TOKYO, Mar 13 (News On Japan) - As the Chinese government announces measures to boost the economy by promoting the replacement of furniture and appliances, Japanese furniture retailer Nitori is accelerating its expansion in China.
Nitori announced on Wednesday that it will soon exceed 100 stores in mainland China and celebrate surpassing 1,000 stores worldwide with a sake barrel-breaking ceremony in Shanghai.
Despite the ongoing decline in real estate prices in China, Nitori is accelerating its store opening plans, citing lower costs for new openings. The company aims to reach 3,000 stores worldwide by 2032.
Sugihara Sakae, President of Nitori (China) Investment Co., Ltd., stated, "There are challenges due to the real estate downturn. However, Nitori is a company that has grown during difficult times."
This month, the Chinese government announced plans to expand consumption by promoting the replacement of furniture and appliances. Nitori is also focusing on office furniture sales as part of its growth strategy.
