According to a report on retail market released by CBRE, Tokyo is the world's hottest city for new retailer expansion, attracting 63 new retail brands, following by Singapore with 58 new retail brands.
Space in core areas of Tokyo remain highly sought after despite the mixed signals in the economy and an increase in sales tax of 8% introduced in 2014. Tokyo's domestic demand is expected to strengthen by the number of tourists the local government has pledged to attract by 2020.
Manish Kashyap, Regional Managing Director, Head of Brokerage Services, CBRE Asia Pacific, said, "Not surprisingly, Asia features heavily on the list of target cities of new retailer entrants with six out of the 15 cities from the region. The luxury and business fashion sector in particular contributed more than a significant portion of the new retail entrants to the region.”