Japan Retail MarketView Q1 2023

May 10, 2023

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Tokyo: The high street vacancy rate for Q1 2023 fell by 1.4 points q-o-q to 6.2%. The main reason for this fall was due to opening of a pop-up store in a relatively large premise. Ginza high street rents rose by 2.8% q-o-q to JPY 257,600 per tsubo per month, marking a return to the pre-pandemic levels of Q4 2019. As in the previous quarter, the demand from luxury brands drove up the rents.


Osaka: The high street vacancy rate for Q1 2023 fell by 3.0 points q-o-q to 4.6%. This was due to take-up of several vacancies in the Shinsaibashi-suji shopping district, including a space of over 200 tsubo. Shinsaibashi high street rents were up 7.9% q-o-q to JPY 164,000 per tsubo per month, with accelerated demand from drugstores and duty-free stores for properties in the Shinsaibashi-suji shopping district on recovering inbound tourist demand.


Nagoya: The high street vacancy rate for Q1 2023 was flat q-o-q at 0.0%. As in the previous quarter, there were no new vacancies. High street rents in the Sakae district of Nagoya remained unchanged from the previous quarter at JPY 71,000 per tsubo per month. This quarter, a jewelry brand was confirmed as the new tenant for a property on the Otsu-dori high street which had struggled for some time to attract demand. The contracted rent was seen to be at par with the current market level.