MANILA, Philippines - SM Retail has inked an agreement with Fast Retailing Corp. to bring Japan’s leading clothing retail chain UNIQLO to the Philippines, a move aimed at fortifying its foothold in the retail industry.
In a statement issued yesterday, SM Retail said the deal calls for the establishment of a joint venture company, with the first UNIQLO store in the Philippines to open in 2012.
UNIQLO currently has presence in China, France, Hong Kong, Malaysia, Russia, Singapore, South Korea, Taiwan, Thailand, the United Kingdom and the US.
“The joint venture is expected to create excitement in the dynamic local retail market as it will bring to Manila a global brand known for its high quality fashionable basic casual clothes for both sexes that can be worn in any occasion,” SM Retail said.
Fast Retailing opened its first UNIQLO store in Japan in 1984 and began its expansion into international markets in 1991 by launching stores in the UK, and subsequently launching ventures in China, Hong Kong, South Korea, the US, France, Singapore and Russia.
As of end-February this year, UNIQLO has 824 stores in Japan and 150 stores in other markets overseas. It recently opened in Bangkok.
SM Retail was also responsible for bringing Forever 21, one of the world’s retail giants in the Philippines. The chain offers affordable and trendy apparel and accessories for women, men, teens and kids.
SM Retail, the leading retail group in the Philippines, has over 50 years experience in the industry. Its retail operations include a chain of department stores, supermarkets and hypermarkets strategically located in key cities of the Philippines.
It also has a chain of specialty store formats that serve niche markets by focusing on a wide selection of merchandise for each category like home stores, toy superstores, hardware superstores like ACE Hardware, personal care stores with Watsons, and appliance superstores, among others.
SM Retail is part of SM Investments Corp., one the country’s largest conglomerates, which also has core businesses in mall operations, banking, property, and hotels and conventions.