&#8220;Tokyu Fudosan Holdings (HD) has been managing &#8216;Tokyu Plaza Ginza,&#8217; a prime property in Ginza, which has now been acquired by an overseas fund. The company’s &#8216;Sakura Stage&#8217; is also reportedly struggling. On the other hand, &#8216;Omokado&#8217; and &#8216;Harakado&#8217; 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 &#8216;Tokyu Plaza Ginza.'&#8221;
<h3>“Tokyu Plaza Ginza,” once bustling after opening, now faces a different reality</h3>
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&#8217;s concept is unclear and the building&#8217;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.
<figure id="attachment_414697" class="wp-caption alignnone" style="width: 2048px;" aria-describedby="caption-attachment-414697"><a href="#" data-ident_hash="a3c509e4"><img src="https://res.cloudinary.com/fridaydigital/image/private/t_article_image/wpmedia/2025/02/f3ccdd27d2000e3f9255a7e3e2c48800.jpg" alt=""></a><figcaption id="caption-attachment-414697" class="wp-caption-text">It was a weekday afternoon, but there were many people on the street. Most of them were tourists.</figcaption></figure>
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, &#8220;What country am I in again?&#8221;
<figure id="attachment_414698" class="wp-caption alignnone" style="width: 2048px;" aria-describedby="caption-attachment-414698"><a href="#" data-ident_hash="e3ce8c9b"><img src="https://res.cloudinary.com/fridaydigital/image/private/t_article_image/wpmedia/2025/02/156005c5baf40ff51a327f1c34f2975b.jpg" alt=""></a><figcaption id="caption-attachment-414698" class="wp-caption-text">Ginza 4-chome intersection is crowded with foreigners.</figcaption></figure>
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.
<figure id="attachment_414699" class="wp-caption alignnone" style="width: 2048px;" aria-describedby="caption-attachment-414699"><a href="#" data-ident_hash="bdd7f5ed"><img src="https://res.cloudinary.com/fridaydigital/image/private/t_article_image/wpmedia/2025/02/799bad5a3b514f096e69bbc4a7896cd9.jpg" alt=""></a><figcaption id="caption-attachment-414699" class="wp-caption-text">Tokyu Plaza Ginza, with its distinctive black, angular form.</figcaption></figure>
Incidentally, &#8220;Sony Park&#8221; opened in January right in front of &#8220;Tokyu Plaza Ginza,&#8221; 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.
<figure id="attachment_414700" class="wp-caption alignnone" style="width: 2048px;" aria-describedby="caption-attachment-414700"><a href="#" data-ident_hash="c9261cc0"><img src="https://res.cloudinary.com/fridaydigital/image/private/t_article_image/wpmedia/2025/02/d0096ec6c83575373e3a21d129ff8fef.jpg" alt=""></a><figcaption id="caption-attachment-414700" class="wp-caption-text">The mysterious building in the foreground is &#8220;Sony Park,&#8221; which opened in January 2025.</figcaption></figure>
At the entrance, there is a small escalator leading into the building. It appears that this is how you enter the building.
<figure id="attachment_414701" class="wp-caption alignnone" style="width: 2048px;" aria-describedby="caption-attachment-414701"><a href="#" data-ident_hash="ec3e75ef"><img src="https://res.cloudinary.com/fridaydigital/image/private/t_article_image/wpmedia/2025/02/032b2cc936860b03048302d991c3498f.jpg" alt=""></a><figcaption id="caption-attachment-414701" class="wp-caption-text">The escalator is a little difficult to find from the outside.</figcaption></figure>
I took the escalator to the inside of the building. Now, let&#8217;s see what it looks like inside.
<figure id="attachment_414702" class="wp-caption alignnone" style="width: 2048px;" aria-describedby="caption-attachment-414702"><a href="#" data-ident_hash="2ae8d8fc"><img src="https://res.cloudinary.com/fridaydigital/image/private/t_article_image/wpmedia/2025/02/18e2999891374a475d0687ca9f989d83.jpg" alt=""></a><figcaption id="caption-attachment-414702" class="wp-caption-text">We go through the futuristic escalator and go inside.</figcaption></figure>
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<h3>&#8220;There’s no one here.&#8221;</h3>
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.
<figure id="attachment_414703" class="wp-caption alignnone" style="width: 2048px;" aria-describedby="caption-attachment-414703"><a href="#" data-ident_hash="75764ca9"><img src="https://res.cloudinary.com/fridaydigital/image/private/t_article_image/wpmedia/2025/02/8cda81fc7ad906927144235dda5fdf15.jpg" alt=""></a><figcaption id="caption-attachment-414703" class="wp-caption-text">I step inside and turn around. There’s nothing there.</figcaption></figure>
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.
<figure id="attachment_414704" class="wp-caption alignnone" style="width: 2048px;" aria-describedby="caption-attachment-414704"><a href="#" data-ident_hash="ad974c39"><img src="https://res.cloudinary.com/fridaydigital/image/private/t_article_image/wpmedia/2025/02/8df7b73a7820f4aef47864f2a6c5fccf.jpg" alt=""></a><figcaption id="caption-attachment-414704" class="wp-caption-text">It goes on and on like this. Reminiscent of a local shopping center.</figcaption></figure>
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.
<figure id="attachment_414706" class="wp-caption alignnone" style="width: 2048px;" aria-describedby="caption-attachment-414706"><a href="#" data-ident_hash="e9409032"><img src="https://res.cloudinary.com/fridaydigital/image/private/t_article_image/wpmedia/2025/02/9414a8f5b810972c3c9a0e2860c07532.jpg" alt=""></a><figcaption id="caption-attachment-414706" class="wp-caption-text">View of Sukiyabashi intersection. The bustle is completely different between the outside and the inside.</figcaption></figure>
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<h3>Are inbound stores also running empty?</h3>
The biggest factor behind this emptiness is likely the lack of inbound tourists. Inside the building, the once-abundant influx of foreign visitors seen in the streets of Ginza is almost nonexistent.
Originally, Tokyu Plaza Ginza was established in 2016. At the time, the Abe administration’s tourism promotion policies, initiated in 2012, had led to a surge in foreign visitors across Japan. In 2012, the number of inbound tourists was 8.36 million, but by 2016, when Tokyu Plaza Ginza opened, it had skyrocketed to 24 million—nearly three times as many. Given this backdrop, the facility attracted a large number of tourists in its early days.
From the start, Tokyu Plaza Ginza was designed with inbound tourism in mind, as reflected in its tenants. The 8th and 9th floors house the Lotte Duty Free store, operated by a major South Korean conglomerate, selling luxury goods, cosmetics, premium liquor, and electronics. A Nikkei report at the time of its opening stated, “The goal is to create a ripple effect of visitor attraction throughout the building. The store occupies a total floor space of 4,440 square meters” (Nikkei Shimbun, &#8220;A Thorough Analysis of the First Phase of Ginza’s Major Transformation: Tokyu Plaza Ginza&#8221;).
So, has the Lotte Duty Free store succeeded in generating this ripple effect?
<figure id="attachment_414707" class="wp-caption alignnone" style="width: 2048px;" aria-describedby="caption-attachment-414707"><a href="#" data-ident_hash="921aedbe"><img src="https://res.cloudinary.com/fridaydigital/image/private/t_article_image/wpmedia/2025/02/edab7ba7e203cd7576d1200465194ea8.jpg" alt=""></a><figcaption id="caption-attachment-414707" class="wp-caption-text">A deserted floor</figcaption></figure>
After all, there were no people.
The 4,440-square-meter floor space inversely amplifies the feeling of loneliness. The only place that was barely occupied was the area where medicines and other items were sold. Drugstores in tourist areas, not limited to Ginza, all have many inbound customers, and Tokyu Plaza Ginza seems to be no different.
<h3>The most crowded place is the conveyor belt sushi restaurant</h3>
Despite the rattiness of Tokyu Plaza Ginza, there is one place where crowds of people gather locally.
It is the conveyor belt sushi restaurant.
The most crowded place I visited was the &#8220;Conveyor-belt Sushi Restaurant Nemuro Hanamaru&#8221; on the 10th floor restaurant floor.
I visited at lunchtime, and the wait time was over 90 minutes. There was a line in front of the restaurant. Most of them were foreign tourists. Conveyor-belt sushi Nemuro Hanamaru is a local conveyor-belt sushi chain that is rapidly gaining popularity. It must be a hot topic among foreigners as well.
<figure id="attachment_414709" class="wp-caption alignnone" style="width: 2048px;" aria-describedby="caption-attachment-414709"><a href="#" data-ident_hash="0ce55ba9"><img src="https://res.cloudinary.com/fridaydigital/image/private/t_article_image/wpmedia/2025/02/64b8299d1597b8a5c7b9cb9c88642f6c.jpg" alt=""></a><figcaption id="caption-attachment-414709" class="wp-caption-text">In front of &#8220;Kaitenzushi Nemuro Hanamaru</figcaption></figure>
The udon chain &#8220;Tsurutontan&#8221; on the same floor was equally crowded with Japanese and foreign tourists. This restaurant had about half Japanese customers and half foreign tourists.
This makes me wonder if the restaurant floor is the main attraction of Tokyu Plaza Ginza.　It seems as if the restaurant floor is the centerpiece of the Tokyu Plaza Ginza. The food content is very strong.
Sadly, however, the shower effect that had been aimed for on the duty-free floor does not seem to be happening. That&#8217;s because most people are waiting for their turn at the front of the store. I couldn&#8217;t even go downstairs.
Along with these upper floors, there were many people on the basement floor. This is where &#8220;Tully&#8217;s&#8221; and relatively inexpensive restaurants are located. There are also general stores and grocery stores, giving it the appearance of a department store.
<figure id="attachment_414711" class="wp-caption alignnone" style="width: 2048px;" aria-describedby="caption-attachment-414711"><a href="#" data-ident_hash="ba82b9cf"><img src="https://res.cloudinary.com/fridaydigital/image/private/t_article_image/wpmedia/2025/02/e89666feb714ab9c3946f28f00c5d8c4.jpg" alt=""></a><figcaption id="caption-attachment-414711" class="wp-caption-text">It seemed to be visited by businessmen and office workers working around the area.</figcaption></figure>
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Incidentally, this underground floor is directly connected to the Ginza subway station, making it easy to get to for those using the station. It would be convenient for people who have a little free time, such as at &#8220;TULLY&#8217;S&#8221;.
<figure id="attachment_414713" class="wp-caption alignnone" style="width: 2048px;" aria-describedby="caption-attachment-414713"><a href="#" data-ident_hash="3778b758"><img src="https://res.cloudinary.com/fridaydigital/image/private/t_article_image/wpmedia/2025/02/ca538c343179bf0fbdfab6cd10469afd.jpg" alt=""></a><figcaption id="caption-attachment-414713" class="wp-caption-text">Connected by such an underground passageway.</figcaption></figure>
However, as with the restaurants on the upper floors mentioned earlier, it is tough to say that people who wander in from the station will not be able to look around the upper floors. In the end, there are only people who come to one destination, and there is not much room for circulation within the building.
How did a commercial facility that was the talk of the town when it first opened, and yet it is located in a prime Ginza location, fall into decline?
In Part 2, we will examine the causes of its predicament.
<a href="https://friday.kodansha.co.jp/article/414718">[Sequel: “It Feels Like Just Another Random Building… What Went Wrong with Tokyu Plaza Ginza in Prime Ginza Real Estate?” Click Here]</a>

 Urban journalist and chain store researcher. He is energetically engaged in articles and interviews on "current urban" themes such as chain stores, theme parks, and urban redevelopment. He is known not only for his "now" approach, but also for his examination and critique of cities based on their "past. His books include "Niseko-ka suru Nippon" ("Niseko-ka suru Nippon") and "Why Are There Penguins in Donki? Currently, he writes articles and interviews for Toyo Keizai Online, Gendai Business, Bunshun Online, and various other media. Media appearances include "Mezamashi 8" (Fuji TV), "Day Day" (NTV), "Abema Prime" (Abema TV), and "STEP ONE" (J-WAVE).

 Kazuki Tanigashira

 Tokyu Plaza Ginza, a prime Ginza location operated by Tokyu Land Holdings (HD), has been acquired by a foreign fund. Urban journalist Kazuki Tanigashira reports on the current status of Tokyu Plaza Ginza.

Tokyu Plaza Ginza After Foreign Acquisition—Current State Revealed

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