Tokyu Corporation, a conglomerate that is the majority of the Tokyu Group, L Catterton Real Estate (“LCRE”), the real estate investment and development arm of L Catterton, the world’s largest consumer-facing private equity firm, and Tokyu Department Store Co, Ltd. today announced a strategic partnership on the development project at Dogenzaka 2-Chome 24, Shibuya, Japan, the current location of the Tokyu Department Store flagship store (the “Project”). The Project is located at the intersection of the Shibuya business district and the Shoto residential area. The three companies will begin the spatial planning and main planning study, to promote the project.
The Tokyu Group has a long history of urban development of mixed-use facilities in the Shibuya area and has been engaged in various activities aimed at enhancing 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 that is integrated with adjacent Bunkamura, a large-scale cultural complex, and a real sense of luxury and excitement for all Involved.
As part of the project, the flagship of the Tokyu Department Store will be demolished and neighboring Bunkamura will be temporarily closed from spring 2023 to carry out extensive renovations. The Bunkamura will continue its activities and serve as the cultural epicenter of the Tokyu group while it is incorporated into the project.
“The location of the project, the current flagship of the Tokyu Department Store, has been critical to the growth of Tokyu Corporation and the Tokyu Department Store over the past half century,” said Kazuo Takahashi , President & Representative Director of Tokyu Corporation We are honored to be working with LCRE, a strong partner with vast experience developing iconic mixed-use projects and a strategic relationship with LVMH and Agache, to develop this facility in Shibuya, home of the Tokyu Group, by joining forces with LCRE we will be well positioned to move the area into a new, globally recognized and leading facility in Japan to convert that will offer customers new added value. “
Takahashi continued, “The Tokyu Group will celebrate its 100th anniversary in 2022. To ensure that this facility becomes a symbol for the Tokyu Group for the next 100 years, we are committed to promoting Shibuya as an “Entertainment City” as part of the project. “
“Shibuya is one of the most iconic city centers in the world and Shoto is known as a respected Japanese residential area. We are proud to partner with Tokyu Group to redesign the flagship location of the Tokyu Department Store, at the crossroads of these two important areas, to cement the neighborhood’s position as the fashion epicenter of Japan and the Enhance the neighborhood’s luxury appeal, “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 creating a new facility Generation that offers customers a unique experience in the heart of Tokyo . “
Tokyu Corporation information
As a conglomerate that forms the main part of the Tokyu Group, which will consist of 230 companies and five other institutions and foundations as of March 2021, the Tokyu Corporation has long been active in a variety of areas under the group slogan “Toward a Beautiful Age” connected to the daily lives of customers, especially along the Tokyu Railway Lines, with urban development based on the railroad business at the heart of the business.In Shibuya, Tokyu Corporation develops and operates with the aim of realizing its vision of “Shibuya, the most desirable place in Japan “and” Shibuya, the entertainment city “, numerous mixed-use facilities and takes various initiatives to improve the attractiveness of the greater Shibuya area.
Information about the Tokyu Department Store
As a core company in the Tokyu Group’s retail business, Tokyu Department Store operates department stores, malls and specialty stores primarily in Shibuya and other areas along the Tokyu Railway Lines. It promotes an “integrating retailer” diversification strategy that uses the judgment and editorial skills of the department store business to realize the affluent lifestyles of customers. In Shibuya, the Tokyu department store is being renovated by the “Shibuya Tokyu Food Show,” which is being renovated in July will, the “Shibuya Hikarie ShinQs Toyoko Noren-gai” and the “Tokyu Food Show Edge” meet various food needs.
Information on L Catterton Real Estate
With over $ 27 billion in equity in its fund strategies and 17 offices around the world, L Catterton is the largest global private equity firm focused on consumer products. The team of L Catterton, which consists of nearly 200 professionals for investment and operation, working with management teams around the world together to strategic plans to implement to promote growth and to take advantage of profound insights into categories, operational excellence and a broad network of partners . Since 1989, the company has made over 200 investments in leading consumer brands. For more information on L Catterton, visit lcatterton.com.
L Catterton Real Estate strives to generate attractive, risk-adjusted returns on a select number of high quality, luxury retail-focused, mixed-use real estate developments in prime locations around the world, building close, long-term partnerships with top local developers. LCRE provides its partners with differentiated operational and strategic support designed to increase value and return on investment for the benefit of all parties involved. Some notable projects include the Ginza SIX in Ginza Tokyo, the Miami Design District in Miami, and the Amazing Brentwood in Burnaby, British Colombia.
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