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Nitori Holdings Initiates South Korean Expansion with Seoul Store, Aims for 200 Outlets in 10 Years

Japan
South Korea
n 9843.TSE Blue Chip 150
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Nitori Holdings, the renowned Japanese furniture retailer, marked its entry into the South Korean market with the launch of its first store in Seoul on Thursday. The company envisions significant expansion, targeting the establishment of 200 outlets throughout the country over the next 10 years.

Situated within part of an E-Mart hypermarket in a residential area of Seoul, the inaugural store boasts a 2,500-square-meter sales floor. It offers a range of products including furniture, daily necessities, bedding, and other items similar to those available in Nitori’s Japanese stores. Notably, some products are priced slightly higher in South Korea, attributed in part to trade tariffs.

Masanori Takeda, Nitori’s Director in charge of overseas sales, expressed the company’s commitment to tailoring products to South Korean lifestyles, emphasizing the maturity of the market. He stated, “In South Korea, where lifestyles have matured, we will offer products tailored to the four seasons, just like in Japan.”

Nitori Holdings, aiming for global expansion, anticipates growing to 1,000 stores worldwide in the fiscal year 2023. Takeda outlined the ambitious plan to become a global company with 3,000 stores in the next decade, signaling an acceleration in store openings.

While Nitori primarily manufactures its products in China and Southeast Asia, the current supply for its South Korean shop is facilitated via Japan. However, as the company expands its presence in Seoul and beyond, it expects to streamline its supply chain, potentially leading to reduced retail prices in the long run.

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