Uniqlo sees Singapore as regional gateway
By NISHA RAMCHANDANI
JAPANESE fashion brand Uniqlo is already planning its fourth store in Singapore - as it launches its largest store here today.
‘Singapore will be the gateway to the South-east Asian region. Singapore is very significant strategically.’
- Fast Retailing Group COO Naoki Otoma
‘Singapore will be the gateway to the South-east Asian region. Singapore is very significant strategically,’ chief operating officer of Fast Retailing Group, Naoki Otoma, told BT in an interview yesterday.
Uniqlo’s parent company is fashion retailer Fast Retailing, which also carries Comptoir des Cotonniers and Princesse tam.tam.
In fact, the stores in Singapore have helped pique the interest of potential business partners, who have since approached Uniqlo with the intention of opening similar stores in their home countries.
Uniqlo has plans to open at least five more stores in Singapore within three years, in areas such as Marina Bay, Orchard Road as well as farther out, at suburban malls. The fourth store is likely to be open by next year, Mr Otoma said.
Response to Uniqlo’s first two stores in Singapore - at Tampines 1 and Ion Orchard, which collectively saw an investment of $60 million - has been ‘overwhelming’ and ‘better than we expected’, said Mr Otoma. The two stores managed to break even within six months of opening.
Uniqlo’s stores in Singapore are a joint venture with Wing Tai Retail.
The latest addition covers 17,000 sq ft - the largest in South-east Asia as well as Singapore - and opens its doors today at the new 313@Somerset mall.
Today also marks the official opening of the eight- storey 313@Somerset, which was 100 per cent leased four months ahead of schedule.
Despite the challenging global economy, an aggressive expansion strategy is necessary, Mr Otoma feels, especially since Asia has become the centre of economic growth.
‘We need to take risks to be the dominant player in Asia, to capture the market,’ he said.
Uniqlo also has stores in the US, UK, France, Hong Kong, China and Korea.
And now that it has established itself in Singapore, it is looking to enter Malaysia, Thailand, Taiwan and Australia.
Source : Business Times - 03 December 2009
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