Sunday, May 19, 2024

Japan’s Nitori Opens 1st Philippine Store After Investment Pledge To PBBM

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Japan’s Nitori Opens 1st Philippine Store After Investment Pledge To PBBM

1797

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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 on Thursday.

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)