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Seoul Retail April 2019 Marketbeats

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Seoul Retail April 2019 Marketbeats SEOUL RETAIL APRIL 2019 MARKETBEATS ECONOMIC INDICATORS 6-Month 2018 3Q 2018 4Q Forecast HIGHLIGHTS GDP Growth 2.0% 3.2% Economic Review CPI Growth 1.6% 1.8% Despite low GDP growth and slowing employment, the CCSI has been on an uptrend due to Unemployment 11.1% 2.7% stable housing prices, muted inflation and low interest rates, which rose four points in as many months to hit 100 in March this year. In addition, the consumer spending outlook index rose 2 PRIME RETAIL RENTS points to 110 in the same period. Accordingly, the outlook for retail sales is expected to improve. ) ₩1,000,000 mo ₩800,000 m/ 1Q Retail Market Issue sq ₩600,000 Retail store openings, particularly F&B offerings, ₩400,000 active at Pangyo ₩200,000 Rent Rent (KRW/ ₩0 Retail brands are continuing to open in Pangyo with F&B brands especially active. Since the ‘11 ‘12 ‘13 ‘14 ‘15 ‘16 ‘17 ‘18 ‘19. 1Q beginning of this year, starting with Starbucks, Gwanghwamoon Rice Soup and pork cutlet Myeongdong Gangnam Stn. Garosugil restaurant Katsushokudo also contracted spaces at Alpha Dome Block 6-3. Tenancy at the KRW EURO US$ Y-0-Y development has progressed to over 70%. Well served with service facilities (Juno Hair, Hanoi MAINSTREETS A Cushman & Wakefield SQM/MO SQM/MO SQM/MO (%) Research Publication Spa, dermatology clinics, banks) and F&B stores (Sweet Balance, SooSoo Coffee, Yeon-an Myeongdong 893,091 696 785 ▲ Gangnam Stn. 706,759 551 621 ▼ Restaurant, Nakwonjeong Pizza), it is achieving its vision as an integrated office and retail Garosugil 277,291 216 244 ▲ DATA * KRW/sq m/mo. Exchange Rate: 1EURO=KRW 1,284 1USD = KRW 1,137 offering, that serves a captive catchment of residents and office workers in Pangyo. With INTO Notes: ACTION sustained infrastructure development, Pangyo is emerging to be a fast developing district and 1. Based on newly contracted or re-contracted location in prime high street 2. Ground floor occupancy cost (CAM inclusive) viable business location. www.cushmanwakefield.com SEOUL RETAIL MARKETBEATS APRIL 2019 진 원 창(Philip Jin) Senior Manager High-Street Market Research Research, Seoul, Korea Proportion of ‘Franchise’ Retails 6F Seoul Finance Center 136, Sejong-daero, Jung-gu The higher the rent, the higher the franchise Seoul, 100-768, Korea (Unit: number of retails, %, ’18.12) Tel: +82 2 318 8322 ratio. Fax: +82 2 318 8323 80 According to a survey of main streets in Seoul's major commercial districts, the differing ratio of franchises in each district can be attributed to rental differentials. 60 Based on first floor spaces, the franchise ratio at over 7/10 in Myeong-dong and 40 Gangnam Station are the highest among the major commercial districts, followed by those in Garosu-gil, Hongdae and Cheongdam. This coincides with the 20 ranking of main street rents, which has Myeong-dong hugging the top, followed by Gangnam Station, Hongdae, Garosu-gil and Itaewon respectively. Franchises 0 Myeong- Gangnam Hongdae Garosu- Cheong Itaewon usually have an easier time covering higher rents than individual brands as they dong Stn. gil dam are usually proven draws with high brand awareness. This also results in a lower * Source: Cushman & Wakefield Research attrition rate and a higher presence over time. Proportion of ‘Flagship and Pop - up Flagship and pop-up stores are mainly Store’ Retails (Unit: number of retails, %, ’18.12) located in iconic streets with a large DATA first floor(whole district) fisrt floor(main street) INTO floating population. ACTION 25 Flagship or pop-up stores dominates in iconic streets where locals and foreign 20 tourists visit. Myeong-dong and Gangnam Station have the largest proportion of 15 A Cushman & Wakefield Research Publication floating population and tourists respectively in the north/south of Seoul. Based on 10 main street stores, the presence of flagship and pop-up stores that are critical in 5 Cushman & Wakefield (NYSE: CWK) is a leading global real estate services firm that delivers exceptional value for real estate occupiers and owners. Cushman & Wakefield is among the largest real estate promoting brand awareness and visibility are relatively high in these areas. 0 services firms with approximately 51,000 employees in 400 offices Myeong- Gangnam Hongdae Garosu- Cheong Itaewon and 70 countries. In 2018, the firm had revenue of $8.2 billion across Garosu-gil boasts a high concentration of brand-name clothing and fashion dong Stn. gil dam core services of property, facilities and project management, leasing, capital markets, valuation and other services. To learn more, visit www.cushmanwakefield.com or follow @CushWake on Twitter. accessories flagships and pop-up stores, which cater to shoppers looking for luxurious, sophisticated yet affordable products. Cheongdam, the country’s high- * Source: Cushman & Wakefield Research www.cushmanwakefield.com fashion capital, have a high ratio of luxury brands' flagship and pop-up stores. Copyright © 2019 Cushman & Wakefield. All rights reserved. The information contained within this report is gathered from multiple sources considered to be reliable. The information may contain errors or omissions and is presented without any warranty or representations as to its accuracy. SEOUL RETAIL MARKETBEATS APRIL 2019 Philip Jin SIGNIFICANT LEASING TRANSACTIONS(1Q) Senior Manager Research, Seoul, Korea PROPERTY LOCATION TENANT SQ M 6F Seoul Finance Center 136, Sejong-daero, Jung-gu Seoul, 100-768, Korea Cheongdam square Cheongdam-dong Louisvuitton Pop-up store 1,300 Tel: +82 2 318 8322 Fax: +82 2 318 8323 Alphadom 6-3BL Pangyo Starbucks 248 Alphadom 6-3BL Pangyo Katsushokudo 132 Alphadom 6-3BL Pangyo Gwanghwamun Kukbab 116 Center1 Jung-gu Suha-dong Tin Tin 204 Center1 Jung-gu Suha-dong Mad for Garlic 143 Lotte department store Jung-gu Sogong-dong Lululemon 66 SIGNIFICANT PROJECTS UNDER CONSTRUCTION PROPERTY LOCATION SQ M COMPLETION DATE K square Gangnam 10,623* 2019 Q2 Myeong-dong Cheonghwi(Renewal) Myeong-dong 5,946 2019.6 DATA INTO Lotte Mall Yongin(Seongbok) 150,000 2019.6 ACTION Shinsegae Simon premium Outlet Uijeongbu 82,116 2019 A Cushman & Wakefield Shinsegae complex Songdo 59,000 2020 Research Publication Parc 1 Hyundai department store Yeouido 89,100 2020 Cushman & Wakefield (NYSE: CWK) is a leading global real estate services firm that delivers exceptional value for real estate occupiers Eland Mall Songdo 19,587 2020 and owners. Cushman & Wakefield is among the largest real estate services firms with approximately 51,000 employees in 400 offices and 70 countries. In 2018, the firm had revenue of $8.2 billion across Time Square Songdo 2020.9 core services of property, facilities and project management, leasing, capital markets, valuation and other services. To learn more, visit www.cushmanwakefield.com or follow @CushWake on Twitter. Shinsegae starfield Anseong 2020 www.cushmanwakefield.com Shinsegae starfield Cheongna International City 155,300(165,000) 2022 Copyright © 2019 Cushman & Wakefield. All rights reserved. The information contained within this report is gathered from multiple sources considered to be reliable. The information may contain errors or omissions and is presented without any warranty or representations as to its accuracy..
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