SAPPORO, Japan, March 13, 2024 /PRNewswire/ -- Nitori Holdings Co., Ltd. based in Sapporo, northern Japan, has announced the launch of its first Nitori store in the Philippines, aiming to accelerate more store openings in the Asian market. The first store in the Philippines will open in April in "MITSUKOSHI BGC," a huge shopping center in Manila.
Image:
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Nitori is Japan's largest furniture and home-furnishing retail chain and its vision is to operate 3,000 stores and achieve sales of 3 trillion yen by 2032, based on the mission statement "To enrich the homes of people all over the world." The main business of the Nitori Group is opening "Nitori" stores that sell furniture and home-furnishing products. The Group also has a wide range of business operations such as "Deco Home" stores that sell home-furnishing products with a focus on daily necessities, "Shimachu" home improvement stores that sell hardware, daily goods and furniture, and "N Plus" stores that sell apparel for adult women. Nitori has opened 810 stores in Japan and 173 stores in foreign countries/regions around the world, such as Mainland China, Hong Kong, Taiwan, Republic of Korea, Malaysia, Singapore, Thailand and Vietnam, with a total of 983 stores, and the number of stores will be 1,001 by March 31. In 2023, there were 340 million customers who visited the Nitori stores. The number of shoppers exceeded 100 million, making it safe to say that Nitori is the number one home-furnishing store in Asia.
The Nitori Group has built a business model, encompassing everything from product planning to manufacturing, distribution and sales, in order to provide a wide variety of products that "offer the unexpected" of excellent quality at low prices. In the process, Nitori has built a network in the Asian region consisting of many partner companies and of its own factories and trading companies. Along with numerous business partners, Nitori is striving to propose the creation of enjoyable, prosperous, and totally coordinated living spaces to people all over the world.
The Asian market, where significant growth is expected, is important for the realization of the Nitori Group's mission and vision. Hence, it has positioned the expansion of its store network by accelerating store openings as one of its top priorities. Due to the size and potential growth of the Philippines' population and economy, Nitori has been seeking opportunities to enter and expand its stores in the country for a long time. The company will continue to build the store network, aiming to open 50 stores by the end of 2032.
Following its market entries in Malaysia and Singapore in 2022, Nitori has opened its first stores in Thailand, Hong Kong, Korea and Vietnam so far in FY2023, prior to its opening in the Philippines. In each case, Nitori has received great support from many customers in each region. Furthermore, Nitori plans to open new stores in Indonesia and India. As of today, Nitori has 45 overseas stores and expects to add 6 more stores this month, which will bring the total to 51 by the end of FY2023. By the end of FY2024, Nitori plans to increase its number of overseas stores by an additional 100. In order to realize its mission and vision, the company aims to open more than 200 overseas stores per year in the near future.
*Nitori's fiscal year (FY) is from April 1 to March 31.
First Philippine store opening in April
Facility name: MITSUKOSHI BGC
Location: 3rd Floor, Unit 0301-0303, MITSUKOSHI BGC, 8th Ave. Corner 36th St., Grand Central Park, North BGC, Taguig City
*Details: TBA at a later date
Comment from Akio Nitori, Representative Director & Chairperson (CEO) of Nitori Holdings Co., Ltd.:
"We are going to accelerate the expansion of our business within the Asian region, which is expected to achieve significant economic growth over the long term and serves as the core of the supply chain that supports the Nitori Group. We are very grateful that the total number of our stores will reach 1,000 by the end of this month. We will further accelerate the pace of our store openings, aiming for 200 each year, to capitalize on the growth of Asia and to meet the needs of our customers in the region. We are very pleased to be able to bring Nitori products to more countries, regions, and customers."
Comment from Masanori Takeda, Executive Vice President, In Charge of Overseas Businesses General Manager, Global Merchandising Division General Manager, Global Sales Promotion Office, Nitori Holdings Co., Ltd.:
"We are accelerating our store openings within the Asian region and had realized the first store in Thailand, Hong Kong, Korea and Vietnam last year. Our goal is to operate 2,000 overseas stores and to achieve an annual overseas sales equivalent of 1 trillion yen by 2032. We will continue to take on the challenge of providing the same standards of quality refined in Japan to the Asian region, so that we can resolve the 'discontent, dissatisfaction, and inconvenience' of our customers and so that more customers can enjoy coordinating various lifestyles and homes around the world."
About Nitori International Scholarship Foundation
Akio Nitori, the founder of the Company, donated his financial resources to establish the Nitori International Scholarship Foundation in March 2005. He wants to give back to the Asian countries and regions for their tremendous help and support in achieving the goals of Nitori Holdings Co., Ltd. Furthermore, he offers non-repayable scholarships to contribute to further friendship and human resource development around the world.
As of March 31, 2023, it had 9,254 students supported in around 46 countries and regions with a total of 4.22 billion yen.
Map showing students' home countries and regions:
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Nitori International Scholarship Foundation website (in Japanese): https://www.nitori-shougakuzaidan.com/
About Nitori Holdings Co., Ltd. (Nitori Group):
https://cdn.kyodonewsprwire.jp/prwfile/release/M106920/202403067602/_prw_PI3fl_HTR0j2m0.jpg
Corporate website: https://www.nitorihd.co.jp/
Integrated Report: https://www.nitorihd.co.jp/en/ir/library/annual.html
Nitori International Scholarship Foundation website (in Japanese): https://www.nitori-shougakuzaidan.com/
NITORI Philippines: https://www.nitori.com.ph
