Tokyo Asia’s hottest city for global retailers
Tokyo is the second most attractive city for global retailers, behind Paris.
According to CBRE, Japan’s capital city has seen the number of new entrants during 2013 double (48) since 2012, reflecting renewed confidence in the economic prospects of Japan.
Half of all new entrants (24) came from the US, while a further 18 were from Europe.
Meanwhile, Hong Kong was the world’s third ‘hottest’ market with 43 new entrants, followed by Abu Dhabi with 42.
CBRE said retailers focused on more mature markets in 2013, with 18 of the top target cities considered mature markets compared with only 14 the previous year.
“The improving economic prospects in Western Europe and North America is leading global retailers to refocus their expansion plans on mature markets and the world’s major retail destinations, with Paris, Tokyo, London and Berlin the top targets,” said Jose Luis Martin, EMEA senior director of cross border retail, CBRE.
“Retailers have also turned their attention to recovering European markets and Asian and South American cities where they are still under represented.”
He said global shopping centre development is also at an all-time high and is providing the opportunity for retailers to enter new markets, particularly in Asia, Latin America and Eastern Europe.
“Owners are putting sizable resources into revamping, extending and freshening up their existing centers and securing major international brands is a key part of this strategy,” he said.
“The growth of the online environment has also elevated the importance of the brand – not just among luxury retailers, but across the retail spectrum with consumers seeking out aspirational brands as well as high street and value offerings, and this is driving demand for new stores.”