Matsuzakaya Ginza department store has closed after trading for nearly 89 years.

The site is to be redeveloped into a commercial complex that will include offices, rooftop garden, event hall and retail tenants.

Matsuzakaya operator J. Front Retailing has yet to decided whether the department store will re-open in the new complex once it is completed in 2016.

The department store opened its doors in 1924. In 1990, it achieved an annual sales of 54 billion yen. However, it started losing revenue with the influx of competitors such as Matsuya, Mitsukoshi and Printemps Ginza.

This year, sales were down 10.2 billion yen.