January 2008

We decided to have lunch at Hatsuhana Restaurant in the Hilton Hawaiian Village as one of our friends gave us a generous gift certificate. The lunch price was not that expensive as we thought it would be. We ordered 2 teishokus. Later, we walked around the hotel to see the new shops, the decorations, and the animals.

Ikuyo-san, thank you for the special lunch! Itadaki masu.

Combo 1: California roll, chicken teriyaki, tempura (shrimp, zucchini, and kabocha), potato salad, edamame, fruit, and miso soup.

Combo 2: Grilled unagi, sashimi (katsuo), tempura (shrimp, zuccini, and kabocha), edamame, fruit, salad, miso soup, and rice.

Now this reminded me of Japan – the artistic display of the menu.

More luxurious hotels provide their own chapel for weddings. Hawaii is a very popular destination for Japanese to have weddings at the hotel as the commute is a lot easier. Grandpa and grandma don’t have to drive around so much. Though the price can be expensive…

Make sure your parties are able to walk up and down the stairs.

These flamingos stand with one foot when they are at rest.

Penguins in Hawaii? You bet.

And finally the koi’s swimming.

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With recession fears and prices escalating over the years, the economy foresees an inconsistent grid across the islands. However, more investors from Korea are starting to invest. But why here?

1. Recently, the U.S. Homeland Security passed a new visa-waiver program for Korean nationals to visit the U.S.
2. The lessening of Korean bank restrictions as quoted by Susan Cassell of New Star Realty.
3. Close proximity – Hawaii is closer to Korea, although Guam is the closest and there have been investments going on there too.
4. Warm weather throughout the year. Nice surf too. Ksurfers?
5. Koreans love Hawaii. You probably can see this everywhere here. From the school children to haraboji (grandpa) and harumoni (grandma) all over town. There are also restaurants, supermarkets, and churches with obvious black Cadillacs all lined to a perfection.

South Korean investors have been active in Hawaii for some time as evidenced by the purchase of 1391 Kapiolani Blvd., 1631 Kapiolani Blvd. and a 3.53-acre tract off Keeamoku Street, Cassell said. However, Korean real estate buying in Hawaii is expected to expand significantly in the next several years, she said.

Although the residential sale prices are slightly going down, if Koreans are buying at the highest bid, this really does not attract consumers who are waiting for the prices to fall. The blip would only last a short time. Read the news article here.

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While it will not be one of Target’s superstores, the 160,000-square-foot store will be larger than the typical general-merchandise Target outlets on the Mainland, which are in the 130,000-square-foot range.

Target is opening 2 stores – one in Kapolei Common and other at the former Salt Lake Costco by spring of 2009. Today, Target is the #2 retail giant behind Walmart. Although, it will not be a superstore like the mainland, it sure will be a competitive center as we have many retailers vying to get the market share. Read the news article here.

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Sluggish growth in the visitor industry poses more of a problem for the state’s economy than the subprime mortgage crisis, according to Bank of Hawaii Chief economist Paul Brewbaker.

Interesting article. With recession fears around us, Paul explains why tourism industry is more potent in terms of our sustainable economy. Read the news article here.

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Wally Amos is aiming to bring his fame and a Chip & Cookie store to the Royal Hawaiian Shopping Center in Waikiki. He’s been negotiating with center owner Kamehameha Schools for the past few weeks and expects to have a lease signed soon for a second-floor spot. He plans to open the store in June. The second Chip & Cookie store on Oahu is expected to measure about 750 square feet, and will be in Building C, next door to the newest Apple Inc. outlet and just a few doors down from Hilo Hattie’s flagship store.

Famous Amos cookies go back to my childhood years in Guam where my mother would treat us this miniature and delicious chocolate chip cookies. I wasn’t a big fan of sweets but these cookies in particular were something I still remember and still buy when I go to Costco. After practicing a long day of grueling tennis, my sister and I would fight till the last piece. We used to even have the big box in the storage room and nothing was more irritating then to find out that nothing was left in the box, only the empty box. I am happy to learn that they will be opening a cookie shop at the Royal Hawaiian Shopping Center on the 2nd floor. It’s a nice concept of providing a sweet corner. I am sure beach goers, swimmers, and surfers would want to stop here after a long day in the hot sun. Read the news article here.

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The Big Island is set to have the state’s largest rooftop solar-power installation, atop the Kona Commons shopping center. Developer MK Kona Commons LLC, a venture of the MacNaughton Group and Kobayashi Group, has contracted Kailua-based Suntech Hawaii to build an 804-kilowatt photovoltaic system for the retail project. It will be the first shopping center in Hawaii to use such a system.

Kona Commons Shopping Center, currently the latest retail project in the Big Island, will be the first solar-powered shopping center in Hawaii. Electricity price has grown over the years, and it’s a smart move to implement a technology that’s eco-friendly and at the same time cost saving. Big Island seems to be one of the islands that focuses on protecting the environment and proactive with the surroundings. Most of the night lights are dimmed to protect the world’s top astronomy center at Maunakea for the absolute gorgeous star-gazing. For the best star-gazing tour in Japanese, I highly recommend Taikobo Hawaii. Read the news article here.

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Home affordability in Honolulu has long been at or near the bottom of the heap in comparison with Mainland cities, but a new study shows it’s also more difficult to buy a home in Honolulu than in many international cities. An analysis led by a St. Louis-based public policy organization ranked Honolulu the fourth least-affordable place to buy a single-family home out of 227 urban housing markets in Australia, Canada, Ireland, New Zealand, the United Kingdom and the U.S.

I completely agree that buying a residential property here on Oahu (Hawaii) is quite expensive. Median price for a home at this time stands around $650,000. Let’s not forget the cost of living here is also above average in the U.S. You really got to sacrifice or be merry from an estate passed down from your family. Read the news article here.

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In addition to the already announced Apple Inc. store and flagship Hilo Hattie outlet, the latest phase of construction — next door to the popular Cheesecake Factory — will include locations for Bebe and Ferrari, a boutique featuring apparel and other logo items for fans of the Italian automobile.

More high end tenants will move into the Royal Hawaiian Shopping Center as it completes the $115 million renovation this year. Currently, renovations are evident along Kalakaua Avenue and the visibility does look quite attractive since last year. The center has completely rejuvenated from an old and dark setting to a sparkling and modern shopping palace. Read the news article here.

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Happy new year everyone! Sorry for the 2 weeks of absence. I am sure you all had a nice holiday and now in the school/work swing mode. Surf was fun on Saturday at Pops as the lingering swell continued to bring 1 – 3 ft sets. We are definitely in winter as the north shore is getting big waves. Eddie Aikau Big Wave Invitational was on a standby over the weekend as the surf was rising. The waves have to be at least 20 ft or higher for the event to take place usually till February. Weather is getting colder too. And now churning to the commercial real estate news from Hawaii…

Honolulu retail rents have soared to their highest level in a decade, and with property taxes and operating expenses on the rise, the slightest increase in anything else can mean the difference between staying open or closing the doors for good.

According to many retail voices, this past Christmas season was not as great as expected due to the economy slowing down and consumers wary of their wallets and purses. Rents have continued to rise and retailers are faced with tough challenges to either continue or sadly end their business. The global aspect of rising fuel costs and softening of the market all contribute to this tough times.

Since the last week of 2007, I have started to notice the increase of prices with consumer products. My favorite coffee place is charging extra $0.25 per cup of coffee. Our favorite pound cake from Costco is a $1.00 more, and restaurant menu prices have gone up $1.00 – $3.00. That is quite significant if you look at your bill. Gasoline prices have also gone up once again. Back in Guam, my parents are paying almost $4.00 per gallon. Isn’t that crazy??? I probably need to drink hot water from now on… no more coffee and lattes.

And speaking of crazy, this photo from Pacific Business News brought back memories. I remember it used to be Burger King while I was attending UH. Since then, many shops opened and closed and to also mention the location a block (makai) from here. Unfortunately, big restaurant spaces are beginning to close down and retail rents which include base rent, operating expenses and sometimes a percentage rent are driving the retailers crazy. Consequently, the consumers become the final prey. Read the news article here.

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