Mitsukoshi to land its first Philippines department store this year
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Isetan Mitsukoshi Holdings is set to open the first Mitsukoshi department store in the Philippines by the end of this year under a partnership with local property developer Federal Land.
The four-storey lifestyle store, located in Manila’s business district Bonifacio Global City, will host about 120 merchants.
Targeting younger, middle-class customers, Mitsukoshi is theming the store the “Next Manila Lifestyle” and will offer a range of products from Japan across cuisine, fashion, and cosmetics categories.
Customers can purchase food from Japanese-inspired restaurants in basement 1, while cosmetics and beauty salon services are on the ground floor.
The second floor will offer Japanese dining options and a selection of International food choices, along with Japanese homewares and accessories – and will be home to premium retail brands’ stores. The third floor is dedicated to wellness and enjoyment.
Statista estimates the value of the Philippines’ retail sales at US$53.6 billion last year and predicts that during the next four years spending will increase to $68.71 billion.
The Covid-19 pandemic has encouraged many Filipinos to move online to shop. As at May 2020, according to Statista, 41 per cent of respondents claimed they made more online purchases due to the epidemic in the Philippines. However, 63 per cent of respondents to a subsequent study in June of last year said they were likely to visit a mall in the upcoming six months.
Questions & Answers
Q.Who is Mitsukoshi partnering with to open their first department store in the Philippines?
Who is Mitsukoshi partnering with to open their first department store in the Philippines?
Mitsukoshi is collaborating with local property developer Federal Land for the new department store. This partnership will see the launch of the four-storey lifestyle store in Manila's business district.
Q.What kind of customers is the new Mitsukoshi store in Manila hoping to attract?
What kind of customers is the new Mitsukoshi store in Manila hoping to attract?
The new Mitsukoshi department store is specifically targeting younger, middle-class customers in Manila. Its theme, 'Next Manila Lifestyle,' reflects this focus on a modern, aspirational demographic.
Q.What product categories and services will be available in the new Mitsukoshi department store?
What product categories and services will be available in the new Mitsukoshi department store?
The store will offer Japanese products across cuisine, fashion, and cosmetics categories. It will also feature Japanese-inspired restaurants, beauty salon services, international food choices, homewares, accessories, and premium retail brands.
Q.What is the predicted growth in retail spending in the Philippines over the next four years?
What is the predicted growth in retail spending in the Philippines over the next four years?
Statista predicts that retail spending in the Philippines will increase from US$53.6 billion last year to $68.71 billion during the next four years. This indicates a significant expected growth in the market.
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