Seibu department store in Tokyo’s Shibuya to close in September: Sources
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The store, located near Shibuya's iconic scramble crossing, has seen declining profit due to competition in the area.
PHOTO: PEXELS
TOKYO – Department store operator Sogo & Seibu will close its Seibu branch in Tokyo’s Shibuya district at the end of September after it failed to reach a lease agreement with the land and building owners amid the area’s redevelopment, sources familiar with the matter said on March 25.
The decision comes as the profit of the outlet near the area’s iconic scramble crossing has declined due to competition from nearby commercial facilities, according to the sources.
The closure will be the first for the operator since its Sogo store in Kawaguchi, Saitama Prefecture, shuttered in 2021.
According to the sources, the company will shut down the Shibuya store’s two main buildings but will continue opening one housing variety-store chain Loft and another featuring retail brand Muji. KYODO NEWS
