San-A, PARCO join forces for giant shopping mall
Tessei Uechi, the president of San-A, one of the largest supermarket chains in Okinawa, and Kozo Makiyama, the president of PARCO, one of the largest commercial building developers in Japan, held a press conference at the Naha Terrace hotel in Naha City to announce a join t venture company, “San-A PARCO.” The new company will plan and manage the commercial complex on the west coast of Urasoe City San-A is planning to build and which will be the largest commercial facility on Okinawa.
PARCO’s signature facilities are its “PARCO” fashion malls it has developed mainly in urban areas of the country, and the new San-A mall will be their first project in Okinawa. The facility is scheduled to open in the summer of 2019, a year behind the originally scheduled date.
“San-A PARCO” will be built on reclaimed land off Camp Kinser. Its total area is 8.55ha, of which the total leased area is 7.8ha, almost the same size as the AEON Mall Rycom in Kitanakagusuku. The company has secured the land to build a hotel on the same area, and has a plan to build it after completing the mall.
The joint venture company is going to be established in December. It will be capitalized at ¥10 million, of which San-A owns 51% and PARCO 49%. Fumikatsu Uechi, a manager with SAN-A will be named the president.
San-A decided to join forces with PARCO for this project with the aim to gain management know-how from PARCO to differentiate San-A from other facilities on Okinawa, as well as to secure tenants. On it part, PARCO agreed to establish a joint venture company as a stepping-stone for developing business in Okinawa.