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 Olympic games typically bring a boost to host countries’ retail and hospitality businesses, but Japan will miss out following a ban on foreign spectators aimed at curbing the spread of Covid-19, Retail News Asia reports.
Though developers have invested around 300 billion yen (around $2.7 billion) in readying the Shibuya district’s shopping and dining spaces in recent years, a much-needed uptick in sales from tourist spending will not be happening anytime soon. Take Shibuya Scramble Square, a 230 meter skyscraper among the Shibuya projects developer Tokyu Corp poured 110 billion yen ($1 billion) into in anticipation of the 2020 games, later postponed to 2021.
Beyond Shibuya, major luxury department stores like Mitsukoshi and Ginza Six are also suffering from travel restrictions. Sales of 196 stores in the country counted a total of 326.5 billion yen ($3 billion) in sales in January, marking the figure’s 16th consecutive monthly decline, according to Japan’s Department Store Association.
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.