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LONDON TEAMS WITH TOKYO: A clutch of London’s most upscale shopping streets are partnering with one of Tokyo’s luxury districts, with the aim of increasing luxury consumers’ visits to the two areas. On Monday, the London Luxury Quarter, an area that encompasses Bond Street, St. James’s, Jermyn Street, Savile Row and Mount Street, signed an international partnership with the Marunouchi district in Tokyo. As part of the arrangement, the two areas will each promote the other as retail tourism destinations to their customers. A spokeswoman for London’s Luxury Quarter said specifics of how the two areas will promote each other are yet to be unveiled.
The collaboration follows the partnership that the Marunouchi district — much of which is owned by the Mitsubishi Estate Company — signed with New York’s Madison Avenue in 2009. In the year following the partnership, Japanese visitors to New York increased 15 percent and their spend increased by 6.3 percent, according to figures from NYC and Company, New York’s marketing and tourism organization.
Mark Henderson, chairman of London Luxury Quarter, stated, “Marunouchi is fast becoming the center of the best luxury shopping, mirroring London’s West End with brands like Hermès, Bottega Veneta, Tod’s and Burberry — we anticipate that the partnership will draw in more parallel brands,” he said, adding: “This partnership will enable…retailers in the West End to tap into the 117 million pounds per year [$192.5 million] retail spend from Japanese tourists.”
Jo Kato, director and senior executive officer of the Mitsubishi Estate Company added, “This twinning will link us to one of the world’s most renowned shopping districts and strengthen our reputation as an international shopping destination.”