Tokyu Land Corporation settled a dispute with H20 Retailing and subsidiary Hankyu Shopping Development regarding the eviction of the Mosaic Ginza Hankyu Department Store in the Ginza Toshiba Building.
H20 is has occupied the building since 1953 when they opened as the Sukiyabashi Hankyu store. In 2004, Hankyu Shopping Development took over operations and the store was renamed to Mosaic Ginza Hankyu.
The Ginza Toshiba Building was built in 1934 by Shimizu Corporation and was the former headquarters for eletronics giant Toshiba. Additions were made to the building in 1966.
In 2007, Tokyu acquired the aging building from Toshiba for 161 billion Yen (1.95 billion USD) with plans to demolish and rebuild. However, the tenant refused the eviction orders.
Under the terms of the settlement, H20 will occupy the building rent-free until August 31, 2012. Tokyu will pay 6 billion Yen (73 million USD) as compensation.
The Mosaic Ginza Hankyu store is scheduled to close in the Summer of 2011.
The Mainichi Shimbun, March 4, 2011.