Deal struck for game center
By Deborah Adamson
Advertiser Staff Writer
A Japanese owner and operator of entertainment megaplexes plans to open its first U.S. location in Waikiki.
Osaka-based Round One Corp. bought a 30,000-square-foot lot on Beachwalk at the former New Tokyo restaurant location and plans to build an 80,000- to 90,000-square-foot entertainment complex and parking garage spanning six to nine floors.
The center will feature two floors of bowling lanes, 22 karaoke rooms, video games, billiards, dining and other leisure activities.
"It will create additional critical mass and synergy," said Fred Noa, vice president of retail services at CBRE Hawaii, a real estate firm that represented Round One U.S.A. Corp. "This concept will significantly activate development for the immediate area."
The Japanese company closed the land deal yesterday for an undisclosed amount. The seller was RPC Beachwalk LLC.
According to a real estate market report by CBRE Hawaii, retail space in that part of Waikiki runs from $4 to $10 per square foot.
An opening date has not yet been set. The megaplex will be built next to the Burberry store and across the street from the ANA building.
Round One's primary target market is the Japanese visitor, so there should be room in the market for rivals such as Dave & Buster's and Fun Factory, Noa said.
Round One represents a shift in the retail atmosphere of Waikiki away from the high-end designer stores popular during the height of Japanese tourist visits in the late 1980s.
As growth in the number of Japanese tourists remain lackluster, Waikiki retailers are adopting to the change to appeal to other travelers.
"There's been a shift from hyper-luxury to lifestyle and urban edgy," Noa said.
Reach Deborah Adamson at 525-8088 or dadamson@honoluluadvertiser.com.
