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
This week’s round-up of global markets fashion business news also features Latin American mall giants, Nigerian craft entrepreneurs and the mixed picture of China’s luxury market.
Resourceful leaders are turning to creative contingency plans in the face of a national energy crisis, crumbling infrastructure, economic stagnation and social unrest.
This week’s round-up of global markets fashion business news also features the China Duty Free Group, Uniqlo’s Japanese owner and a pan-African e-commerce platform in Côte d’Ivoire.
Affluent members of the Indian diaspora are underserved by fashion retailers, but dedicated e-commerce sites are not a silver bullet for Indian designers aiming to reach them.