LOOK: Nitori Group opens first store in the Philippines this April 18
Japan’s largest furniture and home-furnishing retail chain, Nitori Holdings Co., Ltd., has announced the launch of its first Nitori store in the Philippines. The store will open on April 18th in “MITSUKOSHI BGC”, a large shopping center in Manila. This marks a significant step in the company’s ambitious expansion plans within the Asian market.
With a mission statement of “To enrich the homes of people all over the world,” Nitori aims to operate 3,000 stores and achieve sales of 3 trillion yen by 2032. The company’s business model encompasses product planning, manufacturing, distribution, and sales, enabling it to offer a wide variety of high-quality products at affordable prices. Nitori also operates several other retail brands, including “Deco Home,” “Shimachu,” and “N Plus.”
The Nitori Group currently has 822 stores in Japan and 179 stores in countries/regions around the world, including Mainland China, Hong Kong, Taiwan, Republic of Korea, Malaysia, Singapore, Thailand, and Vietnam. By March 31st, the total number of stores will reach 1001. In 2023, an impressive 340 million customers visited Nitori stores. With over 100 million shoppers, Nitori is widely considered the number one home-furnishing store in Asia.
Accelerating Growth in Asia
The Asian market, with its significant growth potential, is crucial for achieving Nitori’s mission and vision. The company plans to expand its store network rapidly as a top priority. Nitori has been seeking opportunities to enter the Philippine market due to the size and growth potential of its population and economy. The company aims to open 50 stores in the Philippines by the end of 2032.
Following successful market entries in Malaysia and Singapore in FY2022, Nitori opened its first stores in Thailand, Hong Kong, Korea, and Vietnam in FY2023. The company has received enthusiastic support from customers in each region. Additionally, Nitori plans to open new stores in Indonesia and India.
By the end of FY2024, Nitori plans to increase its number of overseas stores by an additional 100, with the goal of opening more than 200 overseas stores per year in the near future.
Comments from Nitori Leadership
“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,” said Akio Nitori, Representative Director & Chairperson (CEO) of Nitori Holdings Co., Ltd. “We are very grateful that the total number of our stores will reach 1,000 by the end of this month. We will 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.”
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., added, “We are accelerating our store opening 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 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.”
Nitori’s Commitment to Giving Back
Akio Nitori, the founder of Nitori, established the Nitori International Scholarship Foundation in March 2005. Through this foundation, he seeks to give back to Asian countries and regions for their support in helping Nitori Holdings achieve its goals. The foundation provides non-repayable scholarships to contribute to friendship and human resource development around the world. As of March 31, 2023, it had supported 9,254 students in around 46 countries and regions with a total of 4.22 billion yen.
