Asakusa's Ryounkaku Tower to be revived
Asakusa's Ryounkaku Tower is going to make a reappearance as a new theatre and pachinko hall, featuring a facade that is a replica of the original historic tower.
The Maruhan Shochiku Rokku Tower is scheduled to open in December 2014. At 48 meters tall, it will be 4 meters shorter than the original tower.
The Ryounkaku was a 12-storey octagonal tower built in 1890. It was designed by British engineer William Kinnimond Burton, who spent most of his career in Japan. The first 10 floors were brick, while the top observation floors were wood.Read more
Konami acquires Hotel Seiyo Ginza building
Gaming company Konami Corporation have purchased the Hotel Seiyo Ginza building from Tokyo Theatres for 17.8 billion Yen (180 million USD). Konami plans to convert the hotel into commercial space to be used as gaming development offices. Some of their 3,000 staff in Roppongi will relocate to the Ginza location. They will also develop event spaces which can be used to hold gaming conventions.
The 12 storey building has a total floor area of approximately 19,000 sqm (204,000 sqft) and is on a 2254 sqm block of land. The hotel was opened at the beginning of Japan's bubble in 1987. The 77-room hotel was the first in Japan to offer concierge services. In 2000, Seiyo Corporation filed for bankruptcy and the building was sold to Tokyo Theatres Co. Read more
Matsuzakaya Ginza Department Store to close after 89 years
The Matsuzakaya Ginza Department Store will close its doors on June 30 as the site it occupies is going to be redeveloped.
The department store opened in Ginza the year following the Great Kanto earthquake of 1923, and is the oldest department store in the famed shopping district. At the height of Japan's bubble in 1990, annual sales reached 54 billion Yen. However, revenues began to drop due to growing competition from other department stores, including Mitsukoshi, Matsuya and Printemps Ginza, and an influx of fast fashion retailers. By 2013, sales were down to 10.2 billion Yen. Read more
Avoiding consumption tax increase too late for some
It may already be too late for some buyers looking to build their own home before the planned consumption tax increase next year. A last minute rush by buyers nationwide and a shortage in land and building materials means that some buyers will miss out on the current 5% tax rate.
A clause in construction contracts states that 'if the contract was signed at least 6 months prior to an increase in consumption tax, the tax rate applied at the time of hand-over will be the rate in effect at the time the contract was signed'. This means buyers must have their construction contracts signed before the end of September 2013 in order to lock-in the 5% consumption tax rate, otherwise they may be subject to the 8% rate which is scheduled to kick in on April 1, 2014.Read more