Louis Vuitton has canceled its plans for a flagship store in Tokyo’s Ginza shopping district due to the economic slow down. The store was originally planned for completion in 2010. According to a luxury study by Bain & Co., Japan’s luxury market, which is 12 percent of the global total, is already in a luxury goods recession and is expected to decline by 7 percent this year, vs. a 2 percent decline in 2007.
