Uniqlo set to open 50 stores in Philippines
Friday, June 15, 2012
Source: Business Mirror By Recto Mercene & Roderick Abad
JAPANESE business magnate Tadashi Yanai, founder and president of Fast Retailing Co. Ltd., said they are planning to open 50 Uniqlo stores in the Philippines in the coming years.
He made the statement during a courtesy call on President Benigno Aquino at the Music Room in Malacanang yesterday morning.
A Uniqlo specialty store is set to open its first store in the country at SM Mall of Asia. Its Philippine unit, Fast Retailing Philippines, is co-owned by SM Malls.
The Japanese businessmen discuss possible investments in the country that will provide employment opportunities for the Filipinos.
Accompanying Mr. Yanai were his wife Teruyo; Naoki Otoma, Fast Retailing Co., Ltd. chairman and chief executive officer; Katsumi Kubota, Fast Retailing Co. Philippines Ltd. chief operating officer and Teresita Sy-Coson, vice chairman of the SM Investments Corporation. Also present were Department of Trade and industry (DTI) Undersecretary Cristino Panlilio and DTI Assistant Secretary Fe Reyes.
Without giving the exact amount of their investment, Kubota said the expansion program forms part of their goal to become the leading apparel brand in the world by 2020. The Philippines is the 12th country outside of Japan where Uniqlo opens shop.
Spanning 1,550 square meters, the flagship store at the SM Mall of Asia in Pasay City offers a wide selection of high quality and functional apparel for men, women and kids.
Kubota conceded that they decided to bring Uniqlo brand in the local market to help realize the company’s global objective.
For her part SM Investments, Sy-Coson reiterated the company’s support to Uniqlo’s future expansion. She likewise praised the store’s innovative concept that complements that of SM.
“We love the fact that their precious concept transcends all economic class. And this is similar to the missions of SM shopping malls. Uniqlo has a great taste in fashion that is comparable to lots of global brands and affordable to many,” Sy-Coson said.