Tokyu Plaza Ginza, operated by Tokyu Fudosan Holdings (HD), has been acquired by a Hong Kong fund. Although it was a highly talked-about commercial facility when it first opened, it has declined despite being in prime Ginza real estate. Following the previous report on the current state of the site, this installment features urban journalist Kazuki Tanigashira analyzing the reasons behind its decline.
<a href="https://friday.kodansha.co.jp/article/414695">[Previous installment: &#8220;It Doesn&#8217;t Feel Like Prime Ginza Real Estate&#8221;] — The Reality of Tokyu Plaza Ginza Bought by Overseas Capital, Where the Crowds Are at the Conveyor Belt Sushi Restaurant</a>
<h3>I feel there are problems with the building as a whole. </h3>
So, I’ve reported on the current state of Tokyu Plaza Ginza. Now, what could be the reasons for its struggles?
There are primarily two causes. The first is the building&#8217;s structural issues, and the second is the overall concept of the facility.
Let’s start with the first one.
What I felt about Tokyu Plaza Ginza is that the building’s structure is difficult to understand. There are areas that cannot be accessed by escalators, and the entrance on the first floor is somewhat tucked away, making it hard to get a clear sense of the whole space.
<figure id="attachment_414720" class="wp-caption alignnone" style="width: 2048px;" aria-describedby="caption-attachment-414720"><a href="#" data-ident_hash="4c256ac7"><img src="https://res.cloudinary.com/fridaydigital/image/private/t_article_image/wpmedia/2025/02/030d7e8e966169ab4c7f67c291c333f4.jpg" alt=""></a><figcaption id="caption-attachment-414720" class="wp-caption-text">This is the entrance on the first floor, but it doesn&#8217;t feel like an entrance at all.</figcaption></figure>
<figure id="attachment_414721" class="wp-caption alignnone" style="width: 2048px;" aria-describedby="caption-attachment-414721"><a href="#" data-ident_hash="44fc27b2"><img src="https://res.cloudinary.com/fridaydigital/image/private/t_article_image/wpmedia/2025/02/134ce63057f068a219a0df338fb0b723.jpg" alt=""></a><figcaption id="caption-attachment-414721" class="wp-caption-text">The entrance entrance is also small and a bit confusing.</figcaption></figure>
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 &#8220;Tokyu Plaza Ginza&#8221; 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.
<figure id="attachment_414722" class="wp-caption alignnone" style="width: 2048px;" aria-describedby="caption-attachment-414722"><a href="#" data-ident_hash="e83540a4"><img src="https://res.cloudinary.com/fridaydigital/image/private/t_article_image/wpmedia/2025/02/648b9906a614a4bb30c20591243c65ec.jpg" alt=""></a><figcaption id="caption-attachment-414722" class="wp-caption-text">Looking at the entire building, it is hard to tell which is the clear entrance.</figcaption></figure>
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.
<h3>I don&#8217;t understand the concept.</h3>
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&#8217;s tenants.
The first and second floors are occupied by brand-name stores such as &#8220;BOSS&#8221; and &#8220;Balenciaga,&#8221; 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.
<figure id="attachment_414724" class="wp-caption alignnone" style="width: 2048px;" aria-describedby="caption-attachment-414724"><a href="#" data-ident_hash="47f805d4"><img src="https://res.cloudinary.com/fridaydigital/image/private/t_article_image/wpmedia/2025/02/eb935669c45405844c35aafbd5fe43d7.jpg" alt=""></a><figcaption id="caption-attachment-414724" class="wp-caption-text">You might think there&#8217;s an Emporio Armani, but then suddenly there’s a salon, and even a high-end club. It makes you wonder, &#8220;What kind of building is this?&#8221;</figcaption></figure>
While Japan faces a declining population, new commercial facilities are constantly being developed, and these new facilities must carve out a unique identity. It seems that Tokyu Plaza Ginza has failed in creating such an identity.
The lack of a distinct color leads to a decline in inbound tourists.
In Ginza, there are many attractions beyond Tokyu Plaza Ginza. In terms of commercial facilities, established department stores like Ginza Mitsukoshi and Matsuya Ginza are strong players, and Ginza Mitsukoshi in particular has been performing well thanks to inbound tourism. From the perspective of inbound tourists, shopping in Ginza is often associated with department stores.
For reference, on the travel site TripAdvisor, the number of reviews for Kabuki-za is 1,028, for Ginza Mitsukoshi is 506, and for GINZA SIX is 438, while Tokyu Plaza Ginza has only about 200 reviews. In comparison, Uniqlo Ginza has 481 reviews. This shows that Tokyu Plaza Ginza is not really seen as a tourist destination by inbound visitors.
For these two reasons, Tokyu Plaza Ginza has failed to generate demand not just from inbound tourists but also from domestic visitors.
 How will it be reborn?
As mentioned in the previous part, Tokyu Plaza Ginza has been acquired by a Hong Kong investment fund. Given the current emptiness, this move seems inevitable, but the Hong Kong fund has commented that it intends to revamp the building into a lively commercial facility with a new tenant mix and a consistent concept, transforming it into a new retail hub.
The phrase &#8220;a consistent concept&#8221; directly addresses the issue I pointed out earlier. While the building’s structure is difficult to change, there is plenty of room for improvement when it comes to the tenants within the space.
The transformation of Tokyu Plaza Ginza by the Hong Kong company is expected to begin in 2026, with a potential name change. We will have to wait and see if this facility becomes the new face of Ginza. It’s something to look forward to.

Urban journalist and chain store researcher. He is energetically engaged in articles and interviews on "current cities" 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. His media appearances include "Mezamashi 8" (Fuji TV), "Day Day" (NTV), "Abema Prime" (Abema TV), and "STEP ONE" (J-WAVE).

 Kazuki Tanigashira

 Tokyu Plaza Ginza," which is managed by Tokyu Land Holdings, was acquired by a Hong Kong fund. Why has it declined despite its prime location in Ginza?　In the second part of this report, we will analyze the causes.

What Went Wrong with Tokyu Plaza Ginza in Prime Real Estate?

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