Friday, August 27, 2010
Forever 21 To Take Over HMV Japan’s Prime Site
OSAKA (Nikkei)–U.S. clothing retailer Forever 21 Inc. will open what will be its largest outlet in Japan at a prime Tokyo location that has been home to HMV Japan KK’s flagship music CD shop.
The fast-fashion store is expected to open by January after renovating the location in the capital’s bustling Shibuya commercial and entertainment district. HMV Japan closed the Shibuya store last Sunday after its sales had been eroded by Internet music delivery in recent years.
Forever 21 will occupy the first-to-sixth floors of the well-situated building, giving it 4,000 sq. meters of floor space, far larger than the U.S. group’s existing four local outlets, including the roughly 3,000 sq. meter store in Tokyo’s posh Ginza district that opened in April.
Keihan Electric Railway Co. (9045) will sublet the space to Forever 21.
(The Nikkei Aug. 27 morning edition)
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