(Above-left: Concept of LV Ginza flagship store; right: LV Paris flagship store)
Seems to be a lot of cancellations happening in the fashion world this week. Louis Vuitton has just announced that due to the global economic crisis, they will not be opening a flagship store in Tokyo’s 5th Avenue equivalent district, Ginza.
Originally the planned 12-floor, 130,000 square foot store was to be such a glorious marvel in the East that would be rivaling its Paris sister store.
Despite the fact that Louis Vuitton will not be operating from the premises of this 12-floor retail building, however, the construction company Hulic Co. says that they will continue completion and invite other luxury retailers to come in.
Reality for Louis Vuitton is that Japan’s not as hot a market as it used to be, and this year they are even slashing prices in the area for the Christmas season. There was a seven percent decrease in sales for the year by September 30 for Louis Vuitton in Japan.
