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Tokyo, a key city in the luxury market, has seen an increase in the number of visitors to its high-end shops in the last quarter of 2021. This has had the effect of driving up rents in the most exclusive areas of the Japanese capital.
Since the lifting of the emergency states that were in place throughout 2021 in Japan, the Japanese have allowed the luxury market to see an increase in sales of luxury handbags, watches and fashion items.
Indeed, even though the health crisis has had a major effect on the absence of foreign buyers, particularly in the Asian luxury market, Japanese luxury boutiques are currently experiencing an increase in demand, which is reflected in a sharp rise in rents in Tokyo’s luxury districts.
According to real estate services company Cushman & Wakefield, rates for prime locations in Tokyo’s high-end shopping districts have increased in the last three months of 2021.
The competition between the two major luxury groups LVMH and Richemont for the capital’s high-end locations has thus been greatly stimulated. “It’s becoming like a turf war,” said Isao Suga, head of retail services at Cushman & Wakefield.
Rents in the posh Ginza district rose 5.3 percent in the third quarter of 2021 from a year earlier to 400,000 yen, or about €3,050 per tsubo, a Japanese measure equivalent to about 3.3 square metres. In Omotesando, a district located between Harajuku and Shibuya, prices have risen by 6.7% and now stand at 320,000 yen per tsubo, or €2439.
This increase, which is linked to the demand for luxury goods, is therefore notable, as it puts an end to six consecutive quarters of falling rents due to the pandemic. It also allowed Swiss watchmakers Hublot and Vacheron Constantin to open a new shop in Omotesando and Ginza, respectively.
As the world slowly recovers from the pandemic and returns to near 2019 levels, demand for luxury goods has increased around the world. This demand has been reflected in the record-breaking LVMH share price last month and Hermes International shares are trading at almost double the level reached in early 2020.
Read also > LONDON LUXURY PROPERTY RENTS SOAR
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Tokyo, a key city in the luxury market, has seen an increase in the number of visitors to its high-end shops in the last quarter of 2021. This has had the effect of driving up rents in the most exclusive areas of the Japanese capital.
Since the lifting of the emergency states that were in place throughout 2021 in Japan, the Japanese have allowed the luxury market to see an increase in sales of luxury handbags, watches and fashion items.
Indeed, even though the health crisis has had a major effect on the absence of foreign buyers, particularly in the Asian luxury market, Japanese luxury boutiques are currently experiencing an increase in demand, which is reflected in a sharp rise in rents in Tokyo’s luxury districts.
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Tokyo, a key city in the luxury market, has seen an increase in the number of visitors to its high-end shops in the last quarter of 2021. This has had the effect of driving up rents in the most exclusive areas of the Japanese capital.
Since the lifting of the emergency states that were in place throughout 2021 in Japan, the Japanese have allowed the luxury market to see an increase in sales of luxury handbags, watches and fashion items.
Indeed, even though the health crisis has had a major effect on the absence of foreign buyers, particularly in the Asian luxury market, Japanese luxury boutiques are currently experiencing an increase in demand, which is reflected in a sharp rise in rents in Tokyo’s luxury districts.
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