Nationwide in Japan the department store sales from April to June 2021 increased by 42.8 percent year-over-year (y-o-y), reported CBRE. Sales of high-end products such as watches, jewelry and luxury brands were particularly strong, along with products relating to “stay-at-home” demand, such as home appliances and high-end furniture.
Ginza high street rents remained unchanged quarter-over-quarter (q-o-q) at JPY 243,000 ($2,200/per month) per tsubo in second quarter 2021. Available high street properties drew interest from multiple retailers, primarily in the luxury sector. Ginza prime rents remained unchanged for the 23rd consecutive quarter at JPY 400,000 ($3,620), largely as a result of luxury brands expressing interest in opening new stores in prime locations. In Osaka’s Shinsaibashi, supply-demand balance loosened, particularly in the Shinsaibashi-suji shopping district. As a result, Shinsaibashi high street rents fell by 2.1 percent q-o-q to JPY 138,100 ($1,250). Me
