Global fashion house Louis Vuitton will this week relaunch its flagship Melbourne store after a multi-million dollar renovation.
While traditional departments stores struggle, the top end of the Australian retail market continues to boom thanks to an influx of tourism spending from China and Asia.
According to a recent IBISWorld report, the luxury market in Australia has bucked the downward trend in retail. The industry is now worth AUD2 billion a year to the Australian economy. It is forecast to grow at an annual rate of 8.6 percent through to 2020.
(Source: The Sydney Morning Herald Online )