Tokyo：Prime rents were unchanged for the 14th consecutive quarter at JPY 400,000 (tsubo/month). Several luxury brands decided to relocate to larger premises or a more favourable location within the area, in some cases paying rents higher than their existing level. Also this quarter, although many owners with properties on the Ginza high street are restricting the type of tenants they will accept, a drugstore opened a new store in Chuo-dori, having competed against several candidate tenants.
Osaka：Prime rents this quarter remained unchanged for the 10th consecutive quarter at JPY 300,000 (tsubo/month). There continued to be strong demand from drugstores. The area targeted for store openings stretches from the south side of the Shinsaibashi-suji shopping district towards Namba, across Ebisu-bashi, as the shopping area frequented by foreign visitors to Japan has expanded. Demand from drugstores focuses on large-scale stores where they can achieve good sales efficiency and a strong impact due to the wide store frontage.
Nagoya：Prime rents were unchanged for the fourth consecutive quarter at JPY 140,000 (tsubo/month). The period saw increased store demand from luxury watch and fashion brands that do not have a stand-alone store in the Sakae area. Additionally, one fashion brand that already has a stand-alone store is considering opening a second store due to strong sales. Another case saw a fashion retailer decide to relocate to improve location. All of these stores appear to have succeeded in capturing inbound demand.