Tokyu Plaza Ginza” – What did Tokyu Land Corporation do wrong at a prime location in Ginza?

Tokyu Plaza Ginza,” which is managed by Tokyu Land Holdings (HD), has been acquired by a Hong Kong fund. This commercial facility was the talk of the town when it first opened, but why has it fallen into decline despite its prime location in Ginza?　In Part 2, urban journalist Kazuki Tanigashira analyzes the causes.

Click here for Part 1: “It’s hard to believe it’s a prime location in Ginza” and people are eating conveyor-belt sushi… Tokyu Plaza Ginza, which was acquired by foreign capital, is now in a state of disrepair.

I feel there are problems with the building as a whole. ……

So, I have reported on the current state of “Tokyu Plaza Ginza.
So what is the cause of its current predicament?

There are two main reasons: the first is a problem with the structure of the building, and the second is a problem with the overall concept of the facility.

Regarding the first.

What I felt at Tokyu Plaza Ginza was that the overall structure of the building was difficult to understand. There are places that cannot be reached by escalators, and the entrance on the first floor is located far back, making it difficult to grasp the entire building.

In the previous section, I pointed out the lack of circulation within the building, and I think this is partly due to the structure of the building. I think it is difficult for people to wander around in the entire building even if certain areas are crowded.

Also, the entrance to “Tokyu Plaza Ginza” is narrow and gives the impression that the building as a whole is somewhat closed. Especially in a town like Ginza, where window shopping is a prerequisite, it is difficult to enter unless the front part of the building, called the facade, is wide and open to passersby.

The only thing that can be identified as an entrance from the outside is a single escalator, and it would be difficult to wander outside and not think of going inside. The black form of the building is chic and cool, but it seems to be drawing people away from the building.

I don’t understand the concept.

Second, it is difficult to understand the overall concept of the facility.

Walking around the building, one notices a lack of unity among the building’s tenants.

The first and second floors are occupied by brand-name stores such as “BOSS” and “Balenciaga,” but the third floor and beyond are lined with miscellaneous stores. Some of them are physical therapy stores, and suddenly there are personal gyms. The basement contains restaurants and coffee shops for everyday use, making it difficult to get an overall image of what kind of facility this is. To put it in a snide way, it looks like “some kind of a small apartment building,” and it is difficult to grasp the concept of the building as a whole.

As the population continues to decline and new commercial facilities increase, new facilities must have their own unique color. It seems to me that “Tokyu Plaza Ginza” is failing to create such a color.

Lack of color will lead to a decline in the number of visitors to Japan.

Ginza has a lot of content that attracts tourists other than Tokyu Plaza Ginza. In terms of commercial facilities, long-established department stores such as “Ginza Mitsukoshi” and “Matsuya Ginza” are particularly strong, and “Ginza Mitsukoshi” in particular has been performing well, supported by inbound tourism. Conversely, from an inbound perspective, shopping in Ginza is associated with the image of “department stores.

Although this is only for reference, the travel website TripAdvisor has 1028 reviews for “Kabuki-za,” 506 for “Ginza Mitsukoshi,” and 438 for “Ginza Six,” while “Tokyu Plaza Ginza” has about 200. Incidentally, since “UNIQLO Ginza Store” received 481 visits, it is clear that “Tokyu Plaza Ginza” is not really considered as a tourist attraction by visitors to Japan.

For these two reasons, “Tokyu Plaza Ginza” may have become a building that does not stimulate demand not only for inbound tourists but also for people in Japan.

How will it be reborn?

As I wrote in the previous section, “Tokyu Plaza Ginza” is to be acquired by a Hong Kong investment fund. While this is not surprising given the rickety situation, the Hong Kong fund is said to have commented, “We will renew it as an unprecedented and vibrant commercial facility with a new tenant composition and a consistent concept, and transform it into a new retail hub.

The comment “with a coherent concept” seems to capture exactly the problem I pointed out earlier. While the structure of the building itself is beyond control, there is plenty of room for consideration regarding the tenants that will be housed within it.

The transformation of “Tokyu Plaza Ginza” by the Hong Kong company will begin in 2014, when the name will also be changed. Whether or not this facility will become the new face of Ginza at that time is a question that we will have to wait and see. We await with great anticipation.