Nitori, a Japanese furniture retailer, opened its first store in the Philippines, marking the first big investment following the government's decision to alter the Retail Trade Liberalization Act (RTLA).
The Japanese retail giant's entry into the Philippine market is "a significant DTI investment promotion achievement," according to a statement from the DTI.
New momentum for DTI
Alfredo Pascual, Secretary of the Department of Trade and Industry (DTI), led Nitori's grand opening at Mitsukoshi in Bonifacio Global City, Taguig City.
As the RTLA amendment was passed, it "created new momentum for our efforts to attract investment and create a more conducive business environment for Japanese companies like Nitori," Pascual stated.
According to Pascual, this is a major success for the DTI's investment promotion efforts since Nitori, Japan's largest furniture and home furnishing chain, indicates the two nations' ever-flourishing economic ties.
Nitori’s Plans For The Future
During President Marcos' official trip to Japan in December 2023, Nitori was among the companies that sent him a letter of intent (LOI).
“The PTIC-Tokyo continued discussions, exploring trade opportunities and potential investments in the Philippines. Meanwhile, the BOI further solidified the relationship by facilitating a meeting at Nitori's headquarters during a strategic investment promotion mission to Japan in November 2022,” DTI said.
Pascual also affirmed his support for Nitori's aspirations to scale in the country, aiming to open 50 locations by 2032, as these would employ Filipinos and serve the country's expanding customer base.
Additionally, he encouraged the Japanese company to consider using the Philippines as a sourcing location for its furniture and home accents.
Nitori has established 822 stores in Japan and 179 overseas locations across China, Hong Kong, Taiwan, Korea, Malaysia, Singapore, Thailand, and Vietnam, among other nations
