(Business Mirror, Bloomberg | October 6, 2018)
A 4,100-square-meter Uniqlo flagship store has recently opened in Makati—the biggest in Southeast Asia. The new chain, owned by Fast Retailing Co., is almost two times bigger than the 2,700-sq-m site which opened on Orchard Road in Singapore two years ago.
The new addition adds up the total Uniqlo stores in the Philippines’s to 52, the most in Southeast Asia and fourth-most outside Japan.
The seller of basic clothes that emphasize advanced materials is betting on the country’s young, English-speaking population and booming tourism market to drive sales. Economic growth slowed to 6 percent in the second quarter, as household consumption—which accounts for more than a third of gross domestic product—rose 5.6 percent.
The expansion puts Fast Retailing in a strong position to capitalize on the region’s growing middle class, said Thomas Jastrzab, Bloomberg Intelligence industry analyst.
“Uniqlo’s value-priced basics such as t-shirts and skirts should appeal to budget-minded consumers dealing with rising inflation,” Jastrzab said.
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