Tokyo, Japan (CNS) – Louis Vuitton’s plans to open a store in Tokyo’s Ginza shopping district have reportedly been put on hold due to the fall in sales of luxury goods. The world’s largest luxury-goods maker had planned to open a Louis Vuitton store in a 12-story building to be completed in 2010, according to Nikkei.
The French company agreed to abandon a lease contract with Japanese real estate developer Hulic Co. amid a decline in demand of expensive goods.
Yuri Matsueda of Burson-Marsteller, a public relations agent for Louis Vuitton Japan said in a press release, “We have not been able to reach an agreement with Hulic on a store development project in Ginza.”
If building has been completed on the store, it would have been Louis Vuitton’s largest worldwide store in the world.