The Business of Fashion
Agenda-setting intelligence, analysis and advice for the global fashion community.
Agenda-setting intelligence, analysis and advice for the global fashion community.
The South Korean capital’s famous shopping area, which houses Laneige, Etude House and Stylenanda stores, is being hit hard by social distancing measures, which are currently the country’s toughest since the pandemic began due to a surge in cases and a slow vaccine rollout, RLI reports.
Myeongdong’s vacancies have reached 43.3 percent, according to the Korea Real Estate Board, above the 31.9 percent and 22.6 percent felt by Itaewon and Hongdae/Hapjeong, other neighbourhoods once jam-packed with stores and restaurants and beloved by locals and tourists alike. The board attributes store closures, which are higher for larger stores, to travel restrictions keeping visitors out of the country.
Rents have also gone down. The average fee for large boutique spaces in the second quarter of 2021 declined 0.21 percent from the first quarter.
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Seoul Department Stores Close Temporarily as Covid-19 Cases Surge
Chanel, Louis Vuitton and Tiffany & Co are among the brands expanding in Perth, Australia in a bid to tap its mining, oil and gas wealth and newfound status as a travel hub.
This week’s round-up of global markets fashion business news also features Haiti’s sourcing crisis, Brazilian jewellery giant Vivara and Dubai’s Ramadan shopping season.
This week’s round-up of global markets fashion business news also features Supreme’s long-awaited Shanghai flagship opening, India imposes MIP on undervalued imports of synthetic knitted fabric and striking Sri Lankan workers continue to protest.
Imran Amed shares his observations from a trip to the wealthy desert metropolis, home to the most lucrative stores for many of the world’s top fashion brands.