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 on 18th April in “MITSUKOSHI BGC”, a huge shopping center in Manila.
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 822 stores in Japan and 179 stores in foreign countries/regions around the world, such as Mainland China, Hong Kong, Taiwan, the Republic of Korea, Malaysia, Singapore, Thailand, and Vietnam, and the number of the stores will be 1001 stores by March 31st. In 2023, there were 340 million customers who visited us. 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 the potential growth of the Philippines’ population and the economy, Nitori has been seeking the 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 FY2022, 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.
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, in the near future the company aims to open more than 200 overseas stores per year in the near future.