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.
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.