Tokyu Plaza Ginza After Foreign Acquisition—Current State Revealed

“Tokyu Fudosan Holdings (HD) has been managing ‘Tokyu Plaza Ginza,’ a prime property in Ginza, which has now been acquired by an overseas fund. The company’s ‘Sakura Stage’ is also reportedly struggling. On the other hand, ‘Omokado’ and ‘Harakado’ are said to be performing well. Both commercial facilities attracted significant attention when they first opened, but what caused the stark contrast in their fortunes? Urban journalist Kazuki Tanigashira reports on the current state of ‘Tokyu Plaza Ginza.'”

“Tokyu Plaza Ginza,” once bustling after opening, now faces a different reality

Right next to the Sukiyabashi intersection in Ginza, there is a particularly striking building.

It is Tokyu Plaza Ginza.

Opened in 2016, it initially thrived, especially among inbound tourists.

However, after the COVID-19 pandemic and other factors, foot traffic gradually declined, and the building is now nearly empty. In February of this year, it was announced that it would be acquired by Hong Kong investment firm Gaw Capital Partners. While the management will change and the facility will be renovated, its future direction remains uncertain.

Why has this place declined despite being in a prime location in Ginza? Through an on-site report, we will explain the reasons.

In summary, there are two main factors: the facility’s concept is unclear and the building’s structure has issues. What exactly does this mean?

 Ginza overflowing with inbound visitors

Walking a short distance from the heart of Ginza, I head toward Tokyu Plaza Ginza.

It was a weekday afternoon when I walked, yet what stood out the most were the inbound tourists. In particular, there were many Western tourists, leisurely window-shopping at storefronts like Hermès and Armani along the street.

The Ginza 4-chome intersection is especially crowded. Known for the iconic Wako clock tower, the scene is striking—most of the passersby at the intersection are foreigners, making me momentarily wonder, “What country am I in again?”

After a few minutes of walking, being tossed about by the waves of foreigners, I saw Tokyu Plaza Ginza. You will see the Tokyu Plaza Ginza. The entire building shines in metallic black, and stands out in the midst of the many chic buildings in Ginza.

Incidentally, “Sony Park” opened in January right in front of “Tokyu Plaza Ginza,” which also stands out with its rather futuristic form (although it is rather low-rise). Together with Tokyu Plaza Ginza, the area is home to a collection of distinctive buildings.

At the entrance, there is a small escalator leading into the building. It appears that this is how you enter the building.

I took the escalator to the inside of the building. Now, let’s see what it looks like inside.

“There’s no one here.”

As I step inside, a vast space unfolds before me.

There’s no one here.

There are a few people scattered in the stores, but compared to the bustle of Ginza outside, the difference is striking.

As I walk past the apparel shops, I come across an empty space.

In my work, I often visit local shopping centers, and this is the kind of scene I see there. It is hard to believe that this is a prime location in Ginza.

A short walk away, the shutters were closed, and some areas were inaccessible.

I went up the escalator and looked around the other floors. However, every floor had about the same number of people. There were no sharp tenants in the stores, but rather a lot of general apparel shops.

The seventh floor is an event space, but the stores are probably pop-up stores. It is very sad.

The building is made of glass so that one can see what is going on outside, but compared to the bustle of the place, I feel indescribably sad.