• In December 2017, the number of tourists visiting Japan rose to 2,520,000, a 23.0% y-o-y increase, recording the highest ever figure for that month. The number of foreign visitors to Japan in 2017 rose 19.3% y-o-y to 28,690,000, also the highest ever level.
  • Nationwide department store sales fell by 0.6% in December 2017, the first drop in two months. Nationwide department store sales for the full year increased by 0.1% y-o-y, the first rise for three years. By region, there was a solid 6.6% increase in Osaka, and by product, sales of cosmetics were buoyant at +17.1%.
  •  In December 2017, duty-free sales at department stores increased 45.0% y-o-y to JPY 27.9 billion. Full-year nationwide duty-free sales at department stores increased by 46.3% y-o-y to JPY 27.04 billion, the highest ever recorded.
  • Outlook on Ginza high street rents:

    We expect Ginza high street rents to reach its lowest point in Q3 2018 and rise thereafter, on the back of recovery in luxury sales and inbound demand.