SAPPORO, Japan, Sept. 5, 2023 /PRNewswire/ -- Nitori Holdings Co., Ltd. based in Sapporo, northern Japan, has announced the opening of its first Nitori store in Hong Kong aiming to accelerate more store openings in the Asian market. The first Hong Kong store will open in September 2023 in MegaBox, a large shopping mall in Kowloon Bay.
Image:
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Nitori is Japan's largest furniture and home-furnishing retail chain and its vision is to open 3,000 stores and achieve sales of 3 trillion yen by 2032, based on the mission statement "To enrich homes of people all over the world." The main business of the Group is opening "Nitori" stores that sell furniture and home-furnishing products. The Nitori Group also operates "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 793 stores in Japan and 142 stores in Mainland China, Taiwan, Malaysia, and Singapore, with a total of 935 stores operating around the world.
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" and are 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 Nitori's mission and vision. Hence, it has positioned the expansion of its store network by accelerating store openings as one of its top priorities. After establishing a trading company in Mainland China in 2000, the Nitori Group opened its first store in Wuhan in 2014. Since then, the Nitori Group had continued to expand, and there are currently 74 stores in Mainland China. In Taiwan, its first store opened in Kaohsiung in 2007, and there are currently 58 stores operating. Supported by many customers, the Nitori Group will continue to expand its store network. In order to achieve the opening of 20 stores in Hong Kong by 2032, the Nitori Group will continue to open new stores in the future.
In 2022, Nitori opened 37 stores in four countries and regions in Asia, including its first stores in Malaysia and Singapore. It opened the first store in Thailand in August this year, which is supported by many customers.
In addition to Hong Kong, Nitori plans to open its first stores in Vietnam, Indonesia, the Philippines, and South Korea. By the end of March 2024, it plans to open 78 new stores in both existing and new countries and regions, bringing the total number of stores in the Asian region to 206. Furthermore, from 2025 and beyond, Nitori plans to open an average of 300 stores per year overseas in order to fulfill its mission and vision.
First Nitori store in Hong Kong
- Opening date: September 2023
- Facility name: MegaBox
- Location: Unit 5 on Level 6 of MegaBox Enterprise Square Five, 38 Wang Chiu Road, Kowloon Bay, Hong Kong
*Details TBA at a later date
Comment from Akio Nitori, Representative Director & Chairperson (CEO) of Nitori Holdings Co., Ltd.:
"We have refined our manufacturing-logistics-IT-retail business model in order to provide products and services that 'offer the unexpected' from the point of view of our customers as we make efforts to realize the Group's mission statement 'To enrich homes of people all over the world.' We are currently expanding that challenge with a focus on Asia. We are very pleased to be able to bring Nitori products to more countries, regions and customers by accelerating our store openings in the Asian region."
Comment from Masanori Takeda, Director, General Manager of Global Merchandising Division, General Manager of Global Sales Promotion Office in Charge of Overseas Sales Business, Nitori Holdings Co., Ltd.:
"We are very pleased to be able to open the store in one of the most leading cities in the world; Hong Kong. We are accelerating our store openings within the Asian region, and had realized the opening of its first store in Thailand in August. The opening of our first store in Southeast Asia in 2022 was a major step toward the realization of our mission and vision for the Nitori Group. From 2023 onwards, we will accelerate the opening of stores in the Asian region. There are still only a few home-furnishing stores in the Asian region that offer both furniture and home-furnishing products. 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' and so that more customers can enjoy coordinating various lifestyles and homes around the world."
Comment from Li Na, Assistant Manager of the Management Department, Nitori Hong Kong Co., Limited:
"I joined the Nitori Group in 2005, and had experienced various departments such as product development, store development, and store operations. I am truly happy upon the store opening in Hong Kong since it was my dream ever since joining the company. Through this store opening, I would make further efforts in suggesting wonderful, totally coordinated rooms to customers in Hong Kong, as well as contributing to enriching homes of people all over the world."
Comment from Poon Wai Kin Dennis, Nitori International Scholarship Foundation Alumnus:
"Hong Kong is an important economic base within the Asian region and had offered various cultural and business opportunities. By having Nitori opening in Hong Kong, and by offering high-quality furniture and everyday goods to the customers within the region, we can expect a further growth of a new market. This first store opening in Hong Kong would bring new challenges as well as opportunities, and it would be an incredibly reliable attempt in developing and contributing to the community. I sincerely hope for the success of the first store opening in Hong Kong."
(*) 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 the 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. In 2014, Nitori began to provide support to local university students overseas. Since 2021, Nitori has been providing support to universities in Thailand. 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:
https://cdn.kyodonewsprwire.jp/prwfile/release/M106920/202308258474/_prw_PI2lg_OwnHjRzM.jpg
Nitori International Scholarship Foundation website: https://www.nitori-shougakuzaidan.com/
About Nitori Holdings Co., Ltd. (Nitori Group):
https://cdn.kyodonewsprwire.jp/prwfile/release/M106920/202308258474/_prw_PI3lg_25zv99Y3.jpg
Corporate website: https://www.nitorihd.co.jp/en/
Integrated Report: https://www.nitorihd.co.jp/en/ir/library/annual.html
NITORI Hong Kong: https://www.nitori.com.hk
