Japanese furniture and home furnishings company Nitori has plans to invest THB 240 million (USD 6.6 million) in order to expand its furniture business in Thailand in 2024.
It has been reported that Nitori intends to launch three more stores later in 2023 at Seacon Bangkae, Central Westgate and The Mall Bangkapi. Each of these outlets spans 2,600 square metres of space, requiring an investment of THB 20 million (USD 0.55 million). In addition, Nitori will open 10 new stores in 2024, aiming to reach a total of 25 stores within five years.
Nitori Retail (Thailand) Co was recently incorporated with registered capital of THB 210 million (USD 5.8 million) to operate stores in Thailand, the fifth overseas market for Nitori, following China, Taiwan, Malaysia and Singapore.
In effect, the Japanese company is targeting Thailand as a strategic step for its international expansion strategy. Nitori’s involvement in Thailand dates back to 1999, when it established a trading company tasked with managing the Nitori Group’s supply chain management in the Southeast Asia region.
Nitori also has a factory in Thailand named Siam Nitori manufacturing environmentally-friendly carpets and rugs. In addition, the company boasts a large network of suppliers in Thailand.
After Thailand, Nitori intends to open its first stores in Vietnam, Indonesia, and the Philippines. By the end of March 2024, Nitori aims to have opened 78 new stores in current and new markets, bringing the total number of stores in Asia to 206.
(Source: Bangkok Post)