What: Fashion and beauty brands are leaving the mall.

Why it is important: The mall hit hard as it was mainly relying on Asian tourists.

More than a dozen stores closed in Tokyo's high-end Ginza Six mall this week, as the coronavirus pandemic kept big spending foreign tourists and other luxury shoppers away from Tokyo.

The luxury retail complex opened in 2017 with around 240 stores, as a symbol of the Ginza district's revival and as a popular destination for Asian tourists.

Ginza shopping district had struggled with shoppers' shift to other areas such as Omotesando. While Isetan Mitsukoshi sales are -30% in 2020 compared to 2019, Mitsukoshi Ginza store is -50%.

Stores close in Tokyo's high-end mall amid travel bans, Real Estate