Nitori Holdings announced it is expanding into the Philippines with its first store set to open in the Southeast Asian nation next month.
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Located at the Mitsukoshi BGC shopping centre in Manila, the 1,100-square-metre store will be the first of many stores to open in the Philippines, with plans for 50 of the brand’s furniture stores to open across the nation by 2032.
The Philippines store debut is the latest in the Japanese retailer’s expansion strategy to enter new Asian markets outside of its native Japan. Nitori expanded into Thailand, Hong Kong, South Korea and Vietnam this fiscal year, and plans forays into Indonesia and India.
“We’re moving toward a structure under which we’ll soon be able to open more than 200 stores overseas per year,” Nitori chairman Akio Nitori told reporters.
In fiscal 2022, Nitori Holdings posted 948.1 billion yen (USD 6.3 billion) in net sales and 144 billion yen in operating profit, up 16.8 percent and 1.5 percent, respectively, from the previous year.
In 2024, the furniture market in the Philippines is projected to generate a revenue of USD 829.2 million, according to Statista, with a CAGR growth rate of 8.12 percent between 2024 and 2028.