Japanese furniture retailer Nitori is set to make its inaugural entry into the Hong Kong market this month, shortly after its recent expansion into Thailand. The company's strategic growth plan in Asia will see its first Hong Kong store located in the Mega Box shopping mall in Kowloon Bay. Nitori aims to establish a total of 20 stores in Hong Kong by 2032, while also venturing into Vietnam, Indonesia, the Philippines, and South Korea with its initial store launches in those countries.
Masanori Takeda, Director and GM of Nitori's global merchandising division, expressed the company's intentions, stating, "Starting from 2023, we will accelerate the opening of stores in the Asian region. There are currently only a limited number of home-furnishing stores in Asia that offer a comprehensive range of furniture and home products. We are committed to providing the same level of quality that we have refined in Japan to the Asian region, addressing any discontent, dissatisfaction, and inconvenience, and enabling more customers to enjoy diverse lifestyles and homes worldwide."
Driven by its mission to enhance homes across the globe, Nitori envisions operating 3,000 stores and achieving sales of 3 trillion yen (US$20 million) by 2032. Currently, the brand operates 793 stores in Japan and has a presence in Mainland China, Taiwan, Malaysia, and Singapore, totalling 142 locations. This brings its global store count to 935.
Nitori plans to invest US$6.8 million in expanding its furniture business in Thailand over the next year. With a target of 25 locations within five years, Nitori aims to open ten new stores in Thailand in 2024. By the end of March 2024, Nitori plans to add 78 stores to its portfolio across existing and new markets, bringing the total number of Asian locations to 206. Furthermore, starting from 2025, the company aims to open an average of 300 stores annually worldwide.
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