The New West End Company has signed its first international partnership, which will see London’s “Luxury Quarter” twinned with Tokyo’s Marunouchi district.
The deal will covers 300 luxury brands and retailers over nine streets, including the key areas of Bond Street, St James’s, Jermyn Street, Savile Row and “Maison retail streets” such as Mount Street. The areas has been clustered together to create London’s Luxury District. It aims to capitalise on the £117m spend in London by Japanese tourists every year.
Representatives from the Mitsubishi Estate Company, which owns a major part of the Marunouchi were in London yesterday (August 23), with the Japanese Minister and Consul-General Akira Imamura to sign a “Memoradnum of Understanding” between the two areas.
It is hoped the “twinning” strategy will aid cross-promotion of the two luxury retail districts and increase reciprocal visitors to the area. Japanese visitors spend on average £1,300 per visit to London’s West End, according to international shopping and tax-free shopping operator Global Blue, so are a key retail tourism target for the London Luxury district.
In 2009, Tokyo paired with New York’s Madison Avenue, which led to a 15% rise in Japanese visitors to New York over the year following the partnership and a 6.3% rise in average spend by tourists over the same period.
Japanese visitors to New York holding the Marunouchi Card received bonus points when shopping on Madison Avenue, which resulted in new sales and new clients for Madison Avenue’s boutiques.
This international bond will enable cross-promotion of the two luxury retail districts and is set to increase international reciprocal visitors to the area. Japanese visitors spend on average £1,300 per visit to London’s West End, according to international shopping and spending experts Global Blue, so are a key retail tourism target for the London Luxury district.
Jo Kato, director and senior executive officer of Mitsubishi Estate, which heads the Marunouchi Shopping District Committee says: “This twinning will link us to one of the world’s most renowned luxury shopping districts and strengthen our reputation as an international shopping destination. There are many commercial similarities between our Marunouchi area and the London Luxury district, and we expect this partnership to be very fruitful.”