Japanese retailer Muji opens first store in Hanoi
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Japanese chain retailer Muji opened its first store in Hanoi on Saturday after opening one in HCMC last November. The store, which spans 2,000 square meters at Vincom Center Metropolis on Lieu Giai Street, is the second to be opened in Vietnam.
The flagship store in Hanoi provides around 5,000 products, ranging from fashion, cosmetics to household items, interior design and food.
Tetsuya Nagaiwa, Muji’s head of Vietnam business, said the chain spent two years searching for a suitable location for the Hanoi store, a much longer process compared to its HCMC endeavor.
The southern metropolis’s downtown District 1 is a no-brainer when it comes to choosing a location for a store. But Hanoi has multiple locations with different capacities for attracting customers, Tetsuya explained.
Vincom Center Metropolis was eventually chosen since it is in an area with a big Japanese population and is wide enough to host a large store.
Tetsuya said Muji’s current strategy is to take hold of Hanoi and HCMC, both major cities, to boost brand recognition. Afterward, depending on factors like economic development and population, Muji would consider opening more stores in other cities.
Vietnam is among the world’s most promising retailer markets right now, Tetsuya said, adding the country has attracted a large number of investors thanks to its ever-growing economy and a young population with a middle-class income.
Certain Muji products sold in Vietnam would be cheaper than other markets’ as they are produced by domestic manufacturers, he said, without revealing exact information regarding the domestic factories.
Muji, founded in 1980, has over 1,000 stores in 33 countries and territories.
Questions & Answers
Q.What led Muji to choose Vincom Center Metropolis for its Hanoi store?
What led Muji to choose Vincom Center Metropolis for its Hanoi store?
The company chose Vincom Center Metropolis because it is located in an area with a large Japanese population. The site was also wide enough to accommodate a store of the required size, providing ample space for its offerings.
Q.How does Muji plan to expand in Vietnam after establishing stores in Hanoi and HCMC?
How does Muji plan to expand in Vietnam after establishing stores in Hanoi and HCMC?
After securing its presence in Hanoi and HCMC, Muji will evaluate factors such as economic development and population. Depending on these conditions, it plans to consider opening more stores in other Vietnamese cities.
Q.Why are some Muji products sold in Vietnam cheaper compared to other markets?
Why are some Muji products sold in Vietnam cheaper compared to other markets?
Some Muji products sold in Vietnam are priced more cheaply than in other markets. This is because these specific items are produced by domestic manufacturers within Vietnam, reducing import costs.
Q.What is Muji's immediate strategy after opening its Hanoi store?
What is Muji's immediate strategy after opening its Hanoi store?
Muji's current strategy is to establish a strong presence in both Hanoi and HCMC, which are major cities. This approach aims to boost brand recognition among the Vietnamese population before further expansion.