Japanese apparel company Muji has announced that in 2008 the company will open 20 overseas stores, which will exceed the number of its domestic stores. It is the first time that its overseas stores exceeded domestic stores in number, and China is its focus for some of this expansion.
The company predicts that its domestic market is nearly saturated. However, the development of overseas market will bring new opportunities to the company. Muji's present overseas business volume is about JPY20 billion and the company intends to increase the number to JPY40 billion by 2010.
Muji entered Hong Kong in 1991 and its second store in Mainland China was opened in Zhengda Plaza, Shanghai in January, 2008. The company will open a new store in Beijing during the first half of 2008. In March 2008, Muji will open its second flagship store in America and other new stores will be opened respectively in sixteen countries and regions. The total number of new stores will reach twenty.
Muji's best markets are in North America and China. With only 280 square meters, the business volume of its New York Soho store reached JPY8 million on the first day of its opening and the total business volume in 2008 is expected to be over JPY800 billion. In China, Muji's first store, which is on Nanjing West Road, Shanghai, has also seen good business since its opening.