Fast Retailing plans for 1,000 Uniqlo stores in China(70116)

Uniqlo plans 1,000 new stores in China

From: People s Daily

Fast Retailing Co. Ltd. will accelerate its paces in China, and open 1,000 large-scale Uniqlo stores in China in the next decade, said Tadashi Yanai, Fast Retailing s CEO, on May 15.

Uniqlo entered China in 2002 and has opened 64 stores in China by May, 2010, most of which are located in Beijing and Shanghai.

Uniqlo will focus on large-scale stores with area of around 1,000 square meters, said Tadashi Yanai. Uniqlo will open 1,000 large-scale stores to cover China s first and second-tier cities.

According to the one thousand shops expansion plan, a chain store will be opened by every 3 days in China in the next decade. Pan Ning, chief executive of Fast Retailing China, said currently Uniqlo would adopt the strategy of retail mode rather than franchised chain stores.

Data shows the growth rate of the fifth ranked Uniqlo has exceeded ZARA and H&M, which listed first and third in the sales scale among the global garment manufacturing retailer top five.

Tadashi Yanai said Uniqlo s sales outside Japan is still dissatisfactory, thus the clothing retailer will strive to expand its overseas market, especially the China market. I hope Uniqlo China s sales will exceed one trillion Yen (10.82 billion U.S. dollars), and overtake Japan as its largest market.

According to Forbes magazine, Tadashi Yanai, board chairman of the Fast Retailing Group, became Japan s richest man in 2009 in personal value of 6.1 billion U.S. dollars though he only ranked 6th in 2008. This year his personal value amounts to 9.2 billion U.S. dollars, and remains the richest man in Japan.

Fast Retailing plans for 1,000 Uniqlo stores in China

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