The East Japan Railway Co.affiliate aims to establish a foothold in Yurakucho, a prime spot for retail.
Since Seven & i Holdings Co. member Sogo & Seibu Co. decided in January to shutter its Seibu Yurakucho store at the end of December, the focus has been on the next prospective tenant. Aeon Co. , Yamada Denki Co. and other retailers have bid for the space, but Lumine and building owner Asahi Shimbun Co. are expected to soon enter final negotiations.
Lumine is looking to take over space to be vacated by Seibu at the end of this year.
Lumine plans to open a store in the fall of 2011 that primarily sells apparel and knickknacks, aiming to attract prominent domestic and overseas brands.
Lumine currently operates 13 shopping complexes adjacent to major JR East train stations such as Shinjuku. The complexes are home to specialty shops selling apparel, shoes and other items popular with young female shoppers, contributing to Lumine’s 10 straight years of sales and profit growth through the year ended March 31, 2009. But Lumine’s sales declined in fiscal 2009 because of lackluster consumer spending.