Ah but that analysis assumes the only cost of retail area is initial purchase price of the undeveloped land. I would theorize the cost of construction is "more or less" the same and certainly the cost of labor to maintain and clean it is very high. Also energy costs to heat, light, cool, ventilate... all "about" the same.
Another failure of analysis is the cost of a sq foot at a reasonably constant level of development. What I mean is a sq foot in Tokyo needs to be compared to a sq ft in Manhattan, not a sq foot in New Mexico 100 miles from the nearest Starbucks. What I'm saying is it doesn't matter if land in Wyoming is cheap, if its empty and shopper-free.
There is also the inventory aspect... assuming a stable scenario (admittedly unlikely) my annual purchases have to subsidize the annual costs of 50 sq feet of "stuff" both inventory and maintenance whereas someone in .jp only has to subsidize the annual costs of 10 sq feet of "stuff", therefore their standard of living should be higher than mine because they don't have to support so much deadweight.
