Nitori’s first store is opening in Mumbai at one of city-based real estate major Runwal’s premium malls
Mumbai: Japan’s largest furniture and home-furnishing retail chain Nitori is coming to India, a hoarding at one of the city’s premium malls revealed.
Nitori’s first store will open at Runwal’s R City Mall in Ghatkopar. The store will be housed on the third floor of the 1.2 million sq. ft. mall and will mark the Japanese furniture major’s entry into the country’s burgeoning home market, which is pegged at $22.92 billion in 2024, and expected to reach $38.38 billion by 2029, growing at a CAGR of 10.64% as per Mordor Intelligence.
A minimalist hoarding on the mall’s third floor is seen bearing the Nitori logo and website along with the message “Coming Soon”, indicating that fit-outs have begun at the store, which will likely open to the public in a couple of months.
IndiaRetailing has reached out to Runwal for comment, which will be included when received.
Nitori is owned by Nitori Holdings Co., Ltd. based in Sapporo, northern Japan and sells a wide variety of home products From large items of furniture such as sofas, dining tables, kitchen cabinets and beds, to curtains, carpets, bedding, dishes and other interior goods. In Japan, it also offers home renovation services.
In March 2024, reached the 1,000-store mark with the opening of NITORI Tsuruga in Fukui Prefecture in Japan. About 180 of its stores are outside of the Land of the Rising Sun in regions including Mainland China, Hong Kong, Taiwan, the Republic of Korea, Malaysia, Singapore, Thailand, Indonesia, Philippines and Vietnam. Of these, 95 are in Mainland China.
The India entry is part of the company’s aggressive expansion plans in Asia, a region it has identified for its next leg of growth.
“We are going to accelerate the expansion of our business within the Asian region, which is expected to achieve significant economic growth over the long term and serves as the core of the supply chain that supports the Nitori Group.,” Akio Nitori, Representative Director & Chairperson (CEO) of Nitori Holdings Co., Ltd. had said in the release adding that the company will accelerate the pace of its store openings aiming to open 200 outlets each year.
The brand opened its first store in Thailand, Hong Kong, Korea and Vietnam last year. It opened its Philippines store in April this year and plans to open 50 stores in the country by 2032.
“Our goal is to operate 2,000 overseas stores and to achieve an annual overseas sales equivalent of 1 trillion yen by 2032,” Masanori Takeda, Executive Vice President, In Charge of Overseas Businesses General Manager, Global Merchandising Division General Manager, Global Sales Promotion Office, Nitori Holdings Co., Ltd. said in the release.
India features big in the Japanese retailer’s expansion plans as indicated in the release, a journey which will begin with its R City store.
R City is home to houses more than 350 national and international premium brands like Birkenstock, Aldo, Fabindia, GAP, H&M, Mango, Manyavar, Nautica, Nykd by Nykaa and Rare Rabit among others. Strategically located near the upscale neighbourhoods of Powai and Ghatkopar in Mumbai with close proximity to Eastern Express Highway, the mall is home to the country’s first Kidzania and attracts monthly average footfall of 8-10 lakh.
The mall has been working on its brand mix and customer experience for the last few years. Runwal is a leading player in Mumbai’s retail real estate scene and operates four malls in the Mumbai Metropolitan Region (MMR). Its retail business has been growing steadily and it was even able to buy back its partner’s stake in R CIty recently. Click here to learn more about Runwal’s retail strategy as revealed by its Retail Director Sanya Runwal.
