Retail Intelligence | September 2014
Retail Cities in Asia Pacific
Are department stores an endangered species?
Or are we entering a period of retail evolution...
“As Asia Pacific continues to witness rapid
economic growth, raising living standards and
driving retail demand; international retailers
have set their sights on the region with ambitious
expansion plans. Retailers and landlords are
equally excited by JLL’s “A Magnet for Retail”
report – tracking 100 retailers in 30 cities in AP
and key expansion trends.”
Tom Gaffney
Head of Retail, JLL, Hong Kong
Visit our Retail Cities site to download
A Magnet for Retail
Retail Intelligence
Contents
Death of the department store
04
06
Retail expansion in Jakarta’s
decentralised market
Going direct: the rise of the
flagship store in Japan
08
10
City Profiles
10 Hong Kong
11 Beijing
12 Shanghai
13Guangzhou
14Tokyo
15Singapore
16Bangkok
17Jakarta
18Delhi
19 Mumbai
20Sydney
21 Melbourne
Fast Facts
22
23
JLL Retail Team
03
The ‘death’ of the
department store?
As global retailers continue their rapid
expansion into Asia Pacific, and across
the world, the big question is how the
traditional department store, once the
bedrock of shopping destinations, will
survive in the face of changing competition.
Will the large department store retailers
in Asia face the same challenges as their
Western counterparts, or does Asia’s
unique consumer base offer a bounty of
opportunities for department store growth?
Retail Intelligence
Department stores in the West have undergone what is best described
as an identity crisis. Forced to merge, close altogether, or completely
re-invent themselves, it has become increasingly clear that consumer
expectations are changing as online buyers keep clicking and shoppers
are presented with more choice than ever before, especially in the fast
fashion and cosmetics sectors.
Despite the department store’s challenges in the West, Adam Cook, Asia
Pacific retail lead for JLL’s Project and Development Services argues
that, in Asia, this type of retailer remains a go-to anchor tenant even in
developed markets like Tokyo and Singapore despite declining revenues
in the department store category. However, it will be interesting to see
how Australian department stores, in particular, respond to the massive
influx of foreign fast fashion brands that have entered the country this
past year.
Australia’s two major department stores, Myer and David Jones, are
certainly feeling the pinch following an influx of foreign retailers such
as H&M, Zara and Uniqlo. Struggling against competition from online
retail outlets, David Jones’ shareholders approved a multi-billion dollar
takeover bid from South Africa’s Woolworths Holdings earlier this year.
However, elsewhere in the region, it’s a different story says Singaporebased Cook.
“Overall, the department store model continues to grow in Asia,
predominantly due to new shopping centre properties that follow
prescriptive tenant mix formulas particularly in the region’s emerging
markets.”
A recent report from JLL – A Magnet for Retail – showed that Asia
Pacific’s middle class population is expected to double to 1.32 billion by
2020, highlighting the region’s rapidly changing consumer base.
“Consumer spending in Vietnam alone is up 12% annually. The growing
expendable wealth in these emerging markets is a real opportunity for
both international and domestic retailers,” says Cook.
However, the region is yet to see the expansion of street-front shopping,
or speciality retailer-anchored shopping centres that have gained
popularity in the West. While some well-known retailers like Marks
& Spencer feature their own private labels, traditional department
stores are able to house a mix of globally recognised brands. More
specifically, they deliver to the consumer a mix of private and
independent labels, and can offer a great podium for new retailers to
enter emerging markets through shop-in-shop programs.
“The Isetan Japanese department stores are able to bring in some
reasonably high-end designers from time to time, which seems to work
well. Specialty shops like the Vivienne Westwood boutique in Isetan’s
Orchard Road store in Singapore offers shoppers exclusive access to
top avant-garde couture design,” notes Cook.
Although the stock prices of most publicly traded department stores
in the region have recently seen a slight decline, the department store
remains an important element of the tenant mix in the growing numbers
of new shopping centres under development in the region.
Middle and upper class shoppers in many Asian markets still favour the
department store format, and tourism continues to drive sales.
“Department stores may have some
challenges ahead, and will need
to beg, borrow and steal survival
strategies, but they aren’t dead yet.”
Adam Cook, AP Retail Lead, PDS
“Japan-based retailer Isetan is expanding throughout Asia, as is
Central, a Thai-based retailer, which supplements its core department
store business with franchise brands like Muji and Nike…there’s still
money to be made and the formula is still working,” says Cook.
Innovating to stay ahead
A key aspect of the department store evolution is negotiating the omnichannel pathway; with the explosion of online services and shopping,
consumers want an “experience”, and a holistic one at that.
“Retailers must unite the platform, so that there’s a similar experience
and brand voice, no matter what channel the consumer is shopping in,”
Cook says.
He believes Asia Pacific will take the US’ lead and innovate its
department stores by creating signature offerings, citing US department
store Macy’s as a prime example of successful online, mobile, and brick
and mortar platform.
“They are regularly heralded for pioneering integration of store
operations and omni-channels,” he says.
Last year, JLL facilitated a 700 store-in-store partnership for Macy’s with
high-end athletic shoe and apparel retailer, Finish Line.
The deal saw Finish Line become the exclusive athletic footwear
partner of the department store chain—a move that executives think
could increase annual revenue by as much as 30 percent. Macy’s
benefits with the buying, inventory and supply chain expertise of Finish
Line staff, while the partnership allows Finish Line to grow sales and
access a new demographic of shoppers without opening new stores.
Similarly Nordstrom made the bold move in the last year to re-organise
both the in-store and e-commerce channels to report to a single
individual in charge of all sales functions.
Summing up, Cook argues that, while the formula is working at the
moment, Asian department store operators lack the e-commerce
and mobile platforms that exist in the West and will need to adapt to
maintain growth.
“Developing these platforms and learning to partner with online
retail giants like Alibaba Group in China are the critical next steps
for department stores to maintain and grow customer bases across
the Asia Pacific marketplace. Department stores may have some
challenges ahead, and will need to beg, borrow and steal survival
strategies, but they aren’t dead yet.”
05
Going direct:
the rise of the
flagship store
in Japan
More and more brands are diversifying
their retail strategy in Japan and realising
the benefits of opening a flagship store.
Are department stores keeping up with
this pace of change or will they slowly fade
into antiquity much like their Western
counterparts?
Retail Intelligence
Stationed behind a sleek marbled-granite reception desk, four
perfectly manicured women in identical bowler hats sing a chorus of
“iraashaimase” (Japanese for welcome) to customers. The latticed gold
and silver backdrop behind them, arranged like hundreds of ribbons,
reminds shoppers that they are here to spend money, and lots of it. A
little further into the store, chic mannequins adorn brightly patterned
polka dot kimonos, artfully arranged under a faux-firework display. From
the interiors to the service assistants and everything in between, the
flagship Mitsukoshi department store in downtown Ginza oozes glamour
and prestige.
Yet, in this age of fast fashion and borderless shopping, this one-time
symbol of modernity appears comparatively dated. Department store
sales have shrunk 35 percent over the last decade and latest forecasts
indicate that this downward trend is likely to spiral further. While
department stores have always been central to the retail ecosystem in
Japan, is it at risk of becoming an endangered species in the next few
years?
Historically, department stores have represented the most secure route
for new-to-market brands to break into the Japanese market. Selling a
product in Isetan, Mitsukoshi or Takashimaya (among others) allowed
brands to swiftly gain visibility in prime retail areas, and tap into an
existing database of affluent shoppers as well as gaisho clientele (a
personal shopper service unique to Japan).
Many department stores, such as Tobu, Tokyu and Odakyu, are also
owned by private railway operators. By building stores directly adjacent
to railway terminals, they secure staggering foot traffic characteristic
of downtown commuter Tokyo. For example, Shinjuku is serviced by 12
railway lines and attracts almost 3 million passengers per day.
In the last few years, brands have slowly started moving towards direct
retailing to gain greater control over their sales and operations. Luxury
retailers in particular, have found success locating their flagship stores
near department stores in order to attract high spending customers.
For 2014 year-to-date, there have already been 26 new flagship store
openings in the central Tokyo area, including new-to-market brands
such as Balenciaga, Alice + Olivia and MCM.
The government’s 2020 tourism target of 20 million international visitors
has also played an indirect role in the shift towards direct retailing.
Relaxed visa rules has increased visitors from neighbouring Asia and
“Historically, department stores have
represented the most secure route
for new-to-market brands to break
into the Japanese market. Selling
a product in Isetan, Mitsukoshi or
Takashimaya (among others)
allowed brands to swiftly gain
visibility in prime retail areas,
and tap into an existing database
of affluent shoppers.”
influenced the overall retailer profile in shopping precincts. Changing
demographics will also see a rise in younger clientele who desire a
different kind of retail experience. For example, luxury retailers such as
Gucci and Valentino offer top clientele an enviable array of exclusive
benefits, including invite-only events, VIP showings and the chance to
purchase sought-after products before they hit stores.
That’s not to say that department stores have lost their appeal to brands
altogether.
In specific shopping areas such as Isetan in Shinjuku and Mitsukoshi’s
branches in Ginza and Nihonbashi, stores are boasting especially high
revenue sales when it comes to luxury goods (8 percent increase y-o-y),
though this is nowhere near the overall revenue they were posting 10
years ago.
The lesson to be learned here is that consumers are expecting more
from their shopping experience and it is not the strongest or the fastest
that will survive, but the ones most adaptable to change.
07
Retail expansion
in Jakarta’s
decentralised
markets
The Indonesian capital has witnessed
sustained growth in retailing across all
sectors of the market with brands now
turning their attention to emerging areas
beyond the CBD.
By James Austen
Retail Intelligence
Indonesia’s retail sector is taking positive steps towards mature status,
and the main driving force is the expansion of consumer activity in the
nation’s capital, Jakarta. Although worsening traffic issues remain a
constant challenge for downtown shoppers, its impressive malls offer
a coveted mix of high-end luxury, mid-range fashion, restaurants and
familiar cafe brands.
Jakarta’s best shopping centres enjoy impressive occupancy rates,
which currently average around 93%, but retailer expansion sentiment
has softened in the past 12 months, and the CBD retail market has
slowed from the blistering pace of growth that prevailed during the past
five years.
One reason that occupancy remains high have been the limits placed
on new projects. In 2012, the government implemented the so-called
‘mall moratorium’, a cooling measure that froze the issuance of licenses
to build shopping malls in central Jakarta. The moratorium created a
shortage of new supply of retail space in the CBD and has begun to
push up rents.
In addition to rent increases and intensified competition for prime
locations, a combination of factors is encouraging retailers to re-focus
their Jakarta development strategies. These include mall construction
delays, late handovers and postponed mall openings that impact the
planning of capital expenditure throughout the year. The depreciation
of the rupiah, which has declined by almost 25% against the US dollar
in the past year, along with softening retail sales have also caused
retailers to reassess their expansion plans.
A renewed focus is being placed on developing and upgrading existing
stores in downtown Jakarta to maximise productivity, rather than
pursuing the previous approach of opening store clusters in the search
for increased revenues.
Another outcome of the mall moratorium in central Jakarta has been the
gaining momentum of retail growth in peripheral districts of the capital,
especially Bekasi in the east, Sentul and Bogor in the south and Puri
Indah to the west, where smart new malls are being developed. These
pull factors are convincing ambitious retailers to head for the suburbs.
The move towards retail brand decentralised has been supported by
the migration of the middle class consumers who seek a better quality
of life by residing in peripheral areas beyond the crowds and traffic
congestion of the CBD. With land, housing and condominium prices
soaring across Jakarta, these outer residential districts appeal to
small families, first-time buyers and young couples. The attraction is
enhanced by improved transport connectivity, with new toll roads and
main arterial roads linking the CBD and peripheral areas.
Whilst decentralisation is an irreversible trend, brand positioning and
visibility remain important in an evolving retail landscape like Jakarta.
However, the lack of space means that new-to-market brands are
finding it difficult to establish themselves in the prime CBD locations
before expanding elsewhere in the capital and to other Indonesian
cities. This has raised a much-debated question about whether new
brands can successfully open flagship stores on the fringes of a major
city.
“Whilst decentralisation is an
irreversible trend, brand positioning
and visibility remain important in an
evolving retail landscape like Jakarta.
However, the lack of space means that
new-to-market brands are finding
it difficult to establish themselves
in the prime CBD locations before
expanding elsewhere in the capital
and to other Indonesian cities. This
has raised a much-debated question
about whether new brands can
successfully open flagship stores on
the fringes of a major city. ”
James Austen
JLL Jakarta
Experience across Asia has helped new-to-market brands to develop a
more holistic market view. Urbanisation trends in other countries have
instilled the realisation that detailed knowledge is essential in regards
to the retail trends and patterns of demand beyond the high-profile
downtown areas.
To fulfill their 5-10 year expansion plan, new-to-market brands need to
look further afield for locations. Although long-term growth prospects
are attractive, Indonesia’s retail sector remains complex and difficult
to navigate. A calculated approach will deploy a range of due diligence
techniques to better understand peripheral markets whose dynamism
is fueled by migrating populations and shifting demographics, rising
spending power and frequent changes in brand awareness and the
perception of new products and services.
For domestic and established retail brands, Jakarta’s new retail markets
are blooming at an opportune time, and provide important vehicles for
the next phases of expansion. However, access to the CBD for newto-market brands to establish a flagship store is still a dominant issue.
As the importance of image and brand positioning further evolve, and
occupancy rates in Jakarta’s CBD remain at saturation point, entering
and expanding in this promising market remain challenging.
09
10
Retail Intelligence
Hong Kong
Hong Kong is a dynamic world-class shopping destination.
International fashion stores, luxury brand flagships and innovative
food and beverage outlets compete for prestige sites that attract
high-spending locals and visitors, particularly from Mainland China.
Shopping hotspots include the impressive Pacific Place, Harbour City,
Times Square, The Landmark and ifc, plus the coveted street-front
stores along Queen’s Road Central and Canton Road in Tsimshatsui.
Ongoing demand for retail space has resulted in several brands hotfooting into noncore shopping areas, such as Shatin, Tuen Mun and
Tsuen Wan.
2Q 2014 HIGHLIGHTS
Retail sales retreat
Demand for prime locations
remains strong
Investment market activity
picks up
HK springboard for
mass-market retailers into
China
Tourism still key driver of
Hong Kong retail market
The retail sector continued
to show signs of a slowdown
with total retail sales retreating
approx. 7% y-o-y in 2Q14. The
decline was led by a 31.5%
y-o-y drop in the sales of
jewellery and watches.
Despite declining sales,
leasing demand in prime
shopping locations remained
largely intact. There were no
new prime project completions
in 2Q14.
Activity in the investment
market recorded a surprising
pick-up with investors showing
interest in larger size premises
with value-add potential in
non-core locations.
International retailers,
especially mass market
retailers, remain keen on using
Hong Kong as a springboard
to enter the Mainland markets.
Against this backdrop, rentals
are forecasted to increase up
to 1 – 2% this year.
The changing profile and
spending patterns of Mainland
Chinese tourists also contributed
to the slower sales growth, with
more same-day (lower spend)
tourists visiting the city. The
possibility of the government
imposing a quota on visitors from
Mainland China has the potential
to affect the market negatively.
NOTABLE LEASING DEALS
IN 1H14
Marks & Spencer – 500 sqm, 32 Hollywood Road, Central
Folli Follie – 70 sqm, New Henry House, Central
Samsung – 600 sqm, 33 Des Voeux Road Central, Central
Philipp Plein – 100 sqm, Entertainment Building, Central
Jamie’s Italian – 1,600 sqm, Midtown, Causeway Bay
Intimissimi – 170 sqm, Metro City Plaza II, Tseung Kwan O
Siemens – 300 sqm, Club Lusitano, Central
Lush Cosmetics – 200 sqm, 68 Sai Yeung Choi Street South, Mongkok
Private Shop – 130 sqm, Hysan Avenue, Causeway Bay
American Eagle Outfitters – 230 sqm, Times Square, Causeway Bay
Levi’s – 100 sqm, Olympia Plaza, North Point
Sunglass Hut – 35 sqm, 15 Pak Sha Road, Causeway Bay
NEW RETAILERS
Ba&sh
Callixto
Etro
J Crew (Men’s collection)
J Crew (Women’s collection)
Le 16 Août
Le Labo
Nature Republic
Oysho
Philipp Plein
Porro
Pretty Ballerinas
Scotch & Soda
Stuart Weitzman
Topman
Volcom
FAST FACTS
-6.9% 2.4
Retail sales growth
(June 2014, y-o-y)
mil sqm
Prime retail centre
stock
+9%
New supply forecast
(2014 – 2018)
HKD
173
Rental value
(psf pm)
Overall Prime Shopping Centres
net, on LFA
Note: Hong Kong Retail refers to Hong Kong’s Overall Prime Shopping Centre and High Street retail markets.
3.2%
Rental growth
(y-o-y)
Retail Intelligence
Beijing
The Chinese capital has emerged as a sophisticated retail centre since
its pre-2008 Olympic urban makeover. Developers created several
mixed-use developments featuring contemporary malls in a city once
famed for its open-air markets. Today, Beijing is a coveted location
for international retailers, with glitzy venues like Oriental Plaza,
China World Mall and Shin Kong Place appealing to both brands and
shoppers. Designer boutiques plus high-end dining and entertainment
draw a hip, fashion-conscious clientele to Taikoo Li Sanlitun and
Parkview Green, while Indigo in Jiuxianqiao, Solana in the Third
Embassy Area and Wangfujing Street are popular with families.
2Q 2014 HIGHLIGHTS
F&B chains expand rapidly
Rents rise in top performing
centres
Renewed emphasis on
affordable luxury
F&B operators targeting the
mid-range market continue to
drive demand for retail space
in Beijing with Grandma’s
Home, Nanjing Dapaidang, Nan
Xiao Guan and Pizza Express
opening outlets in 2Q14.
International apparel retailers
Several luxury malls, including
remain highly selective in terms Seasons Place, Jinbao Place
of location and are keen to open
and China Central Place are
their first stores in Beijing’s
showing renewed emphasis on
key locations – evidenced by
affordable luxury brands and
Dickies, Simonetta and Chrome
attempting to increase F&B
Hearts. Urban ground floor
and services portions.
open-market rents increased
1.9% q-o-q on a chain-linked
basis with higher increases
recorded in top performing
properties.
Retail to office conversion
trend continues
Super-regional malls
the next big thing
The trend of converting retail
space into office continued in
2Q14. Wangjing International
Centre closed its 20,000 sqm
anchor, Yokado Department
Store, and converted the
space into offices for strata
title sale.
The next 12 months are the
beginning of a supply wave
of super-regional malls in the
suburban areas of Beijing,
such as Inter IKEA, following
the growth of the urban rail
network.
NOTABLE LEASING DEALS
IN 1H14
Issey Miyake – 90 sqm, China World Mall
NEW RETAILERS
Chrome Hearts
Dickies
Gusella
H&M Home
Madame Tussauds
Nan Xiao Guan
New Look
PizzaExpress
Simonetta
FAST FACTS
10.4% 2.5
Retail sales growth
(June 2014, y-o-y)
RMB
mil sqm
Prime retail centre
stock
+30% 1,281
New supply forecast
(2014 – 2018)
Rental value
(psm pm)
Core Prime Shopping Centres
net effective, on NLA
Note: Beijing Retail refers to Beijing’s Urban Prime retail market.
8.4%
Rental growth
(y-o-y)
11
12
Retail Intelligence
Shanghai
China’s boldest, brashest metropolis boasts the nation’s most exciting
retail mix. Sophisticated shopping resides on both banks of the
Huangpu River that bifurcates this east coast metropolis. In downtown
Puxi, international and local brands vie for prime storefronts on
Nanjing Road and Huaihai Road, and in smart malls including Plaza
66, Réel, Hong Kong Plaza, L’Avenue and the art themed K11. Luxury
brand flagships are a feature of Xintiandi district and the restored
heritage mansions hugging the riverfront Bund. In Pudong, ifc mall
and Superbrand Mall in the riverside Lujiazui district and Kerry
Parkside all offer upscale shopping and a classy range of dining.
2Q 2014 HIGHLIGHTS
H&M opens flagship store
Vacancy increases as
projects transition
Shanghai’s largest mall
opens
Rent rises in core and
non-core areas
Retailers adjust strategies
in line with consumer
preference
Fast fashion tenants remained
active in Shanghai, with H&M
opening their largest flagship
store occupying 3,500 sqm
of space over four floors in
Mosaic on East Nanjing Road.
One core project closed for
renovation, and two non-core
projects opened in 2Q14.
Vacancy increased to 8.3% in
the core area as several large
tenants vacated space. In the
non-core market, vacancy
increased to 6.8% due to the
new projects opening.
River Mall, located at the Expo
Site in Pudong held its grand
opening in April and is the
largest mall in Shanghai with a
GFA of over 330,000 sqm. The
project stretches 1.1 km in total
and features a rooftop zoo with
exotic animals.
In the core area, open-market
ground floor base rents
increased 0.8% q-o-q to RMB
51.7 per sqm per day. Non-core
rents rose by 3.9% q-o-q to
RMB 17.3 per sqm per day.
F&B operators are shrinking
the size of individual stores
and focusing on more casual
dining to align themselves with
consumer preferences.
NOTABLE LEASING DEALS
IN 1H14
Starbucks – 289 sqm, Heng Shan Fang
Twosome Coffee – 419 sqm, Wheelock Square
Twosome Coffee – 190 sqm, Jia Hotel
Nature Republic – 100 sqm, In Point
Dunkin’ Donuts & Carl’s Jr. – 430 sqm, Jing’An Park
Forever 21 – 4,330 sqm, 900 Huaihai Road
Poutien – 425 sqm, The Place
Zoo Cafe – 235 sqm, In Point
Kingsport – 1,484 sqm, Westgate Mall
Chao Tang – 272 sqm, Plaza 66
Top Sports – 1,500 sqm, The Place
NEW RETAILERS
Abercrombie & Fitch
Isabel Marant
IstaStyle
M&M
Maria Luisa Selection
Millions of Milkshakes
New Look
Old Navy
Zapa
Zilli
FAST FACTS
10.4% 4.3
Retail sales growth
(June 2014, y-o-y)
mil sqm
Prime retail centre
stock
+74%
New supply forecast
(2014 – 2018)
RMB
52
Rental value
(psm per day)
Prime Shopping Centres
net, on NLA
Note: Shanghai Retail refers to Shanghai’s Overall Prime retail market.
4.6%
Rental growth
(y-o-y)
Retail Intelligence
Guangzhou
China’s southern megacity continues to benefit from ongoing urban
redevelopment catalysed by hosting the 2010 Asian Games. Upgraded
city infrastructure includes state-of-the-art new malls in prime areas.
The emerging Zhujiang New Town district beside the Pearl River
entices global and local retailers because of its luxury hotels, offices,
dining and entertainment. The Mall of the World, Guangzhou’s largest
subterranean mall, opened in 2013. Rock Square in Haizhu district is
a commercial and residential property with a large shopping mall, and
TaiKoo Hui in the Tianhe CBD is a mixed-use development featuring
a shopping mall, office towers and a luxury hotel.
2Q 2014 HIGHLIGHTS
Fast fashion and F&B
retailers most active
Zengcheng district’s first
prime retail property opens
Downward pressure on
capital values
Mid-tier malls for emerging
submarkets
Weak demand to continue
Given concerns about
economic growth, most
retailers were diligent
about selecting new store
locations – fast fashion and
F&B continued to be the most
active.
Zengcheng Wanda Plaza
(130,000 sqm, GFA) opened in
2Q14 with full occupancy. This
is the first prime retail property
in the Zengcheng district. This
puts Guangzhou’s total prime
retail stock at 1.1 million sqm
NLA.
A weakening residential
market increased cash
flow pressures for many
developers, leading some to
put retail assets in non-core
areas up for sale. Coupled with
softening rental growth, these
factors exerted downward
pressure on capital values
which experienced a 0.5%
q-o-q decline.
New supply is expected to
reach 410,000 sqm (GFA) over
the next 12 months, with most
new projects being developed
as regional malls targeting the
mid-tier market. Considering
expectations for softer
demand and a glut of new
supply, rental growth in most
malls is expected to be flat.
Slowing economic growth and
competition from e-commerce
are likely to depress expansion
demand and tighten rental
budgets. Key demand will
continue to come from fast
fashion and F&B retailers –
however expansion plans will
focus on established core
shopping areas.
NOTABLE LEASING DEALS
IN 1H14
H&M – 3,000 sqm, Peace World Plaza
California Fitness – 2,200 sqm, Peace World Plaza
Societe Generale – 552 sqm, International Finance Center
New Balance – 2,000 sqm, Seasons Mall
NEW RETAILERS
Ash
Ashworth
Din Tai Fung
Fresh
Furla
Salad – Jeans
FAST FACTS
18.3% 1.1
Retail sales growth
(June 2014, y-o-y)
mil sqm
Prime retail centre
stock
+78%
New supply forecast
(2014 – 2018)
RMB
396
Rental value
(psm pm, GFA)
Overall Prime Shopping Centres
net, on GFA
Note: Guangzhou Retail refers to Guangzhou’s Overall Prime retail market.
4.2%
Rental growth
(y-o-y)
13
14
Retail Intelligence
Tokyo
Shopping in the Japanese capital is a dazzling, stylish and cutting edge
experience. Tokyo’s vast size means its retail landscape is subdivided
into distinctive districts, each featuring a compelling blend of marquee
malls, department stores and classy boutiques created by top-name
designers. Ginza is a refined area where chic brand stores reside
alongside art galleries and high-society cafes. Young consumers make
for the trendy malls, en vogue fashions and outdoor video imagery of
Omotesando, Shibuya and Shinjuku, while Tokyo Bay’s large shopping
mall appeals to families. Roppongi’s HQ offices and deluxe hotels
are more than matched by Roppongi Hills, one of Tokyo’s sleekest
shopping centres.
2Q 2014 HIGHLIGHTS
Sustained retailer demand
despite a sales tax hike
Growth in rentals and
consumer confidence
Capital value growth
outpaces rents
International retailers
drawn to high streets
Visitor arrivals expected to
increase
A consumption tax increase
implemented in April saw
sales of large retail stores
in April-May decrease 4.9%
y-o-y, while sales of luxury
goods in department stores
declined 32.5% y-o-y for the
same period.
Rents averaged JPY 68,336
per tsubo per month in
2Q13, increasing 2.4% q-o-q
and 3.7% y-o-y. Consumer
confidence rose month-onmonth in May for the first time
since December.
Rental growth accelerated in
the quarter, marking the seventh
consecutive quarter of increase.
Capital values trended higher for
the third straight quarter rising
9.1% y-o-y.
Kate Spade New York and
Weekend Max Mara opened
on secondary high streets
while Apple and Givenchy
opened new stores in the
Omotesando area.
The number of visitor arrivals
are expected to continue to
grow, given the relaxation of
travel visas for a number of
countries in the past year and
the depreciation of the yen.
NOTABLE LEASING DEALS
IN 1H14
Balenciaga – 380 sqm, TS Aoyama Building, Omotesando
Mcm – 290 sqm, Jujiya Building, Ginza Iwc – 55 sqm, Iwatsuki Building, Ginza Givenchy – 390 sqm, One Omotesando, Omotesando
Apple – Apple Store Omotesando, Omotesando
Alexander McQueen – 390 sqm, TS Aoyama Building, Omotesando
Cole Haan – 155 sqm, Bunshodo Building, Ginza
NEW RETAILERS
Doc Popcorn
Magnolia Bakery
NikeLab
Pop! Gourmet Popcorn
Zara Home
FAST FACTS
-1.5%
Retail sales growth
(June 2014, y-o-y)
n/a
Prime retail centre
stock
n/a
New supply forecast
(2014 – 2018)
Note: Tokyo Retail refers to Tokyo’s Ginza and Omotesando Prime retail markets.
JPY
68,336 3.7%
Rental value
(per tsubo pm)
Ginza & Omotesando
Prime Street Shop
gross, on NLA
Rental growth
(y-o-y)
Retail Intelligence
Singapore
Singaporeans love to shop, and strong domestic purchasing power
plus a magnetic appeal for Asian shopping tourists combine to create
a comparatively mature retail market. The premier retail destination is
Orchard Road, where cutting-edge malls such as Ion Orchard, Wisma
Atria, Ngee Ann City, Paragon, and Scotts Square feature top-name
global brands. Beyond downtown, the redevelopment of Marina
Bay has delivered The Shoppes at Marina Bay Sands, a smart mall
offering deluxe boutiques and emerging labels, while Suntec City Mall
was recently renovated and extended. Retailers are also moving into
decentralised areas such as JEM Mall and Westgate in Jurong East.
2Q 2014 HIGHLIGHTS
Leasing interest sustained
despite declining retail
sales
Visitor arrivals continue to
decrease
Capital values stabilise but
sales transaction volumes
plummet y-o-y
Rents grow marginally
island wide
Foreign dependency ratios
continue to affect retail
businesses
Despite weak retail sales and
slowing visitor arrivals in 1H14,
retailers continued to show
interest in prime space which
supported leasing demand.
Visitor arrivals have decreased
5.2% y-o-y in 1H14, mainly due
to a sharp decline in Chinese
visitor numbers which have
been declining since October
of last year. Based on 2013
data, mainland Chinese
were the second-largest
international visitor group to
Singapore, after Indonesians.
Capital values remained stable
in 2Q14, as strata-titled retail
transaction volumes increased
marginally. 139 units were
transacted in 2Q, which is a
31% increase on 1Q. However
transaction volumes dropped
by 70% y-o-y.
Rents grew marginally island
wide in 2Q14, supported
by healthy leasing activity
particularly in new malls,
although continued increases
in business costs and labour
constraints are putting a
strain on operators who are
becoming more cautious in
their choice of locations.
The lowering of foreign
dependency ratios is expected to
continue affecting retail and F&B
businesses and may potentially
have a negative impact in the
longer term. The Total Debt
Servicing Ratio framework
may continue to discourage
investors, as potential buyers
remain cautious due to sluggish
retail sales and the growing
e-commerce market.
NOTABLE LEASING DEALS
IN 1H14
Boggi – 250 sqm, The Shoppes at Marina Bay Sands
Vilebrequin – 50 sqm, The Shoppes at Marina Bay Sands
Ben’s Cookies – 30 sqm, Wisma Atria
Smoothie King – 100 sqm, SportsHub
Alt Pizza Bar – 150 sqm, Suntec City
Artisan Boulangerie Compagnie – 150 sqm, 112 Katong
NEW RETAILERS
Alice + Olivia
Bath & Bodyworks
Boggi
Etro
Givenchy
Kurt Geiger
Latulle
MM6
Proenza Schouler
Pudu
Sandro
Suitsupply
Under Armour
Vilebrequin
Whole9Yards
FAST FACTS
0.4% 2.1
Retail sales growth
(June 2014, y-o-y)
mil sqm
Prime retail centre
stock
+21%
New supply forecast
(2014 – 2018)
Note: Singapore Retail refers to Singapore’s Prime, Suburban and Marina retail markets.
SGD
38
Rental value
(psf pm)
Orchard Road
Prime Shopping Centres
gross, on NLA
0.5%
Rental growth
(y-o-y)
15
16
Retail Intelligence
Bangkok
Thailand’s capital is an increasingly hip shopping destination. Brandhungry shoppers from home and abroad jump on the Skytrain and
head for the city centre’s modish malls like Siam Paragon, Siam
Centre, Emporium, CentralWorld and Terminal 21, or take a more
leisurely stroll around Asiatique the Riverfront mall and night bazaar
beside the iconic Chao Phraya River. Following the recent opening of
Central Embassy and Siam Square One, Bangkok’s retail landscape
continues to grow with a number of high profile malls scheduled to
open in the second half of 2014 and early 2015.
2Q 2014 HIGHLIGHTS
Bangkok’s magnetic effect
on international retailers
Vacancy increases yet
demand remains strong
Gross rents rise after
political unrest settles
Capital values grow in line
with rentals
Consumer confidence
returns and tourism is
expected to rebound
Many international brands
opened their first stores in
Thailand in 2Q14. Five new
fashion brands, one beauty
and cosmetic brand and
Embassy Diplomat Screens (an
ultra-luxury cinema) opened at
Central Embassy. CentralWorld
became home to Fauchon –
an internationally renowned
French restaurant and pastry
shop.
Demand for prime grade retail
space remained strong in 2Q14
with Central Embassy and
Siam Square One opening and
adding 73,600 sqm of stock to
the market. Despite notable
pre-commitment levels, the
vacancy rate increased by
0.3% q-o-q.
Landlords responded to the
calming effect of the military
coup with a slight uplift in rents
(rents had been temporarily
lowered for those affected
by political demonstrations).
Average gross rents increased
3.6% q-o-q and net effective
rents increased by 3.9% in
2Q14.
Capital values were also
affected by the return to
political stability and rose by
3.5% q-o-q to THB 165,980
per sqm, reflecting strong
investment interest in retail
property. Market yields
expanded slightly by 0.1%
q-o-q to 12.7%.
Thai consumer confidence
has risen and the number
of international tourists to
Bangkok is expected to
recover soon. Demand for
prime space should continue
to rise, in turn driving up rents
and capital values. Three
projects totalling 218,000 sqm
(NLA) of prime grade space is
scheduled to complete in the
second half of this year.
NOTABLE LEASING DEALS
IN 1H14
NEW RETAILERS
American Rag Cie
Chickalicious
Cicchetti
Crumpler
Emack & Bolio’s
Fauchon
Isabel Marant
Jil Sander
John Varvatos
Kurt Geiger
McQ
Napp Jeans
Niche Nation
Nitrogenie
Paul
Pretty Ballerinas
Proenza Schouler
Red Valentino
Repetto
Roberto Cavalli
Scotch & Soda
Soulland
Teuscher
Toms
Truefitt & Hill
FAST FACTS
-6.2% 2.6
Retail sales growth
(June 2014, y-o-y)
THB
mil sqm
Prime retail centre
stock
+31% 2,256 -0.8%
New supply forecast
(2014 – 2018)
Rental value
(psf pm)
Overall Prime Shopping Centres
gross, on NLA
Note: Bangkok Retail refers to Bangkok’s Prime retail market.
Rental growth
(y-o-y)
Retail Intelligence
Jakarta
Indonesia’s fast-developing capital city boasts a rapidly diversifying
retail market. Global brands are using Jakarta as a base to expand and
tap into rising urban incomes and changing patterns of consumer
behaviour across Southeast Asia’s largest country. Downtown Jakarta’s
smartest malls include Plaza Indonesia, Grand Indonesia, Plaza
Senayan and Pacific Place, all offering a colourful collection of fashion
retail, luxury brands and dining.
2Q 2014 HIGHLIGHTS
Retail demand rebounds
International retailers
support occupancy
Limited supply due to
government provisions
Fierce competition among
landlords
Demand for luxury set to
increase
After a challenging 1Q14,
when net take-up plunged to
a record low, retail demand
rebounded supported by
restored retailer confidence.
Despite a tough business
environment due to the impact
of the US dollar appreciation
and high interest rates,
retailers expanded their store
networks.
CBD malls saw an increase
in occupancy levels with the
opening of new outlets by
both local and international
retailers. Major leases were
taken by H&M in Grand
Indonesia Shopping Town and
Tiffany & Co in Plaza Senayan.
Total prime retail stock
remained at 1.37 million sqm
with no completions in 2Q14.
The St Moritz shopping mall
(est. 130,000 sqm) is the only
project expected to enter
the market this year. Supply
growth has been limited in the
past few years due to tight
provisions implemented by the
Jakarta provincial government.
Despite a rebound in
occupancy levels, tight
competition among landlords
continued to put downward
pressure on rents. No
landlords increased rents in
2Q14. While tenants focus
on revenue generation and
minimising costs, landlords
are focused on maintaining
occupancy levels.
Higher incomes and improving
lifestyles are likely to generate
demand for quality and luxury
retail products. This trend
is expected to entice more
foreign retailers to expand into
Jakarta.
NOTABLE LEASING DEALS
IN 1H14
Caviste Wine Lounge – 383 sqm, Tamansari Hive, Jakarta
Ace Hardware – 2,200 sqm, Malang City Point, Malang
Starbucks – 250 sqm, Rest Area KM 72A, West Java
Coffee Bean and Tea Leaf – 125 sqm, Rest Area KM 72A, West Java
Wendy’s – 225 sqm, Rest Area KM 72A, West Java
Baskin-Robbins – 50 sqm, Rest Area KM 72A, West Java
NEW RETAILERS
a.testoni
Adamist
Ben Sherman
Benefit Cosmetics
Camaieu
Carhati WIP
Carto Moltedo
Carven
Eric Kayser
Giorgio Fedon
Glamglow
Halston Heritage
Ippudo
McQ
Manchester United
New Balance
Parkson
Popolamama
Pumpkin Patch
Rubi Shoes
Sephora
FAST FACTS
6.4% 1.4
Retail sales growth
(May 2014, y-o-y)
IDR
mil sqm
Prime retail centre
stock
+25% 5,303,545 3.4%
New supply forecast
(2014 – 2018)
Rental value
(psf pm)
Overall Prime Shopping Centres
net effective, on NLA
Note: Jakarta Retail refers to Jakarta’s Overall Prime retail market.
Rental growth
(y-o-y)
17
18
Retail Intelligence
Delhi
As India’s retail sector continues to evolve following the relaxing of
investment rules for foreign retailers, Delhi is poised to be a leading
beneficiary. Competition to attract affluent, brand-savvy shoppers
is increasing between retailers, especially in prime areas with highquality shopping precincts. The retail landscape of India’s compelling
capital city is divided into several submarkets spread across its vast
terrain. Popular hangouts for local shoppers include Ambience,
Promenade and Select City Walk in South Delhi, Ambience and MGF
Metropolitan in Gurgaon, Great India Place in Noida, Europark in
Ghaziabad, and Rohini City Centre and Metro Walk Mall in North
Delhi.
2Q 2014 HIGHLIGHTS
Net absorption remains
negative
Retailers look to scale
down store size
Capital values rise in
Prime South
Big brands active in
Prime South
Retailer expansion on the
horizon
In 2Q14, net absorption
remained net negative,
although some momentum was
visible in leasing activity during
the quarter. Retailers show
signs of expanding, but only
in quality developments. The
overall vacancy rate rose by 10
bps q-o-q to 24.5%.
With limited vacant
space available in quality
developments, retailers
are looking to scale down
store size or alternatively –
turning towards a high street
presence.
Capital values moved up by
less than 1% q-o-q in Prime
South. In the Prime Others
submarket, however, rents
rose by 1.7% on account of
leased retail assets being
considered by investors.
Nine West leased 3,000 sq ft
in Select Citywalk. Triumph
Motorcycles leased 3,200 sq ft
in Vasant Square, Hackett and
Armani Junior leased 1,800 sq
ft and 2,000 sq ft respectively
in DLF Emporio. The largest
leases of the quarter were
taken by Lifestyle (24,000 sq
ft, Moments Mall) and CnM
(20,000 sq ft, MGF City Square).
Retailer expansion is likely
to regain momentum as
macroeconomic fundamentals
improve and the new
government reconsiders FDI in
multi-brand retail. Single-brand
retail is likely to spur demand
in the retail sector as new
entrants and active retailers
plan expansion.
NOTABLE LEASING DEALS
IN 1H14
PizzaExpress – 679 sqm, Ambience Mall, Gurgaon
PizzaExpress – 467 sqm, Ambience Mall, Vasant Kunj
Food Hall – 943 sqm, DLF Place, Saket
Indigo Delicatessen – 505 sqm, Ambience Mall, Vasant Kunj
NEW RETAILERS
Bobbi Brown
Burberry Brit
Dune London
Heel & Buckle
PizzaExpress
T M Lewin
FAST FACTS
n/a
Retail sales growth
1.1
mil sqm
Prime retail centre
stock
+37%
New supply forecast
(2014 – 2018)
INR
247
Rental value
(psf pm)
Prime South Shopping Centres
gross, on GFA
Note: Delhi Retail refers to Delhi’s Overall retail market.
0.8%
Rental growth
(y-o-y)
Retail Intelligence
Mumbai
India’s thriving financial and commercial nucleus is also the nation’s
capital of style and design. Brand awareness among consumers is
high and growing faster, encouraging global retailers, luxury and
fashion brands to seek first-mover advantage in India’s edgiest
shopping market. Mumbai is a large metropolis and the quality of
retail developments has varied considerably following a wave of real
estate development in 2011 that caused an imbalance in supply. Mall
shopping is a popular concept, though, and shopping centres such as
Palladium at High Street Phoenix, Inorbit, and Oberoi Mall offer a
sophisticated mix of retail, dining and entertainment. More shopping
centres such as Phoenix Market City, R City, and Infinity are poised to
pamper shoppers with a wider choice of shopping experience.
2Q 2014 HIGHLIGHTS
Lack of supply has retailers
looking at high streets
Rents and capital values
rise marginally
Slight increase in stock
with one new mall opening
Poorly built or managed
malls suffer
Many retailers take
wait-and-see approach
Underlying demand for retail
space remained higher than
the low levels witnessed at the
end of 2013. A lack of quality
mall space and a limited supply
of new malls has retailers
leasing space on prominent
high streets.
Rents in the Prime South and
Suburbs marginally increased.
However in Prime North,
while demand was rising stiff
competition from high streets
limited the ability of mall
developers to raise rents.
One new mall (located in Navi
Mumbai) became operational
in 2Q14 resulting in a 0.6%
q-o-q increase in stock.
The overall vacancy rate
continued to hover around
20% as absorption in good
quality malls was met with
rising vacant space in poorly
built or managed malls. The
majority of poorly built malls
have witnessed a rise in
vacancy rates over the past
two quarters.
Many retailers are taking a
wait-and-see approach, and
holding back on expansion
plans due to policy related
uncertainties. However, with
the formation of a new proreform government we may
witness a transition in retailer
sentiment.
NOTABLE LEASING DEALS
IN 1H14
Cex – 135 sqm, R City Mall, Ghatkopar
PizzaExpress – 301 sqm, Hotel Horizon, Juhu
Ethos – 137 sqm, Palladium
Basecamp – 166 sqm, High Street Phoenix (Grand Galleria)
Starbucks – 195 sqm, Infinity Mall, Andheri
Central – 4,319 sqm, Neptune Magnet Mall, Bhandup
Bombay Dyeing – 221 sqm, R City Mall, Ghatkopar
NEW RETAILERS
Dunkin’ Donuts
Fossil
Starbucks
Truefitt & Hill
FAST FACTS
n/a
Retail sales growth
0.9
mil sqm
Prime retail centre
stock
+17%
New supply forecast
(2014 – 2018)
INR
249
Rental value
(psf pm)
Prime South Shopping Centres
gross, on GFA
Note: Mumbai Retail refers to Mumbai’s Overall retail market.
0.4%
Rental growth
(y-o-y)
19
20
Retail Intelligence
Sydney
Australia’s largest city has truly come of age as a shopping destination.
A varied portfolio of smart malls, department stores, designer
brands and revamped heritage shopping centres befit its status as
a high-profile international city. A large working population and a
regular flow of tourists create a strong market for the historic Strand
Arcade and Queen Victoria Building in the CBD, plus the strikingly
remodelled Westfield Sydney and Mid City malls. Retail outlets extend
along George Street and Oxford Street, while The Rocks and Darling
Harbour are popular with visitors. Beyond the city centre, malls such
as Westfield’s Bondi Junction cater to suburban consumers.
2Q 2014 HIGHLIGHTS
Retail turnover recovering
International retailers
driving leasing activity
Construction activity
increases, two major trends
emerge
Investment volumes total
AUD 321.8 million
Leasing market conditions
expected to improve
Retail turnover growth in NSW
has recovered significantly,
although this has not
translated into stronger leasing
demand. Average super-prime
CBD rents increased 0.5%
q-o-q driven by demand for
retail sites with high exposure.
International retailers continue
to drive leasing activity with
US retailer Brooks Brothers
committing to a new store in
Martin Place in Sydney’s CBD.
As construction activity
picks up, two major trends
are emerging. Institutional
landlords are refurbishing
and expanding existing
centres while two major
retail conglomerates
(Woolworths and Wesfarmers)
are expanding home
hardware store chains and
supermarkets.
Despite low retail investment
activity across Australia,
the Sydney market has seen
a considerable amount of
activity. Ten sales transactions
totalling AUD 321.8 million were
completed in New South Wales
in 2Q14. A stable yet robust level
of investor demand, combined
with a lack of opportunities to
acquire assets is driving yield
compression in the retail sector.
The Sydney retail market
continues to strengthen
as retail turnover growth
outpaces the national trend.
Leasing market conditions are
set to improve resulting in a
reduction in vacancy rates and
modest uplift in rental growth.
NOTABLE LEASING DEALS
IN 1H14
Victoria’s Secret – 116 sqm, Queen Victoria Building
Uniqlo – 1,485 sqm, MidCity Level 1
Sephora – 800 sqm, Westfield Sydney Pitt Street
Mary’s Burgers – 62 sqm (GF) / 110 sqm (Mezz), 150 Castlereagh Street
Forever Flawless – 143 sqm, 413 George Street
NEW RETAILERS
Breitling
Brooks Brothers
Rolex
Tod’s
FAST FACTS
8.8% 3.0
Retail sales growth
(June 2014, y-o-y)
mil sqm
Regional/
sub-regional centre
stock
Note: Sydney Retail refers to Sydney’s Overall retail market.
+8%
New supply forecast
(2014 – 2018)
AUD
1,933 -0.7%
Rental value
(psm pa)
Regional Shopping Centres
net, on NLA
Rental growth
(y-o-y)
Retail Intelligence
Melbourne
Melbourne is famed for its eclectic dining and year-round calendar
of events and festivities, and is emerging as a heartland of Australian
fashion and design. Australia’s second most populous city also boasts a
vibrant retail scene, ranging from the artisans of Flinders Lane, tailors
and jewellery shops on Crossley Street and the cute laneways of QV
precinct on Lonsdale Street to the high-end stores on Chapel Street
and Collins Street, Bourke Street Mall and Chadstone the Fashion
Capital, the southern hemisphere’s largest shopping centre. Impressive
developments outside the CBD include Highpoint Shopping Centre
and Craigieburn Central.
2Q 2014 HIGHLIGHTS
Retail turnover growth
remains strong
Leasing market conditions
improve
Supply slows
Minimal change in rents
Fundamentals
expected to become
healthier
Food categories remain a
key driver of retail sales with
supermarkets, liquor and
cafes/restaurants reporting
above trend levels of sales
growth. Department stores
remain a detractor from
growth, which is consistent
with the national trend.
Leasing market conditions are
improving from the subdued
levels witnessed over the
previous three years. The
Melbourne CBD continues to
be revitalised with new supply,
enhancing the retail offerings
and drawing shoppers in from
the suburbs.
Retail supply continued to
slow from the peak of 309,600
sqm in 2013. Beyond 2014,
completions are expected
to be below trend with just
123,300 sqm of retail space
under construction due to
complete over 2015 and 2016.
Stronger retail trading
conditions and a small
decline in vacancy rates did
not translate into a pick-up
in rental growth. Changes in
average rents were mixed
across retail formats –
regional centres recorded a
decline of 0.5% q-o-q while
neighbourhood centres
recorded growth of 0.5%.
As fundamentals become
healthier, there is likely to be
strong institutional investor
demand for retail investments
resulting in further yield
compression across all
formats.
NOTABLE LEASING DEALS
IN 1H14
H&M – 5,000 sqm, GPO Bourke Street
Topshop – 2,732 sqm, Melbourne Emporium
Uniqlo – 2,180 sqm, Melbourne Emporium
Brooks Brothers – 213 sqm, Melbourne Emporium
NEW RETAILERS
Brooks Brothers
H&M
Kate Spade
Uniqlo
Zoo York
FAST FACTS
6.2% 2.6
Retail sales growth
(June 2014, y-o-y)
mil sqm
Regional/
sub-regional centre
stock
+6%
New supply forecast
(2014 – 2018)
Note: Melbourne Retail refers to Melbourne’s Overall retail market.
AUD
1,462 -0.5%
Rental value
(psm pa)
Regional Shopping Centres
net, on NLA
Rental growth
(y-o-y)
21
22
Retail Intelligence
Fast Facts
RETAIL SALES GROWTH
(NOMINAL, Y-O-Y)
CURRENT RETAIL STOCK
(MIL SQM)
NEW SUPPLY FORECAST
(2014 – 2018)
-6.9%
(June 2014)
2.4
+9%
10.4%
(June 2014)
2.5
+30%
ghai
n
a
Sh
10.4%
(June 2014)
4.3
+74%
zhou
g
n
Gua
18.3%
(June 2014)
1.1
+78%
-1.5%
(June 2014)
n/a
n/a
0.4%
2.1
+21%
-6.2%
(June 2014)
2.6
+31%
6.4%
(May 2014)
1.4
+25%
n/a
1.1
+37%
n/a
0.9
+17%
8.8%
3.0
+8%
g
Kon
g
n
Ho
ing
Beij
yo
Tok
pore
a
g
Sin
gkok
n
a
B
rta
Jaka
i
Delh
bai
Mum
(June 2014)
ey
Sydn
(June 2014)
e
urn
o
b
l
Me
(June 2014)
6.2%
RENTAL VALUE
RENTAL GROWTH
(Y-O-Y)
HKD 173
3.2%
RMB 1,281
8.4%
RMB 52
4.6%
RMB 396
4.2%
JPY 68,336
3.7%
SGD 38
0.5%
THB 2,256
-0.8%
IDR
5,303,545
(psm pa, net effective, on NLA)
3.4%
INR 247
0.8%
INR 249
0.4%
AUD
1,933
(psm pa, net, on NLA)
-0.7%
AUD
1,462
(psm pa, net, on NLA)
-0.5%
(psf pm, net, on LFA)
Overall Prime Shopping Centres
(psm, pm, net effective, on NLA)
Core Prime Shopping Centres
(psm per day, net, on NLA)
Prime Shopping Centres
(psm pm, net, on GFA)
Overall Prime Shopping Centres
(per tsubo pm, gross, on NLA)
Ginza & Omotesando Prime Street Shop
(psf pm, gross, on NLA)
Orchard Road Prime Shopping Centres
(psm pm, gross, on NLA)
Overall Prime Shopping Centres
Overall Prime Shopping Centres
(psf pm, gross, on GFA)
Prime South Shopping Centres
(psf pm, gross, on GFA)
Prime South Shopping Centres
Regional Shopping Centres
2.6
Notes
Retail sales growth figure quoted for Bangkok refers to the overall Thailand market, similarly Sydney
refers to New South Wales and Melbourne refers to Victoria. All figures updated as at 2Q 2014.
Stock figures are on a net lettable area basis.
+6%
Regional Shopping Centres
Sources
Retail sales: various government websites
Rents, retail stock and supply additions: JLL (Real Estate Intelligence Service), 2Q 2014
Shaping decisions through retail intelligence
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In Asia Pacific, we have leased over 130 million square feet of retail space on behalf of owners and retailers and consulted on over 220 million square feet of retail space for
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We strive to be best in class, acting as a genuine partner for your business and ensuring you stay one step ahead in a rapidly changing market.
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Singapore
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