globe retail outlook data

 

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Retail By City

city rank #60

City Overview

Waikiki continues to see an increased number of retailers showing interest in the market, with many luxury, national and international brands that have already entered the market or have plans to enter the market by 2017. Along with increased retailer interest, Honolulu continues to experience positive growth in visitor arrivals and expenditures globally. As a result, the area remains home to some of the most expensive retail rental rates in the world, such as those found along the heart of Waikiki's Kalakaua Avenue. In general, the Honolulu retail market is densely populated and contains more than nine million sq. ft. of space. With more than 8 million visitors to Oahu each year, urban Honolulu is truly an international shopping destination. Honolulu offers a wide variety of vibrant shopping venues, restaurants and cultural attractions, which remain to be the leading leisure activities for visitors. As a whole, investors and retailers continue to see Honolulu as one of the world's stronger market options with economic reports ranking it among the top in regard to our housing market and metro economies. Waikiki is Honolulu's premier urban retail market and one of the leading travel, resort and shopping destinations in the world. The prime shopping corridor in Waikiki is located along Kalakaua Avenue between Saratoga Road (to the west) and Uluniu Avenue (to the east). Within this area, there are seven major shopping venues; Luxury Row at 2100 Kalakaua Avenue, Waikiki Beach Walk, T Galleria Hawaii by DFS, Waikiki Shopping Plaza, Royal Hawaiian Center and the Hyatt Shops Waikiki. In Waikiki, Kalakaua Avenue net rents for prime locations are in the region of $385-$420 per sq. ft. annually. Although retailers are always targeting the best portions of Kalakaua Avenue to set up shop, there is virtually no availability, which keeps competition fierce between retailers looking to emerge. Kuhio Avenue net rents range up to $72-$144 per sq. ft. per year, depending on location, but rates will start to increase as the new International Market Place opens up and tenants move in. The Hawaii economy continues to show encouraging trends with an unemployment rate of 2.7%, which is well below the national average and small increases in hiring in the leisure industries. Tourism performance is the barometer and primary driver of health in the local retail market. Sales in the luxury brand sector remain strong with an increased mix of visitors from both West and East Coast of the mainland U.S. Strong tourism continues to be a driving factor for a successful retail market and although figures suggest a slowing trend in 2016 and 2017, overall activity is expected to remain relatively solid over the near term.

Things to do

See

Work

Waikiki / Downtown Honolulu


Rest

Pearl Harbor, Diamond Head, Haunama Bay, Chinatown, Honolulu Zoo, Disney's Aulani Resort


And be seen

Eat

Roy's, Alan Wong's, Chef Mavro, Le Bistro, Azure, Morimoto's, Doraku, Prima, MW Restaurant, 12th Ave Grill, Nobu, BLT Steak, Gaku, Lucky Belly, Gondin, Town


Drink

Dukes Barefoot Bar, Yard House, Du Vin, Side Street Inn, Fete, Uncle Bo's, Pint + Jigger, Real a Gastropub, Honolulu Beerworks, Amuse, Shokudo, Square Barrel


Be Merry

Manifest, The Republik, The Library Bar, The Addiction, RumFire, Bar 35, House Without A Key, Eleven44, Beer Lab HI