Today, Seibu Department Store in Yurakucho bids a fond goodbye to Japan.
Long an icon of department store might it is now just a vivid reminder of how far the mighty department stores in Japan have fallen.
First opened in 1984, Yurakucho Seibu steadily lost costumers and sales as other apparel and accessories retailers opened up and took hold. For the year ending 2010 Yurakucho`s sales amounted to 13.8 billion yen a far cry of from 1982 when it reached almost 30 billion yen.
Taking over from Seibu will be Lumine, which it set to open in the fall of 2011, while Hanyku department store next store will renovate and copying their Umeda success open a men’s annex.
Will Lumine find success where Seibu could not? Although the demographics are different the overall strategy of department stores is not, having not changed in decades by lack of want or will, Seibu is not the first department store to close down and surely will not be the last.