Japanese furniture retailer Nitori is ramping up its presence in Asia in response to a prolonged spending slump in China, planning to double its stores in the region by next March.
Masanori Takeda, Nitori’s VP overseeing overseas sales, shared his concerns about China’s economic slowdown.
To mitigate the effects of the downturn in China, the company has entered four new markets this year: the Philippines in April and Indonesia in July, Singapore this month and Mumbai, India, by December. Next year, Nitori aims to operate 50 stores across Southeast Asia and India, up from 19 last year.
Despite the challenges in China, Nitori still views the market as essential for long-term growth, with plans to open 49 new stores in the country this fiscal year. However, it had to implement significant price cuts to maintain competitiveness, offering 20 to 70 per cent discounts on its products.
