Nitori, Japan’s largest furniture and home furnishings retailer, is set to enter the Indian market with its first store at R City Mall in Ghatkopar, Mumbai, slated to open in December 2024. Spanning 1.2 million sq. ft. and home to over 350 premium brands, R City Mall attracts 8-10 lakh visitors monthly. Its prime location near Powai and the Eastern Express Highway makes it an ideal spot for Nitori’s debut in India’s $23.9 billion home furnishings market. This move is part of Nitori’s broader strategy to expand its global presence and capitalize on the growing demand for affordable home furnishings in India.
The Nitori Group has ambitious plans for the Indian market, aiming to open 289 stores by 2032 and operate 3,000 stores worldwide by the same year. The company also targets a sales goal of 3 trillion yen (approximately Rs 1.65 lakh crore) by 2032.
Akio Nitori, Representative Director and CEO of Nitori Holdings Co Ltd said, “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 our business expansion within the Asian region, which could achieve economic growth over the long term and serve as the core of the supply chain that supports the Group. With the support of everyone, we are able to bring Nitori products to customers in 11 countries/regions through our store in India, and we wish to support more customers”.
Masanori Takeda, Executive Vice President in charge of Overseas Businesses added, “We are accelerating our store openings within the Asian region and managed to open the first store in the Philippines in April and in Indonesia in July. Now, we are opening a store in India, where economic growth is remarkable and demand for an enriched lifestyle with furniture and interior goods is on the rise. We will continue to take on the challenge of providing the same standards of quality refined in Japan to more customers, and to deliver ‘Offering the Unexpected’ to customers all over the world”,
R City Mall highlighted the significance of Nitori’s expansion, which currently operates 832 stores in Japan and 203 international locations. Sandeep Runwal, MD of Runwal Realty, stated, “We are thrilled to welcome Nitori, the Japanese home furniture giant, to R City Mall as they embark on their journey in the Indian market. As one of Mumbai’s most sought-after destinations for shopping, dining, and entertainment, R City is home to multiple brands across lifestyle, fashion, and home decor, which complements Nitori’s unique offerings. Nitori’s launch marks an exciting addition that will undoubtedly enhance our shoppers’ experience, and we look forward to the delight it will bring to our patrons”. In addition to its furniture stores, the Nitori Group also operates Shimachu home improvement outlets, Deco Home furnishing stores, and N Plus women’s apparel shops. By the end of FY2024, the company plans to have 279 stores outside Japan and intends to open 200 new international locations each year moving forward, aiming to strengthen its global presence in the home and furnishings market. Courtesy: https://www.siliconindia.com/news/business/nitori-to-open-its-first-store-in-mumbai-entering-indias-retail-market-nid-232859-cid-3.html