MANILA, Philippines - The Philippine unit of Japan’s Fast Retailing Co., Ltd. is planning to open five Uniqlo stores in Metro Manila by August next year as it seeks to grow its fast-fashion business in the country.
“Our fiscal year started in September and will end in August. We plan to open five stores for this fiscal year,” Fast Retailing Philippines, Inc’s managing director Katsumi Kubota told reporters in a press conference yesterday.
The firm is expanding in the country after seeing good results with the opening of its first store at the SM Mall of Asia in Pasay City in June.
“Since the opening of the first store, we have sold more than 300 million pieces of garments which is about 120 percent of our target. This means we are doing very well,” Kubota said.
He also said the country’s growing population is one of the reasons why the firm intends to grow its business here.
The firm is set to open the first of the five stores next month at SM North Edsa in Quezon City.
The 1,581-square meter (sqm) store at SM North Edsa is of the the same size as the outlet at SM Mall of Asia.
The new store will employ 127 employees.
Kubota said the four other stores would be located in Metro Manila.
“We want to be strong here (Metro Manila) first before going to provinces like Davao, Cebu,” he said.
He declined to say the specific locations of the four other stores and the amount of investments for the expansion.
He cited though that the firm, on average, has to prepare more than $1 million for the set-up of a 1,581-sqm outlet.