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Including Style Guide and Master Layouts MARKETVIEW Japan Retail, Q4 2014 Demand remains robust in key markets +0.2% y-o-y Dec. 38.8 Dec. (+1.1 m-o-m) JPY 350,000 JPY 200,000 JPY 120,000 Amount Amount Amount Source: *Ministry of Economy, Trade and Industry, **Cabinet Office, ***CBRE estimate (inc. CAM) Figure 1: Retail Sales (Y-o-Y) Same store basis ( % ) 10 This Sidebar is for Quick Stats, Hot Topics or Executive summary. It has its own styles which are built into the 5 Master. 0 Level 1 – Body Text • Level 2 – Bullet (5) LEVEL 3 – HEADING The Heading box above has built in space below. Use (10) 2008 06 2008 12 2009 06 2009 12 2010 06 2010 12 2011 06 2011 12 2012 06 2012 12 2013 06 2013 12 2014 06 2014 12 to align these text boxes. The divider line can then be 2007 12 pasted in place and snapped to this point. Source: Datastream, Ministry of Economy, Trade and Industry, Q4 2014. A tinted panel needs to be placed behind this text box Figure 2: Department Store Sales (Y-o-Y) Same store basis ( % ) and adjusted in height to suit text depth. The panel is 30 the default style when you insert a rectangle. 25 20 Elements that can be pasted in place, such as the 15 statistics panel above, are provided on slide 3. 10 5 0 (5) (10) (15) (20) 2008 06 2008 12 2009 06 2009 12 2010 06 2010 12 2011 06 2011 12 2012 06 2012 12 2013 06 2013 12 2014 06 2014 12 2007 12 Source: Datastream, Japan Department Store Association, Q4 2014. Figure 3: Consumer Confidence Index vs Consumer Price Index (excludes fresh food) CCI (LHS) CPI (Core, RHS) 50 5 45 4 40 3 35 2 30 1 25 0 20 -1 15 -2 10 -3 5 -4 0 -5 2007 12 2008 06 2008 12 2009 06 2009 12 2010 06 2010 12 2011 06 2011 12 2012 06 2012 12 2013 06 2013 12 2014 06 2014 12 Source: Datastream, Cabinet Office, Statistics Bureau, Q4 2014. Q4 2014 CBRE Research © 2015 CBRE, Inc. | 1 MARKETVIEW JAPAN RETAIL GINZA THE STREET LINKING TWO LARGE NEW DEVELOPMENTS ATTRACTING INTEREST OMOTESANDO LUXURY BRANDS MOVING TO BETTER LOCATIONS OR LARGER STORES SEEING FIRM DEMAND, AS A TRENDSETTING RETAIL DESTINATION Q4 2014 CBRE Research © 2015 CBRE, Inc. | 2 MARKETVIEW JAPAN RETAIL SHINJUKU SHIBUYA WITH SHORTAGE OF SPACE, DEMAND LITTLE SPACE AVAILABLE EVEN IN AREAS FOCUSES ON NEW DEVELOPMENTS FURTHER FROM SHIBUYA STATION BECOMING A POPULAR AREA FOR SECOND-HAND RETAILERS INCREASING DEMAND FROM LUXURY BRANDS Q4 2014 CBRE Research © 2015 CBRE, Inc. | 3 MARKETVIEW JAPAN RETAIL Figure 4: Location of New Store Openings Figure 5: Sector of New Store Openings SHIBUYA SERVICE 13% GINZA 10% 26% SHINJUKU RETAIL Q4 2014 F&B Q4 2014 26% 53% 37% OMOTESANDO 35% Source: CBRE Research, company press releases and media reports Source: CBRE , Q4 2014. Note: Compiled from select sectors and locations, Q4 2014. TOKYO OUTLOOK TOKYO PRIME RENTS FLAT Q-O-Q Q4 2014 CBRE Research © 2015 CBRE, Inc. | 4 MARKETVIEW JAPAN RETAIL Figure 6: New Store Openings Q4 2014 Size Tenant Area Building Name (approx tsubo) ISHIKAWA HYAKUMANGOKU MONOGATARI EDO HONTEN GINZA 101 TH GINZA BUILDING GINZA NAGANO SHIAWASE SHINSYU SHARE SPACE GINZA N/A N/A hartmann GINZA 39 KIRARITO GINZA Eggs'n Things GINZA 80 KIRARITO GINZA ORE NO ITALIAN TOKYO GINZA 88 KIRARITO GINZA ORE NO FRENCE TOKYO GINZA 104 KIRARITO GINZA VACHERON CONSTANTIN GINZA 42 N/A Dior PERFUME & BEAUTY OMOTESAND / HARAJUKU 27 OMOTESANDO HILLS atmos OMOTESAND / HARAJUKU N/A N/A massimo alba OMOTESAND / HARAJUKU N/A ESPACE OMOTESANDO Sretsis Inn OMOTESAND / HARAJUKU N/A N/A SCRAPBOOK (JEANASIS) OMOTESAND / HARAJUKU 91 N/A Monsarrat Brunch Club OMOTESAND / HARAJUKU N/A N/A JEROME DREYFUSS OMOTESAND / HARAJUKU 27 FROM FAST niko and... OMOTESAND / HARAJUKU 291 N/A COS OMOTESAND / HARAJUKU 94 N/A john masters organics OMOTESAND / HARAJUKU N/A IL PALAZZINO OMOTESANDO LINE FRIENDS STORE OMOTESAND / HARAJUKU 47 N/A Tiffany SHINJUKU 100 SHINJUKU TAKANO No.2 BUILDING COACH SHINJUKU N/A SHINJUKU NAKAMURAYA BUILDING au SHINJUKU SHINJUKU 303 Hulic Shinjuku Building KINOKUNIYA SHOTEN SHIBUYA 170 SEIBU SHIBUYA PARKING KAN OLD JOE SHIBUYA N/A SHIBUYA YT BUILDING 02 JUMBLE STORE SHIBUYA 95 FRAME JINNAN-ZAKA atmos SHIBUYA N/A N/A Source: CBRE Research, company press releases and media reports, Q4 2014. Figure 7: Upcoming Retail Developments, Tokyo (GFA of 1,000 tsubo or more) Size Name Area Developer Open (approx tsubo) (Tentative) Ginza 5-Chome Project GINZA 15,035 Tokyu Land Fall 2015 Ginza 6-Chome Area Urban Reconstruction Project GINZA 44,740 Redevelopment Consortium Nov. 2016 (Tentative) Sapporo Ginza Building Reconstruction Project GINZA 2,140 Sapporo Real Estate Co., Ltd. Summer 2016 OMOTESAND / (Tentative) Jingumae 6-Chome Project 2,500 Tokyu Land Spring 2015 HARAJUKU OMOTESAND / Omotesando Project 3,025 Yodobashi Camera 2015 HARAJUKU Shinjuku Toho Building Development Project SHINJUKU 16,760 Toho 2015 (Tentative) Shinjuku Station New South exit Building SHINJUKU 33,580 East Japan Railway Company Spring 2016 Shibuya Station South Block Project SHIBUYA 35,545 Tokyu Corporation 2017 Shibuya Station Area Dogenzaka Block Development Project SHIBUYA 17,850 Dogenzaka 1-Chome Redevelopment Consortium 2018 Source: CBRE Research, company press releases and media report, Q4 2014 *Floor area may contain non-retail spaces. Q4 2014 CBRE Research © 2015 CBRE, Inc. | 5 MARKETVIEW JAPAN RETAIL SHINSAIBASHI SEVERAL MAJOR STORE OPENINGS UMEDA TENANTS REMAIN ACTIVE NOTICABLE INCREASE IN FOREIGN TOURISTS Q4 2014 CBRE Research © 2015 CBRE, Inc. | 6 MARKETVIEW JAPAN RETAIL LUCUA 1100 TO OPEN IN SPRING OSAKA OUTLOOK PRIME OSAKA RENTS IN Q4 AT JPY200,000/TSUBO (INCLUDING CAM) Q4 2014 CBRE Research © 2015 CBRE, Inc. | 7 MARKETVIEW JAPAN RETAIL SAKAE THE CHANGING FACE OF THE NAGOYA RETAIL MARKET POPULAR RETAILERS OPEN STORES NAGOYA OUTLOOK PRIME NAGOYA RENTS IN Q4 JPY120,000/TSUBO (INCLUDING CAM) Q4 2014 CBRE Research © 2015 CBRE, Inc. | 8 MARKETVIEW JAPAN RETAIL Figure 8: Key Osaka/Nagoya Store Openings Q4 2014 Size Tenant Area Building Name (approx tsubo) HUGO BOSS SHINSAIBASHI 151 Shinsaibashi Square TSUTAYA (Refurbishing) SHINSAIBASHI 715 N/A Stradivarius SHINSAIBASHI 420 TESTA Shinsaibashi Yofuku no Aoyama SHINSAIBASHI N/A ZAI Shinsaibashi Building UNIQLO UMEDA 890 YANMAR Flying-Y Building GU UMEDA 260 YANMAR Flying-Y Building Tiffany & Co (Refurbishing) UMEDA 200 Herbis PLAZA ENT SATURDAYS SURF NYC SAKAE 43 PROTECT4 Don Quijote SAKAE 673 SAKAE NANAIRO FOREVER21 SAKAE 400 NAGOYA ZERO GATE Stradivarius SAKAE 170 NAGOYA ZERO GATE SENSE OF PLACE SAKAE 340 NAGOYA ZERO GATE American Eagle Outfitters SAKAE 230 NAGOYA ZERO GATE SUPER SPORTS XEBIO SAKAE 560 NAGOYA ZERO GATE UNDER ARMOUR CLUBHOUSE SAKAE 212 N/A Source: CBRE Research, company press releases and media reports, Q4 2014. Q4 2014 CBRE Research © 2015 CBRE, Inc. | 9 MARKETVIEW JAPAN RETAIL OUTBOUND FIRST OVERSEAS BRANCH OF TOKYU CORP'S SHIBUYA 109 TO OPEN IN HONG KONG RESTAURANT CHAINS SET UP AND EXPAND OVERSEAS RYOHIN KEIKAKU OPENS WORLD'S LARGEST MUJI STORE IN CHENGDU Figure 9: Outbound Japanese Retailers Size Retailer Sector Tenant / Brand Destination (Estimate tsubo) BEAMS Holdings Retail BEAMS Taiwan N/A JFR PLAZA (Affiliate company of J. Front Retailing) Retail PLAZA TOKYO Taiwan 37 Kura Corporation F&B Kura Sushi Taiwan N/A SIAM AUTOBACS Co., Ltd.(Affiliate company of AUTOBACKS) Retail AUTOBACS Thailand 12 Misokatsu Yabaton F&B Misokatsu Yabaton Thailand N/A Takashimaya Department Store (Tentative) Siam Takashimaya Thailand 10,890 SY Food F&B Sekai No Yama-Chan Thailand N/A MUJI Shanghai Retail (Affiliate company of Ryohin Keikaku) Retail MUJI China 950 JR Kyushu Food Service F&B UMAYA NO MEN MEN MEN China 11 AEON MALL SC AEON MALL China 22,385 Ringer Hut F&B Ringer Hut Hong Kong 50 Tokyu Malls Development SC SHIBUYA109 Hong Kong 250 Chikara No Moto Company F&B IPPUDO LONDON UK N/A Smiles F&B Soup Stock Tokyo Singapore N/A UNIQLO Retail UNIQLO Belgium N/A Pepper Food Service F&B Pepper Lunch Canada N/A Source: CBRE Research, company press releases and media reports, Q4 2014. Q4 2014 CBRE Research © 2015 CBRE, Inc. | 10 MARKETVIEW JAPAN RETAIL CAPITAL MARKETS TOKYO THREE DEALS IN OMOTESANDO AREA NOMURA REAL ESTATE MASTER FUND BUYS MULTI-USE COMPLEX BY UNIVERSAL STUDIOS FOR JPY15.5BN. NAGOYA JRF BUYS G-BUILDING NAGOYA SAKAE 01 OSAKA FRONTIER BUYS SHINSAIBASHI SQUARE Q4 2014 CBRE Research © 2015 CBRE, Inc. | 11 MARKETVIEW JAPAN RETAIL Figure 10: Prime Yield (Ginza, Tokyo) Q4 2014* Figure 11: Prime Yield (Shinsaibashi, Osaka) Q4 2014* 5 6 4 5 3 4 2 3 Q12010 Q22010 Q32010 Q42010 Q12011 Q22011 Q32011 Q42011 Q12012 Q22012 Q32012 Q42012 Q12013 Q22013 Q32013 Q42013 Q12014 Q22014 Q32014 Q42014 Q22010 Q32010 Q42010 Q12011 Q22011 Q32011 Q42011 Q12012 Q22012 Q32012 Q42012 Q12013 Q22013 Q32013 Q42013 Q12014 Q22014 Q32014 Q42014 Q12010 Source: CBRE, Q4 2014. Source: CBRE, Q4 2014. *CBRE estimated yield based on market transactions. Figure 12: Major Investment Transactions (Q4 2014) Price* Building Name Buyer Seller Tenant Cap Rate* (JPY Mil) SEKISUI HOUSE/ SPRING b-town Jingumae II N/A X-girl store 1,200 4.6 INVESTMENT G Building Jingumae 04 Broadia Private REIT GK Nijubashi Investment BEAUTRIUM N/A N/A G Building Jingumae 05 Broadia Private REIT GK Nijubashi Investment DIESEL N/A N/A Palk Omotesando Marimo Izumi Shoji N/A N/A N/A Ichigo Kamata Building ICHIGO REIT Domestic TMK YUZAWAYA 1,400 5.2 Kawasaki Mores Nomura Real Estate Master Fund. Domestic GK BOOK OFF SUPER BAZAAR 2,080 6.4 Ichigo Shin-Yokohama Arena Dori Building ICHIGO REIT Ichigo Group Holdings Major F&B chain company 1,700 5.7 Park City MusashiKosugi Praza Jowa Holdings Company Shirotae Kosugi GK DFS Group 10,800 N/A Market Square Sagamihara Activia Properties Tokyu Land K’S Denki 4,800 5.6 G Building Nagoya Sakae 01 Japan Retail Fund Investment Corporation NK Planning UNDER ARMOUR 1,900 4.6 Frontier Real Estate Investment Shinsaibashi Square Mitsui Fudosan HUGO BOSS 8,600 4.0 Corporation SPC (Capitalized by Elliott Universal City Walk Osaka (Partial) Nomura Real Estate Master Fund Hard Rock Cafe 15,500 5.9 Management) Source: CBRE Research, company press releases and media reports, Q4 2014.
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