Muji, a retail company which sells a wide variety of household and consumer goods, will be the next popular Japanese firm to penetrate the Vietnamese market, according to a recent announcement of the company’s plans to open a store in the Southeast Asian country.
Ryohin Keikaku Co. Ltd., or Muji, said in a press release last year that the company will open its first store in Vietnam in the spring of 2020.
In preparation for its arrival in Vietnam, Muji Retail Vietnam LLC was established in August 2019 with 100-percent investment from Ryohin Keikaku.
The headquarters of the subsidiary is located in Ho Chi Minh City while Muji’s maiden Vietnam store will also be opened in the southern metropolis, according to the press release.
The store will cover 3,900 square meters, Tu Thi Hong An, director of commercial leasing at the real estate services company Savills, told the online Vietnamese news site Zing.
In comparison, a Uniqlo store, which was just opened at the Parkson Saigon Tourist Plaza in District 1 by the popular eponymous Japanese apparel retailer last month, spans 3,100 square meters.
Muji currently operates more than 900 stores in 29 countries and territories, nearly 500 of which are outside Japan.
According to Zing, director An said that a number of other foreign brands will also debut in Vietnam this year, including Taiwanese dim sum chain Din Tai Fung, Hawker Chan – the Michelin-star chicken rice stall from Singapore, French make-up chain Sephora, and China’s largest retailer JD.
Last year, retail space in Ho Chi Minh City grew to 1.46 million square meters, mostly in Districts 1, 2 and 7, as well as Tan Phu District.
Revenue in the sector also increased 14 percent from 2018, and was mainly contributed by leaseholders in the food and beverage, apparel, and household appliance industries, Zing reported, citing a paper on the local real estate market recently published by Savills.