Tokyo (majirox news) – The unprofitable Matsuzakaya Ginza Department Store will be demolished by the end of 2013.
One of the first department stores in Ginza, the store has seen its fortunes and sales fall over the last decade, as families have turned to suburban malls and young shoppers have turned to fast-fashion. Even with the addition of Forever 21, Matsuzakaya Ginza has been steadily losing customers and sales.
Mori Building Co. and J. Front Retailing plan to dismantle Matsuzakaya Ginza and replace it with the largest and most prestigious commercial complex in ritzy Ginza.
Expected to be completed by 2016, the new building will have 18 floors with 12 floors above the ground and 6 floors under the ground for a total of 140,000 sq. meters. There will be 6 floors dedicated to retail space covering about 45,000 sq. meters with the main tenant, of course, being J. Front Retailing (department store) along with foreign and domestic retailers.
Total cost of demolishing Matsuzakaya Ginza, redeveloping the surrounding areas and building the new complex is estimated to cost up to 90 billion yen (about 1 billion dollars). The consortium, including J. Front Retailing and Mori Building, plans to submit its blueprint to the Tokyo Metropolitan Government soon. The government will make a decision on the project by the end of the year.
Interesting fact: In 1924 Matsuzakaya Ginza was the first department store to allow customers to wear their outdoor shoes in the department store.
Link: Uniqlo misses the global target http://www.majiroxnews.com/2011/05/10/uniqlo-misses-the-global-target/
Tokyo since 2003 Timothy Schepis of TokyoFashionDaily is “the voice for retail fashion.” Through his constantly expanding network he is on the inside of Japan’s competitive and complex retail fashion industry looking out.