Retail in Asia

In Markets

Japan’s Nitori plans to open 20 new Hong Kong locations by 2032

Japan’s Nitori has opened a new Hong Kong store in the city’s Kowloon district, with plans to open a total of 20 new Hong Kong locations by 2032, as the furniture retailer homes in on its retail expansion in Greater China.

SEE ALSO: Nitori expands into Southeast Asia

Located at the MegaBox shopping centre, the new Hong Kong store spans 1,860 square metres and will house roughly 5,500 furniture items, as well as the N Cool branded bedding.

The new store is Nitori’s 938th location overall, and its 144th overseas.

At the opening, Nitori’s director in charge of global sales promotion, Masanori Takeda, told local media that despite China’s housing slump, “a downturn is an opportunity,” as reported by Nikkei.

“Consumers will exhibit stronger preference for affordable products that are of good quality,” adding that Hong Kong “is a key centre for disseminating information to the world, so it’s important to prove that we can succeed in Hong Kong so that we can accelerate store openings overseas.”

Looking ahead, Nitori said it plans to expand overseas stores by 75 locations or more on a net basis. China, including Hong Kong, is expected to play a large role in those efforts, the report added.

The Hong Kong expansion plans come 18 months after Nitori ramped up its focus on Southeast Asia, with the opening of its physical stores in Malaysia and Singapore.