Retail in Asia


Three Tokyo-based corporations unveil plans for Shibuya Upper West Project

Three Tokyo-based corporations, Tokyu Corporation, L Catterton Real Estate, and Tokyu Department Store have unveiled plans for the Shibuya Upper West Project, a landmark, high quality, mixed-use project in Tokyo’s vibrant Shibuya district. 

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Each company is well-renowned in its industry for its own merits. Tokyo Corporation is the predominant member of the Tokyu Group conglomerate, while L Catterton Real Estate (“LCRE”), the real estate investment and development arm of L Catterton, is the largest global consumer-focused private equity firm. 

The Shibuya Upper West Project is located at the intersection of the affluent residential areas of Shoto and Yoyogi, the cultural neighborhoods of Kamiyamacho and Tomigaya, and the lively Shibuya district. The store will feature high quality retail, a small luxury hotel, and rental residences. Targeting completion in fiscal year 2027, the Shibuya Upper West Project will become the ‘super-connector’ of these communities, with prime access to large parks and public transportation. In addition, the project’s concept is based on the notion of “Tokyo’s Urban Retreat”, an enclave of relaxation combined with art and culture through a collaboration with the cultural powerhouse Bunkamura. 

The ground-breaking project leverages Tokyu Group’s deep roots in Shibuya and expertise in mixed-use developments, retail, hospitality, and culture, and LCRE’s extensive experience designing prominent destinations and curating world-class brands. To lead architectural design, the partnership has retained internationally acclaimed Snøhetta, which specializes in designing sustainable spaces fusing conceptual form with landscape and nature. The House Collective, a contemporary luxury brand by Swire Hotels, a subsidiary of Swire Properties, brings a unique, art-conscious offering to a wide fan base across Asia and beyond, marking the first true luxury hotel in Shibuya. Environmental and sustainability objectives are central to the project with the goal of securing international certifications.

“In the year of Tokyu’s Group’s 100th anniversary, we are honored to announce our partnership with luxury real estate investor L Catterton Real Estate, a strong partner with deep experience in creating iconic mixed-use projects who brings a strategic relationship with LVMH and Agache, global design firm Snøhetta and leading contemporary luxury hotel brand Swire Hotels,” said Kazuo Takahashi, President and Representative Director of Tokyu Corporation.

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Mathieu Le Bozec, Real Estate Managing Partner of L Catterton, added “we are excited to work with world renowned and likeminded partners, Snøhetta and Swire. This project solidifies our commitment to creating value by developing next-generation, sustainable, world class destinations in key neighborhoods of global cities. In Snøhetta, we partner with a design architect that creates striking architecture and are thrilled to see their building debut in Japan become an important flagship to Shibuya.”