The Japanese retailer goals to triple revenue generated within the region to 300 billion yen ($2.71 billion) within the yr ending August 2022, up from 100 billion yen within the last fiscal yr. That would represent a faster growth rate than Uniqlo overall, which expects to double revenue to three trillion yen over the identical period.
A second standalone Uniqlo store has since opened in Thailand, with more planned in other Southeast Asian markets. The company is in talks with real estate agents and developers.
According to Hatase, other promising countries are the Philippines and Malaysia.
In Thailand, suburban locations attract prolonged families for casual shopping, unlike malls where Thais are inclined to feel the necessity to decorate up, Hatase said.
Everyone from grandparents to children are coming to independent stores, he said, adding that because the market matures, consumers want the identical shopping experience they will get in big cities, but closer to their communities.
While Hatase said there continues to be loads of room in Southeast Asian markets to open more mall stores, Uniqlo’s latest deal with standalone locations marks a shift in its regional expansion. Uniqlo “has gained some level of recognition, so the time is correct,” he said. Independent suburban locations have been key to the chain’s growth in Japan.
Source : https://asia.nikkei.com/Business/Companies/Uniqlo-to-double-Southeast-Asia-footprint-by-2022
