PARCO CO., LTD.
September 28, 2017
PARCO Co., Ltd. has concluded a basic agreement with Daimaru Matsuzakaya Department Stores Co., Ltd. to lease a portion of the North Building of Daimaru Shinsaibashi to open a new commercial facility.
1． About the planned site and the reason for the store opening
The Shinsaibashi district, where Daimaru Shinsaibashi is located, is one of Kansai’s iconic commercial districts. Shinsaibashi is a prime location in Osaka, featuring distinctive shopping areas like the Midosuji and Shinsaibashisuji shopping streets, and other distinctive districts including America-mura, Minami Semba, and Horie. Amid a background of increasing foreign visitors to Japan, the Osaka area is well-positioned as a prime location for cultivating new inbound demand.
Daimaru Shinsaibashi is composed of three buildings (the Main, North, and South Buildings) and thirteen peripheral stores, with the Main Building currently being reconstructed and scheduled to reopen in autumn 2019. PARCO plans to lease the space in the North Building from the second basement level up to the seventh floor (excluding certain areas which are outside of the lease agreement) and develop a new commercial facility. The new opening will follow a full renovation of the North Building set to take place after the reopening of the Main Building.
While PARCO operates two ZERO GATE stores in the Osaka area, there is no PARCO store currently open. The opening of the new facility in Shinsaibashi is a key component of PARCO’s FY2017-21 Medium-term Business Plan, specifically the tactic to “Evolve the store brand”. It will also further advance group synergy, following the joint project to open PARCO_ya in the Ueno Frontier Tower of Matsuzakaya Ueno, by opening a new store in a key area of J. Front Retailing Group’s Urban Dominant Strategy. Preparations for the launch are underway to ensure that the new store will fulfill the needs and expectations of local consumers and capture the essence of Shinsaibashi as an iconic commercial district in the Kansai region.
As of October 1, 2017, the “New business project” listed by PARCO’s New Business Planning Division will be renamed to “Shinsaibashi store preparation office,” and store planning and tenant leasing will proceed accordingly.
Further details about planned facilities will be announced as they are decided.
2． Building overview
|Address||1-8-3 Shinsaibashisuji, Chuo-ku, Osaka|
|Scale (North Building)||B2F-14F|
|Floor area (North Building)||58,477.47m2|
|PARCO lease portion||B2F-7F (excluding some areas)|
|PARCO floor space||Approx. 22,000m2|
|Investment amount||Approx. ￥4.0 billion (planned)|
|Opening||FY 2021 Spring (planned)|
No significant effect is expected for the current financial period (the year ended February 2018)