Nitori Holdings Co., Ltd.

Sapporo, Japan (ANTARA/Kyodo JBN)- Nitori Holdings Co., Ltd. based in Sapporo, northern Japan, has announced the launch of its first Nitori store in Indonesia, aiming to accelerate more store openings in the Asian market. The first store in Indonesia will open in July in "Central Park Mall," one of the largest shopping malls in Jakarta.

Image: https://cdn.kyodonewsprwire.jp/prwfile/release/M106920/202406192387/_prw_PI1fl_G5Y6nrGG.jpg

Nitori is Japan's largest furniture and home-furnishing retail chain and its vision is to operate 3,000 stores and achieve sales of 3 trillion yen by 2032, based on the mission statement "To enrich the homes of people all over the world." The main business of the Nitori Group is opening "Nitori" stores that sell furniture and home-furnishing products. The Group also has a wide range of business operations such as "Deco Home" stores that sell home-furnishing products with a focus on daily necessities, "Shimachu" home improvement stores that sell hardware, daily goods and furniture, and "N Plus" stores that sell apparel for adult women. The Group has opened 828 stores in Japan and 184 stores in the rest of the world, such as Mainland China, Hong Kong, Taiwan, Republic of Korea, Malaysia, Singapore, Thailand, Vietnam and the Philippines, with a total of 1,012 stores. Last year, there were 340 million customers who visited the Group’s stores. The number of shoppers exceeded 100 million, making it safe to say that Nitori is the number one home-furnishing store in Asia.

The Group has built a business model, encompassing everything from product planning to manufacturing, distribution and sales, in order to provide a wide variety of products that "Offering the Unexpected" of excellent quality at low prices. In the process, the Group has built a network in the Asian region consisting of many partner companies and of its own factories and trading companies. Along with numerous business partners, the Group is striving to propose the creation of enjoyable, prosperous, and totally coordinated living spaces to people all over the world.

The Asian market, where significant growth is expected, is important for the realization of the Group's mission and vision. Hence, it has positioned the expansion of its store network by accelerating store openings as one of its top priorities.

The Group believes that Indonesia has a highly valuable market since the country has successfully used its demographics for economic growth, leading itself to become one of the Asian countries enjoying the highest growth. With the goal of opening 80 stores by 2032, the Group aims to establish its network of stores in the earlier period.

This time, along with Indonesia, the Group also plans to open its first store in India. By the end of FY2024*, the Group plans to add 116 stores within Asia, including both the countries/regions where stores have already opened and new countries/regions. In total, the Group will have 295 stores across the Asian region outside Japan. In order to realize its vision by 2032, the company aims to open more than 200 overseas stores per year in the near future.

*Nitori's fiscal year (FY) is from April 1 to March 31.

First store in Indonesia opening in July:

- Facility name: Central Park Mall

- Location: L2-202, Jl. Letjen S. Parman No. Kav. 28, Tj. Duren Sel., Kec. Grogol petamburan, Kota Jakarta Barat, Daerah Khusus Ibukota Jakarta 11470, Indonesia

*Details TBA at a later date.

Comment from Akio Nitori, Representative Director & Chairperson (CEO) of Nitori Holdings Co., Ltd.:

"Based on our mission statement 'To enrich homes of people all over the world,' we are aiming to be a company where customers all over the world would feel 'glad that Nitori is here.' We are going to accelerate the expansion of our business within the Asian region, which is expected to achieve significant economic growth over the long term and serves as the core of the supply chain that supports the Group. With the support of everyone, we have managed to open 1,000 stores worldwide. We are very pleased to be able to bring Nitori products to more countries, regions and customers."

Comment from Masanori Takeda, Executive Vice President in Charge of Overseas Businesses, General Manager, Global Merchandising Division, General Manager, Global Sales Promotion Office, Nitori Holdings Co., Ltd.:

"We are accelerating our store openings within the Asian region and managed to open the first store in Thailand, Hong Kong, Korea and Vietnam each last year. We also opened our first store in the Philippines this April. Since then, we have received countless supports from many customers. Our target is to open 2,000 stores overseas, and to achieve sales of 1 trillion yen by 2032. We will continue to take on the challenge of providing the same standards of quality refined in Japan to the Asian region, and to deliver 'Offering the Unexpected' to customers all over the world."

About Nitori International Scholarship Foundation

Akio Nitori, the founder of the Group, donated his financial resources to establish the Nitori International Scholarship Foundation in March 2005. He wants to give back to the Asian countries and regions for their tremendous help and support in achieving the goals of the Group. Furthermore, he offers non-repayable scholarships to contribute to further friendship and human resource development around the world. As of March 31, 2024, it had 10,732 students supported in around 47 countries and regions with a total of 5.04 billion yen.

Map showing students' home countries and regions:

https://cdn.kyodonewsprwire.jp/prwfile/release/M106920/202406192387/_prw_PI2fl_J389zUrW.jpg

About Nitori Holdings Co., Ltd. (Nitori Group):

https://cdn.kyodonewsprwire.jp/prwfile/release/M106920/202406192387/_prw_PI3fl_2Yv37hWM.jpg

Related content

Corporate website: https://www.nitorihd.co.jp/

Integrated Report: https://www.nitorihd.co.jp/en/ir/library/annual.html

Nitori International Scholarship Foundation website (in Japanese): https://www.nitori-shougakuzaidan.com/

NITORI Indonesia: https://www.nitori.co.id/

Source: Nitori Holdings Co., Ltd.