Japan’s Nitori Holdings has opened its first store in South Korea, as the furniture retailer accelerates its expansion plans across Asia, and outside its native Japan.
Located inside an outlet of E-Mart, Korea’s largest supermarket chain, in northern Seoul, the 2,500-square-metre store offers furniture, daily necessities, bedding and other items similar to those available in Nitori’s Japanese stores.
“In South Korea, where lifestyles have matured, we will offer products tailored to the four seasons, just like in Japan,” said Masanori Takeda, Nitori’s director in charge of overseas sales, adding the company plans to expand to 200 sites in the country over the next 10 years, as part of its major global expansion over the next decade.
“We will accelerate our store openings to become a global company with 3,000 stores in 10 years,” Takeda added.
The South Korea expansion plans come two months after the Japanese version of Ikea opened a new Hong Kong store in the city’s Kowloon district. Eighteen months earlier, Nitori ramped up its focus on Southeast Asia, with the opening of physical stores in Malaysia and Singapore, respectively.
In fiscal year 2022 ended in March, Nitori Holdings posted 948.1 billion yen (USD 6.3 billion) in net sales and 144 billion yen in operating profit. That is up 16.8 percent and 1.5 percent, respectively, from the previous year.