Tokyo-based PARCO has announced it will purchase the building housing its Tenjin store along with an adjacent building from the Tsuzuki Educational Institution Group for ¥26.5 billion in order to double its retail space. PARCO opened its Tenjin store in March 2010, renting the building formerly occupied by the Iwataya Main Building from the Tsuzuki Group. The adjacent building, formerly the Iwataya New Building, is connected to the main building by a walkway. PARCO’s Tenjin store achieved sales of ¥14.3 billion in 2010—a first-year record for the company. Sales dipped to ¥12.8 billion the next year when Hakata City opened but have since rebounded to ¥14.2 billion. The company decided to buy the buildings and expand its Fukuoka presence in anticipation of increased customer traffic from around Kyushu and neighboring Asian countries. Source: Nishinippon Shimbun, Mar. 18.
