The rumblings are true. As reported by WWD, the LVMH-owned (Louis Vuitton Moet Hennessy) eLuxury.com, retailer of ultra-high end brands such as Louis Vuitton, Marc Jacobs, Versace and similar ilk, will be ceasing its retail operations.  According to WWD, a spokeswoman for eLuxury said "the reason for the closure of the retail operation was not based on the site's financial performance, but rather because many of the brands it sells have developed their own online presences."

The site will not disappear, but instead transform into an online magazine dedicated to "the world of luxury", world being the operative word. The source is quoted as describing the topics to be covered as including "…luxury in fashion, art de vivre, leather goods, wines and spirits, watches and jewelry, gastronomy, cars, yachts and services". Still, the news comes as a shock to many in the fahion and retail industry, especially since eLuxury.com is reported as having "double-digit increases from 2007 to 2008″.

So if you can afford it, drop in and do a little shopping while you still can (we recommend this gorge pair of LV wedges). And while you're at it, keep your fingers crossed that this economy picks up so we don't lose any more of our favorite shopping spots.