HOME > Growth Strategy > Future Developments: Shopping Mall Business in Japan > Conditions in the shopping center business [Japan]
Growth Strategy
Shopping centers command a central position in the domestic retail industry, holding a significant share of both total retail sales, and retail floor space. What is more, the gap between successful and unsuccessful complexes is widening, increasing further the competitive edge of developers with expertise in the development, operation, and management of shopping malls.
Total shopping center sales in Japan in 2010 were ¥27,411 billion, an increase of over ¥500 billion from 2009. In 1985, shopping centers including large-format stores accounted for 10.4% of total retail sales. In 2010, this share had grown to 20.2%.
Total floor area of shopping centers in Japan in 2010 was 44.17 million square meters. This accounted for 29.5% of total floor area for the retail industry (149.66 million square meters). Shopping centers thus continue to account for about a third of retail space and represent a major location choice for tenant companies.
In 2010, 54 new shopping centers were built in Japan, a modest decline from 57 in 2009. In contrast to 2009, when the impact of the global economic recession was keenly felt, recovery trends were evident, led by growth in export sectors and policies to stimulate consumer spending. Nevertheless, the number of mall openings continued to trend lower, reflecting regulations placed on shopping mall openings and a widening gap between successful and unsuccessful malls. Key points in achieving excellence going forward will be know-how and the number of shopping centers managed and operated as a developer.
Total Shopping Center Sales and Share of Retail Industry Sales |
Total Shopping Center Floor Area and Share of Retail Industry Floor Area |
Annual New Shopping Center Openings and Average Floor Space per Shopping Center |