10 RETAIL NEWS CAPSULE PHILIPPINE RETAILING
Japan ’ s Nitori opens 1st PH store after investment pledge to PBBM
Another investment commitment to President Ferdinand R . Marcos Jr . during his official foreign trip was realized after Japanese furniture and home accessories retail company Nitori Co ., Ltd opened its first store in the country .
Department of Trade and Industry ( DTI ) Secretary Alfredo Pascual led Nitori ’ s grand opening at Mitsukoshi in Bonifacio Global City , Taguig City . In a statement , the DTI said the Japanese retail giant ’ s expansion in the Philippines marks “ a significant DTI investment promotion achievement .” Nitori is one of the companies that submitted a letter of intent ( LOI ) to President Marcos during his official visit to Japan in December 2023 .
Before the affirmation of its investment plans in the Philippines through the LOI submitted to the Chief Executive , the DTI attached agency board of Investments ( BOI ) and the Philippine Trade and Investment Center-Tokyo ( PTIC-Tokyo ) have been engaging with Nitori in 2015 as a VIP Buyer at the Manila FAME trade exhibition .
“ The PTIC-Tokyo continued discussions , exploring trade opportunities and potential investments in the Philippines . Meanwhile , the BOI further solidified the relationship by facilitating a meeting at Nitori ' s headquarters during a strategic investment promotion mission to Japan in November 2022 ,” the DTI said .
Pascual also expressed his support for Nitori ’ s expansion plans in the Philippines , eyeing to have 50 stores in the country by 2032 , as these would create jobs for Filipinos and cater to the growing consumer base .
The DTI chief , likewise , urged the Japanese firm to look into making the Philippines its sourcing hub for its furniture and home accessories products . Nitori is the largest furniture and home furnishing chain in Japan . Outside Japan , it has stores in China , Hong Kong , Taiwan , South Korea , Malaysia , Singapore , Thailand , Vietnam , and now , in the Philippines . pna . gov . ph , 04 / 18 / 24