A flagship store for Louis Vuitton in Tokyo's Ginza shopping district has fallen victim to the world wide credit crisis. LVMH, the luxury goods group, has stopped talking about opening a store that has been planned for two years. Rumors about the store suggested a 10-floor luxury shopping gallery with a restaurant to rival the new Armani and Bulgari towers that opened in the Ginza district.
Implications - A public relations agent for Louis Vuitton Japan named Yuri Matsueda says that they have "not been able to reach an agreement" about creating this new project in Ginza. Before the credit crunch, luxury designer brands built extremely lavish buildings in high-end Tokyo neighborhoods.