Speaking with GameSpot, a Sony rep said, "Our lease with the Metreon for the PlayStation Store will expire this summer and we have chosen not to renew it." (A rep for the Metreon told GameSpot that the Sony Style Store's lease will expire on March 31st.)
So where will the company throw all those launch parties now? "While we are always looking at new avenues for additional retail exposure and space, we felt it best not to continue with a dedicated PlayStation Store at the Metreon at this time." Looks like if you want to attend a launch party these days and you're on the West Coast, you'd better be ready to lp+lk+down.
[UPDATE]: Edited the headline to clarify information. Our apologies for any confusion that was caused.