Japanese furniture retailer Nitori opens store in Philippines

MANILA, Philippines — Japanese furniture retailer Nitori has opened its store in the Philippines, making it the first major investment to be made following the government’s move to amend the Retail Trade Liberalization Act. 

Trade Secretary Alfredo Pascual said the opening of Nitori’s first store in the country located in Mitsukoshi in Bonifacio Global City in Taguig is a significant milestone, as it is the “first major investment made under the (amended) Retail Trade Liberalization Act.”

The new law reduced the minimum paid-up capital for foreign retailers to P25 million from the previous requirement of $2.5 million or around P125 million to encourage more foreign investments into the country. 

Pascual said Nitori’s expansion in the Philippines was also counted among the pledges made during President Marcos’ state visit to Japan in 2023.

He also considers Nitori’s store opening as a reflection of the growing economic ties between the Philippines and Japan.

According to Pascual, the Philippine Trade and Investment Center-Tokyo has been working with Nitori since as early as 2014 to help the retailer grow its business in trade and investment. 

“Nitori’s commitment to the Philippine market and its potential for expansion mutually benefits the company and our country,” he said. 

Following the store opening, Pascual said the DTI is encouraging Nitori to make the Philippines the base source of its products.

By sourcing products manufactured in the Philippines, he said Nitori would be able to contribute to the local economy and take advantage of the growing economy and large consumer base.

 The DTI chief said Nitori’s products are being sourced from Japan, China and Vietnam.

“Nitori’s expansion isn’t just a milestone for the company; it’s a win for Filipino consumers, as they enjoy the quality products offered by Nitori. Filipinos can now experience Nitori’s renowned quality and competitive prices on household products and personal items firsthand,” he said.

He also said investment and job creation that come with Nitori’s expansion would support the country’s economic development.

 Established in 1967, Nitori is engaged in the sale of furniture and home furnishing products.