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Weak Japanese luxury market caused ambitious Ginza project to be dropped
LVMH Moët Hennessy Louis Vuitton SA (Paris) has announced it is eliminating its plans for the 10-story flagship it was going to open in Tokyo in 2010. Women’s Wear Daily reports that the project was dropped against a backdrop of declining luxury goods sales in Japan.
The store on the Ginza was going to be Louis Vuitton’s largest worldwide. A spokeswoman speaking on behalf of Louis Vuitton Japan KK told WWD that Vuitton and its Japanese real estate developer, Hulic Co. Ltd., couldn’t reach a mutually satisfactory agreement.
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