Japanese Shun Vuitton for Wal-Mart

Wall Street may see signs of recovery, but the recession is still being felt around the globe. Even Japan, long recognized as a bastion for luxury where high end is commonplace, has seen a dramatic drop in the purchases of luxury items. Designer handbags and scarves are now being replaced with shopping sprees at discount retailers such as Seiyu, a subsidiary of Wal-Mart Stores. Louis Vuitton, a longtime favorite handbag designer of the Japanese, has seen a 20% decline in profits in 2009 and canceled their plans to open a Tokyo store due to lack of profit. Seiyu on the other hand,  is seeing an uptick for the first time in nine years. One Japanese consumer comments on the transformation of fashion as a status symbol in Japan, saying “people used to feel they needed a Louis Vuitton to fit in, but younger girls don’t think like that anymore.” This new economic environment has allowed the younger generations of Japan to find fashion inspiration through treasures found in secondhand thrift stores instead of the traditional high end labels.

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