Uniqlo opens its 1st store in Vietnam, part of broader expansion in SE Asia
HO CHI MINH CITY, NNA – Japanese casual clothing shop Uniqlo opened its first outlet in Vietnam’s financial center Ho Chi Minh City Friday as it expands sales in Southeast Asia, a second pillar in sales in foreign markets after greater China.
The second largest Uniqlo store in the region after one in Manila has three floors of goods for a full lineup of men, women and children. It occupies more than 3,100 square meters in a busy part of downtown Ho Chi Minh City.
At the Uniqlo Dong Khoi store, Children will find touch screens to play with and their own area for printing designs on T-shirts to create originals.
Consumer spending in Vietnam is growing along with an economy fueled by foreign investment in export manufacturing. About one-third of the 96 million population will be middle class or higher by next year, the Boston Consulting Group forecasts.
“The launch in Vietnam of one of the biggest stores in Southeast Asia is important step of our world expansion,” Tadashi Yanai, chairman of Fast Retailing Co., the operator of the retail chain, said at a launch event.
Uniqlo, Japan’s largest apparel retailer, is looking to expand in Vietnam. “Vietnam will definitely have 100 stores as soon as possible.” Yanai told a news conference on Thursday.
Uniqlo also looks to Vietnam as a base for making clothes in environmentally safe ways, the chairman said. Vietnam is “key to our production” with $3 billion worth of goods exported from the country worldwide, he said.
Fast Retailing has opened nearly 2,200 Uniqlo stores globally, including Europe and the United States, and brand sales outside Japan topped 1 trillion yen ($9.2 billion) for the first time in the business year to August 2019, according to its financial statement.