Tokyu Corporation, L Catterton Real Estate, and Tokyu Department Store Agree to Strategic Partnership Regarding the Development Project in Dogenzaka 2-Chome 24, Shibuya, Japan
TOKYO and GREENWICH, Conn., May 13, 2021 / PRNewswire / – Tokyu Corporation, a conglomerate that forms 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 regarding the development project at Dogenzaka 2-Chome 24, Shibuya. Japan The current location of the Tokyu Department Store’s flagship store (the “Project”) is at the intersection of Shibuya’s business district and Shoto’s residential district. The three companies will begin the space and master planning study to advance the project.
Tokyu Group has a long history of urban development of mixed-use facilities in the Shibuya area and has been involved in various activities aimed at enhancing the attractiveness of Shibuya. LCRE, which has a strategic relationship with LVMH and Agache, will partner with Tokyu Group to develop a world-class facility that is integrated into the adjacent Bunkamura, a large cultural complex, that gives all stakeholders a real sense of luxury and excitement.
As part of the project, the Tokyu department store’s flagship store will be demolished and the adjacent Bunkamura will be temporarily closed after spring 2023 to carry out extensive renovation work. The Bunkamura will continue its activities and serve as the Tokyu Group’s cultural epicenter while it is integrated into the project.
“The project location, which is currently the flagship of Tokyu Department Store, has been critical to the growth of Tokyu Corporation and Tokyu Department Store over the past half century,” he said Kazuo Takahashi, President and Representative Director of Tokyu Corporation. “We are honored to be working with LCRE, a strong partner with years of experience creating mixed-use projects and a strategic relationship with LVMH and Agache, to develop this facility in Shibuya, home of the Tokyu Group. We will be well positioned to transform the space into a new world renowned and leading facility in Japan that will bring new value to customers. “
Takahashi continued, “The Tokyu Group will celebrate its 100th anniversary in 2022. To ensure this facility becomes a symbol for the Tokyu Group’s next 100 years, we are committed to keeping Shibuya an ‘entertainment city’ ‘throughout the project promote.”
“Shibuya is one of the most iconic urban centers in the world, and Shoto is known as a prestigious Japanese residential area. We are proud to partner with Tokyu Group to redesign the flagship location of the Tokyu Department Store at the intersection of these two define important areas in order to consolidate the neighborhood’s attitude as the fashion epicenter of Japan and increase the luxury appeal of the district, “said Mathieu Le Bozec, Managing Partner of L Catterton Real Estate. “We look forward to working with Tokyu Group, a company that shares our values and commitment to creating a next generation facility that puts customers at the heart of a unique experience Tokyo. “
About the Tokyu Corporation
A conglomerate that forms the bulk of the Tokyu group March 2021 The Tokyu Corporation consists of 230 companies and five other institutions and foundations and has long been active under the group slogan “Toward a Beautiful Age” in a variety of areas closely related to the daily lives of customers, mainly along the Tokyu Railway Lines At the same time, urban development based on the railroad business is put at the heart of the business. In Shibuya, with the aim of realizing his vision of “Shibuya, the most desirable place to visit” Japan, “and” Shibuya, the entertainment city “, Tokyu Corporation develops and operates numerous mixed-use facilities and takes various initiatives to improve the attractiveness of the greater Shibuya area.
Via Tokyu Department Store
As the core company in the Tokyu Group’s retail business, the Tokyu Department Store operates department stores, shopping malls and specialty stores primarily in Shibuya and other areas along the Tokyu Railway Lines. It promotes an “Integrating Retailer” diversification strategy that leverages the judgment and editorial skills it has developed in the department store business to help realize customer affluent lifestyles. In Shibuya, Tokyu Department Store will serve various food needs through the July renovated Shibuya Tokyu Food Show, Shibuya Hikarie ShinQ’s Toyoko Noren-gai, and Tokyu Food Show Edge.
About L Catterton Estate
With more than $ 27 billion L Catterton is the world’s largest consumer-centric private equity firm. L Catterton’s nearly 200-strong team of investment and operations professionals work with management teams around the world to execute strategic plans to drive growth, leveraging in-depth 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, please visit lcatterton.com.
L Catterton Real Estate aims to generate attractive risk-adjusted returns from a select number of high quality, luxury real estate based, mixed use real estate developments in premium locations around the world and to develop close and long-term partnerships with leading local developers. LCRE provides differentiated operational and strategic support to its partners, each focused on increasing value and return on investment for the benefit of all parties involved. Some notable projects include Ginza SIX in Ginza Tokyo, the Miami Design District in Miamiand the amazing Brentwood in Burnaby, British Columbia.
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SOURCE L Catterton