Tokyu Corporation, a conglomerate that is the principal part of the Tokyu Group, L Catterton Real Estate (“LCRE”), the real estate investment and development arm of L Catterton, the world’s largest consumer-focused private equity firm, and Tokyu Department Store Co., Ltd. announced today a strategic partnership regarding the development project at Dogenzaka 2-Chome 24, Shibuya, Japan, the current site of the Tokyu Department Store flagship store (the “Project”), located at the intersection of the commercial district of Shibuya and the residential area of Shoto. The three companies will begin the study of space programming and general planning in order to promote the Project.
Tokyu Group has a long history of urban development of mixed-use facilities in the Shibuya area and has engaged in various activities aimed at improving the attractiveness of Shibuya. LCRE, which has a strategic relationship with LVMH and Agache, will work with the Tokyu Group to develop a world-class facility integrated into the adjacent Bunkamura, a large-scale cultural complex, which will arouse a genuine sense of luxury and excitement among all stakeholders.
As part of the project, the Tokyu Department Store flagship store will be demolished and the adjacent Bunkamura will temporarily close after spring 2023 to undergo large-scale renovations. The Bunkamura will continue its activities and serve as the cultural epicenter of the Tokyu group during its integration into the Project.
“The Project site, which is the current Tokyu Department Store flagship store, has played a central role in the growth of Tokyu Corporation and the Tokyu Department Store over the past fifty years,” said Kazuo Takahashi , President and Director. delegate of Tokyu Corporation. “We are honored to work with LCRE, a solid partner with extensive experience in creating iconic mixed-use projects and a strategic relationship with LVMH and Agache, to develop this facility in Shibuya, the headquarters of the Tokyu group. By joining forces with LCRE, we will be well positioned to transform this space into a new world-renowned and leading facility in Japan that will bring new added value to customers. “
Takahashi goes on to say, “The Tokyu Group will celebrate its 100th anniversary in 2022. In order for this facility to become a symbol of the next 100 years of the Tokyu Group, we are committed to making Shibuya the ‘City of Entertainment’ throughout the project. “
“Shibuya is one of the most iconic city centers in the world and Shoto is known to be a prestigious Japanese residential district. We are proud to partner with the Tokyu Group to reinvent the flagship location of Tokyu Department Store, which sits at the intersection of these two important regions, to solidify the neighborhood’s position as a fashion epicenter in Japan. and enhance the attractiveness of luxury in the neighborhood, ”said Mathieu Le Bozec , Managing Partner of L Catterton Real Estate. “We look forward to working with the Tokyu Group, a company that shares our values and our commitment to create a next-generation facility that provides a unique experience for customers in the heart of Tokyo. “
About Tokyu Corporation
Conglomerate which forms the main part of the Tokyu Group, which as of March 2021 consists of 230 companies and five other institutions and foundations, Tokyu Corporation has long been engaged in business, under the group slogan “Towards a beautiful age ”, In a variety of areas closely linked to the daily lives of customers, mainly along the Tokyu rail lines, while placing urban development based on rail activity at the heart of its activities. In Shibuya, with the aim of realizing its vision of “Shibuya, the nicest place to visit in Japan” and “Shibuya, the city of entertainment”, Tokyu Corporation develops and operates numerous mixed-use facilities and takes various initiatives to improve the attractiveness of the Greater Shibuya region.
About Tokyu Department Store
As a central enterprise of the Tokyu Group retail sector, Tokyu Department Store operates department stores, shopping malls and specialty stores, mainly in Shibuya and other areas along the Tokyu railway lines. . It promotes an “Integrating Retailer” type diversification strategy that draws on the discernment and editorial skills that it has cultivated in the department store sector, with the aim of responding to the affluent lifestyle. client. In Shibuya, Tokyu Department Store will meet various dietary needs through the “Shibuya Tokyu Food Show” which will be renovated in July, “Shibuya Hikarie ShinQs Toyoko Noren-gai” and “Tokyu Food Show Edge”.
About L Catterton Real Estate
With over $ 27 billion in equity in its fund strategies and 17 offices around the world, L Catterton is the world’s largest consumer-focused private equity firm. The team of L Catterton, composed of nearly 200 investment professionals and operations, partners with management teams worldwide to implement strategic plans to foster growth, building on in-depth knowledge of categories, on operational excellence and on a vast network of partnerships. Since 1989, the company has made more than 200 investments in leading consumer brands. For more information on L Catterton, please visit lcatterton.com.
L Catterton Real Estate seeks to generate attractive risk-adjusted returns from a number of premium real estate developments, focused on luxury retail and mixed-use, in prime locations across the country. globally, building close, long-term partnerships with leading local developers. LCRE provides differentiated operational and strategic support to its partners, all focused on improving value and returns on investment for the benefit of all stakeholders. Notable projects include Ginza SIX in Ginza Tokyo, the Miami Design District in Miami, and the Amazing Brentwood in Burnaby, British Columbia.
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