rapidly Year of increasing. Meanwhile, street shops and SPA Location Name GFA (sq m) opening brand shops are now expanding throughout Seoul due to improvements in the consumer Seoul Mecenatpolis Mall 2013 73,696 confidence index. Shinsegae Simon Busan 2013 N/A Premium Outlet Consumer trends composition is likely to influence The 2010 national census shows the retail market, as explained in the Ilsan Onemount 2013 161,602 that there are 700,000 more one- following section. to two-person households than Daegu Lotte Oulet Esiapolis 2013 86,474 three- to four-person households During the seven months to country-wide. In Seoul, the number September 2013, the average of one- to two-person households consumer sentiment index rose to Pangyo Avenuefrance 2013 70,509 was 1,630,000 in 2010 – 30,000 103.44, up from 2012. The index, more than the number of three- to which fell below 80 in 2008 after the sub-prime mortgage crisis, bounced Songdo NC CUBE 2013 54,726 four-person households. back to around 120 in 2009 and then remained at around 100 from Coex Mall According to Statistics Korea, the Seoul 2014 83,000 E 2010 onwards. However, consumer (under remodelling) proportion of one- to two-person sentiment has been improving since households is rising steadily and Lotte Jamsil the end of 2012. Seoul 2014 114,678 is expected to account for 68% Shopping Mall of all households in 2035, while Retail market trends households with more than three In 2012, department stores posted Busan BIFC Mall 2014 E N/A family members will represent 32%. a 1.8% increase in sales, down Such a trend in the household from the 7.7% growth in 2011. This Source: Savills Korea Research & Consultancy, Retail Team GRAPH 1 GRAPH 2 Trends in household composition and projections, Retail sales increase rates and 1990–2015F comparison of private consumption Nationwide (1–2 person household) Nationwide (3–4 person household) increase rate, 2008–2012 Nationwide (>5 person household) Seoul (1–2 person household) Seoul (3–4 person household) Seoul (>5 person household) Department stores Large discount stores 12 Supermarkets Convenience stores Retail sales not in stores Private Consumption Increase Rate 20% 10 Convenience 15% stores14.5% 8 Retail sales not 10% in stores 9.8% 6 Large discount 5% stores 2.0% Million households 4 Department stores 1.8% 0% 2 Supermarkets 1.1% -5% 0 1990 1995 2000 2005 2010 2015F 2008 2009 2010 2011 2012 Source: Statistics Korea Source: Statistics Korea savills.co.kr/research 02 Spotlight | Seoul Retail Market 2H 2013 MAP 1 Garosugil is a street spanning from Major retail areas Sinsa Station on Line 3 to Hyundai High School in Apgujeong, where conglomerates and SPA brands are actively leasing of late, which has translated into a sharp increase in rental rates. The Hongdae retail trade area, centered on Hongik University, is located between Hongdae Station on Line 2, Gyeongui Railway and the Airport Railway, and Sangsu Station on Line 6 and has daily foot traffic of 110,000. The Hongdae trade area is mainly composed of stores on side streets rather than on the main road. The buildings on the corners of the main road and side streets fetch high Source: Savills Korea Research & Consultancy, Retail Team rental rates. is attributed to the strong Korean stores larger in size than other GRAPH 3 won and the decreasing number types of retailer, are giving the retail Growth rate of major SPA brands, of tourists. As the regulations on real estate market a boost. As of 2006–2012 operating hours and the days of September 2013, Zara is operating ZARA H&M Uniqlo mandated closure took full effect approximately 40 stores (20 in Seoul) 600 in June 2012, large discount stores across the country, while H&M has CAGR 71% posted a mere 2.0% expansion, 16 (seven in Seoul) and Uniqlo has 500 down from the 5.6% recorded in 105 (39 in Seoul). SPA brands are 2011. Conversely, convenience expanding at a fast rate thanks to 400 stores and non-store retailers fared the high inventory turnover rate better than department stores and and the inexpensive goods on offer. 300 large discount stores, posting 14.5% Billion KRW Conversely, existing apparel brands and 9.8% growth rates respectively. 56% are losing market share. 200 This is due to the increase in the proportion of oneperson households; 100 55% convenience stores, found on every Street shops street corner, offer small-sized We have defined in five major retail 0 products, while this demographic trade areas in Seoul: Myeongdong, 2006 2007 2008 2009 2010 2011 2012 also prefer ordering goods through Gangnam, Sinsa (Garosugil), Source: Financial Supervisory Service, Savills Korea delivery services and shopping online Hongdae and Itaewon. in the comfort of home. GRAPH 4 The Myeongdong trade area is Major shopping street rental ranges, Recently, the trend in the local retail situated between Euljiro 1-ga 2H/2013 market is the growth in convenience Station on Line 2 and Myeongdong 2,400 stores and specialty retailers of Station on Line 4 which have daily 2,100 private-label apparel (SPA) sector. pedestrian traffic of 100,000 and Zara, since its launch in 2008, has 89,000 respectively. This area 1,800 posted an average annual sales commands the highest rental rates 1,500 growth of 56%, while H&M has of all the five retail trade areas. posted 55%. Of all the SPA brands, 1,200 Uniqlo has been the most successful, The Gangnam trade area, with daily enjoying an average annual sales 900 pedestrian traffic of 200,000, is growth of 71%. Following the 600 situated along Gangnamdaero and KRW 3.3058 per sq m Thousand success of international SPA brands, Korean companies have entered the stretches from Gangnam Station 300 on Line 2 to Sinnonhyeon Station sector, including Cheil Worldwide's 0 brand '8 seconds' and E-Land on Line 9. With Samsung Town Myeong-dong Gangnam Garosugil Hongdae Itaewon Retail's 'Mixxo'. created at the end of 2007 and the Source: Savills Korea Research & Consultancy, Retail Team extension of the Sinbundang Line *For rents of street shops, the proportion of security deposit and cheonsei conversion ratio varies depending on the store. As such, in this report, for consistency in figures and There is at least one SPA store in which opened at Gangnam Station easy understanding, the converted cheonsei amounts were first calculated. Then 20% all major retail trade areas and retail in 2013, this trade area now reaches of such amounts were counted as security deposit and for the rest (80%), the converted properties. SPA brands, operating south to Yangjae Station. monthly rent amount was applied as the standard price (An annual interest rate of 12% was applied for the conversion). savills.co.kr/research 03 Spotlight | Seoul Retail Market 2H 2013 MAP 2 Lotte Incheon Development Major shopping malls acquired the Incheon Terminal Complex from Incheon Metropolitan City for KRW900 billion, the largest transaction concluded in 2013. RREEF bought Podo Mall situated in Seoul for KRW199.9 billion with a cap rate in the low 6% range. Igis AMC and Hana Daol AMC each acquired three Homeplus outlets from GE Real Estate. Hana Daol AMC also added Jinju Galleria Department Store and the parking tower to its property portfolio. Moreover, KT AMC purchased Lotte Mart in Munjengdong, Seoul from GS E&C, indicating active transactions of large discount Source: Savills Korea Research & Consultancy, Retail Team stores. The trade area in Itaewon has in Yeongdeungpo, Podomol and GRAPH 5 enjoyed rising rents due to the IFC Mall in Yeouido, Tra Palace Proportion of turnover-based rental recent acquisition and leasing of in Mokdong, and Coex Mall and ranges at shopping malls, 2H/2013 buildings by the retail sectors of Gimpo Mall. These malls are located conglomerates. This trade area, in areas with large neighbouring 30% which was traditionally located in populations and heavy traffic instead the area from Noksapyeong Station of traditional retail trade areas. 25% to Itaewon Station, has spread out to include the Comme des Garcons Overall, fashion and SPA retailers 20% Road which stretches from Itaewon account for 45% of tenants in Station to Hangangjin Station. shopping malls. Lifestyle retailers, 15% selling items such as toys for Floor efficiency may differ children and organic food, represent 10% depending on the trade area. 21% of the retail tenants. F&B, However, for the calculation and including restaurants and coffee 5% comparison of rental rates of shops, take up 19%, other retail different trade areas, first-floor rents stores such as convenience stores 0% F&B Fashion Lifestyle Others were used as the baseline. Rents and small supermarkets make of first basement floors were set up 12%, and service businesses Source: Savills Korea Research & Consultancy, Retail Team at 30% of first floor rents, rents of including banks and travel agencies second floors at 50%, third floors account for 3% of tenants. GRAPH 6 at 30%, fourth floors at 20% and Tenant composition of shopping fifth floors at 15%, assuming that In general, at shopping malls in rental rates vary for different floors. Seoul, the proportion of turnover- malls, 2H/2013 based rent of F&B outlets is 12% Service 3% When calculated based on this to 20% and fashion stores 15% to assumption, according to our 20%.
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