SIPY
SIPY is a shopping center in Echizen, Fukui Prefecture, Japan, operated by Royal Sogo Kaihatsu and reopened in 2012 after the bankruptcy of its predecessor cipy.
Last updated September 29, 2026
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Overview
SIPY (シピィ) is a shopping center located in Shinmachi, Echizen City, Fukui Prefecture, Japan. It is operated by Royal Sogo Kaihatsu (ロイヤル総合開発), a company headquartered in Tokyo. The current facility opened on May 23, 2012, as a revival of an earlier shopping center named cipy, which had operated from 1988 until 2010. The name SIPY derives from the English branding "S I Palace Yard," while the Japanese katakana rendering remains シピィ. The predecessor cipy was developed by Takefu Shogyo Kaihatsu, a company established in 1980 with investment from influential figures in the local economy of what was then Takefu City. It opened in March 1988 with 55 specialty stores and a core tenant, Apita Takefu, operated by Uny. The center expanded over the years, adding restaurants and clothing shops in the surrounding area, enlarging its sales floor by about 1.5 times in 1999, and opening a super sento (public bath) called Aqua Cipy in 2001. By 2002 it housed 70 specialty stores, and in the fiscal year ending March 2004 it recorded sales of about 1.2 billion yen. Competition from other shopping centers led to declining tenant income. By the fiscal year ending March 2009, sales had fallen to about 879 million yen with a net loss of 66 million yen. In spring 2009, all shares were sold to Toranomon Shogyo Kaihatsu, a Tokyo-based investment company, and the founding management resigned. After failed negotiations with creditor banks, part of the land and buildings were seized in September 2009, and Takefu Shogyo Kaihatsu filed for civil rehabilitation with debts of about 5.43 billion yen. The core tenant Apita Takefu and the specialty store association decided to close on March 20, 2010. After complicated bankruptcy proceedings, Royal Sogo Kaihatsu acquired the land and buildings, and the facility reopened on May 23, 2012, as SIPY. The renovation cost over 1 billion yen and renewed the interior and exterior. The core tenant became La Mu (Daikokuten Bussan), the first in the Hokuriku region. At reopening, 44 tenants were present, including 24 returning stores, and the number of tenants was reduced from 66 to allow wider aisles and rest areas. A food court and additional specialty stores opened on September 28, 2012, bringing the total to 52 specialty stores. The adjacent super sento reopened as Echizen Otono-yu but closed on June 30, 2019. SIPY remains active as a local shopping center.
History
The history of SIPY begins with its predecessor, cipy, which opened in March 1988 in what was then Takefu City, Fukui Prefecture. It was developed by Takefu Shogyo Kaihatsu, a company established in 1980 with capital from local business leaders. The shopping center was a locally led project with 55 specialty stores and a core tenant, Apita Takefu, operated by Uny. From 1989, a town-building concept was promoted to attract restaurants and menswear shops to the surrounding area, turning it into a commercial district. In 1999, the sales floor was expanded by about 1.5 times, and in 2001, a directly operated super sento called Aqua Cipy opened. By 2002, the number of specialty stores had reached 70. In the fiscal year ending March 2004, Takefu Shogyo Kaihatsu recorded sales of about 1.2 billion yen. After that, competition from other shopping centers caused tenant income to decline. In the fiscal year ending March 2009, sales fell to about 879 million yen, with a net loss of 66 million yen. The debt accumulated from construction and expansion became a burden, leading to management difficulties. In spring 2009, all shares were sold to Toranomon Shogyo Kaihatsu, a Tokyo-based investment company, and all executives including founding president Koji Mitamura resigned. The new management requested repayment grace from four banks including Fukui Bank and Fukuhoku Bank, but negotiations stalled. In September 2009, the Fukui District Court seized part of the land, buildings, and tenant rents based on a petition from Fukui Bank. The newly appointed president resigned to take responsibility, and on September 28, 2009, Takefu Shogyo Kaihatsu filed for civil rehabilitation at the Tokyo District Court with debts of about 5.43 billion yen, effectively going bankrupt. After the filing, the core tenant Apita Takefu and the general incorporated association Sipy Specialty Store Association continued operating independently. However, in October 2009, Takefu Shogyo Kaihatsu suspended its point card system. Disputes over common area fees led to tenants withholding payments, and Takefu Shogyo Kaihatsu failed to pay electricity bills to Hokuriku Electric Power, forcing tenants to pay directly to avoid power cutoff. Customer traffic dropped sharply, with some tenants seeing sales declines of about 40%. In December 2009, Takefu Shogyo Kaihatsu notified tenants of closure by the end of January 2010, and in January 2010, the civil rehabilitation proceedings were discontinued. Uny decided to withdraw by March 24, 2010, and the Sipy Specialty Store Association decided to close, resulting in closure on March 20, 2010. Just before closure, on March 15, 2010, a director of Takefu Shogyo Kaihatsu visited Echizen City Hall to explain that they were not considering personal bankruptcy, would seek a new core tenant, and would continue contracts with Sipy Town tenants. In April 2011, Takefu Shogyo Kaihatsu reapplied for civil rehabilitation, which was officially approved by the Fukui District Court on April 17, 2012. The land and buildings were sold to Royal Sogo Kaihatsu, which distributed proceeds to creditors, and the company was to be liquidated in May 2012. The handling of the bankruptcy was criticized by tenants who complained about lack of transparency and no return of deposits. Royal Sogo Kaihatsu acquired the land and buildings and began renovation in December 2011. On May 23, 2012, the facility reopened as SIPY, with the name changed from cipy to "S I Palace Yard" (abbreviated SIPY). The renovation cost over 1 billion yen. The new core tenant was La Mu, a supermarket operated by Daikokuten Bussan, occupying about 2,500 m2 on the first floor. At reopening, 44 tenants were present, including 24 returning stores. The sales floor area was reduced by about 15% to about 16,000 m2 to allow rest areas and wider aisles. The occupancy rate was about 70%, with vacancies mainly on the second floor. On September 28, 2012, a food court with two restaurants opened on the first floor, and five more specialty stores opened on the second floor, bringing the total to 52 specialty stores. The adjacent super sento reopened as Echizen Otono-yu on the same day but closed on June 30, 2019. SIPY continues to operate as a local shopping center.
- 2019
June 30: Adjacent super sento Echizen Otono-yu closes.
- 2012
April 17: Civil rehabilitation officially approved by Fukui District Court.
- 2012
May 23: SIPY reopens with La Mu as core tenant and 44 tenants.
- 2012
September 28: Food court and additional stores open; total 52 specialty stores.
- 2011
April: Takefu Shogyo Kaihatsu reapplies for civil rehabilitation.
- 2011
December: Royal Sogo Kaihatsu begins renovation.
- 2010
March 20: cipy closes.
- 2009
Fiscal year ending March 2009: sales fall to about 879 million yen, net loss of 66 million yen.
- 2009
All shares sold to Toranomon Shogyo Kaihatsu; founding management resigns.
- 2009
September: part of land and buildings seized; Takefu Shogyo Kaihatsu files for civil rehabilitation with debts of about 5.43 billion yen.
Products and positioning
Local community shopping center in Echizen, Fukui, offering everyday goods and services.
La Mu supermarket
Core tenant operated by Daikokuten Bussan, first in Hokuriku region.
Specialty stores
52 specialty stores including clothing, toys, and imported goods.
Food court
About 460 m2 food court with ramen and rice bowl restaurants.
Sources3 sources
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