NikeTown, the last tenant in the King Kalakaua Plaza retail complex in Waikiki, plans to close at the end of May.

Nike Inc. said the 31,960-square-foot emporium that opened in 1998 has been slated for closure after a normal review of its retail stores, but the Oregon-based company did not disclose specifics of its decision.

"As a normal course of business, we have and will continue to review our retail fleet to ensure we are creating value for consumers and driving profitability," the company said in a statement.

Nike would not say how many people the two-story store employs, but said it is offering severance packages in accordance with its guidelines and state labor law.

NikeTown's impending departure will leave the three-story King Kalakaua Plaza empty, capping a less-than-stellar decade for the project envisioned to draw a critical mass of pedestrian traffic from Waikiki's retail core westward.

In January, Banana Republic closed its Hawai'i flagship store in the same complex after 11 years in business. A third tenant, sports bar All Star Hawaii, closed about four years ago after replacing the sports-themed restaurant Official All Star Cafe backed by professional athletes, including Tiger Woods, Shaquille O'Neal and Ken Griffey Jr. A fourth space in the building designed for a restaurant on the third floor has never been occupied.

Recently, commercial real estate brokerage firm CB Richard Ellis listed the building on leasehold land for sale at $7 million.

CBRE is marketing the property, which has 200-plus stalls of underground parking, as a "trophy retail" redevelopment opportunity.

The 81,000-square-foot shopping complex was developed by local firm Honu Group for $42 million on the block previously occupied by Kuhio Theatres, bordered by Kalakaua and Kuhio avenues and Kalaimoku and 'Olohana streets.

Honu Group's project at the time was the first new retail center in Waikiki developed in more than 20 years. Though Banana Republic opened first, NikeTown was regarded as the project's anchor.

Both retailers relied heavily on tourists for sales and, like other tourism-dependent businesses in Hawai'i, had to deal with a 10.6 percent decline in visitor arrivals and a $1.2 billion decline in visitor spending last year. A continued, but less severe, decline is expected this year.