Fukuoka REIT Corporation announced on Oct 19 its plan to renovate Canal City Hakata, a commercial complex in Fukuoka City that it manages. The REIT plans to enhance the uniqueness of the facility by attracting tenants that focus on “koto consumption,” an experience-based type of consumption, and to strengthen the facility’s function as a place for residents to interact with each other in addition to the existing inbound demand from foreign visitors to Japan. The company will differentiate itself from other facilities in the urban area, as the overstores in the city are expected to accelerate due to the commercial facilities to be completed as part of Fukuoka City’s “Tenjin Big Bang” redevelopment project. Koto consumption refers to consumer behavior that emphasizes experiences and experiences. Typical examples are travel and theater-going. Its counterpart is product consumption, which relates to consumer behavior that emphasizes the possession of goods, as symbolized by the “three sacred items” (refrigerator, washing machine, and vacuum cleaner) of the high-growth period. Source: Nikkei
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