Finally, Shirokiya's assets, centered mainly in Tokyo, were devastated during World War II and the subsequent occupation of Japan, whereas Mitsukoshi, spread throughout the nation, fared better.

In 1958, in order to protect itself from a hostile takeover, Shirokiya agreed to be absorbed into the Tokyu Group, a railway company expanding into the retail industry at that time.

In a surprise move, Tokyu opted to sell the Shirokiya company to the seven highest-ranking executives of the Hawaiian store for the amount of $1, taking a $23 million loss.

[5] Themed after a traditional Japanese town reminiscent of old Kyoto, the Japan Village Walk consisted of four main themes: Yataimura (food court & beer garden), Zeppin Plaza (shopping alleys), Omatsuri Hiroba (festival and event square) and Guardian Spirits Sanctuary (good luck deities).

[6] The former Shirokiya space above the Vintage Cave Club was converted into another Ala Moana Center food court called "The Lanai.

"[7][8] Shirokiya's Japan Village Walk and its adjacent Vintage Cave restaurant closed in March 2020 due to the COVID-19 pandemic.

In 2021, Ala Moana's parent company sued Shirokiya Holdings Inc. over almost $8 million in back rent for its locations which had never reopened following the 2020 closure.

Shirokiya countersued claiming that Ala Moana had illegally terminated its leases and had not given the company opportunity to succeed due to pandemic closures and the move to the new location.