Muji to Follow Aeon and Uniqlo to Bet on Vietnam’s Consumer Market

Diep Nguyen

10:59 22/02/2019

BizLIVE -

In the latest announcement, Muji said that this retailer plan to open its first store in Ho Chi Minh city, Vietnam from spring 2020.

Muji to Follow Aeon and Uniqlo to Bet on Vietnam’s Consumer Market

Photo: Wikipedia

Muji, the Japanese lifestyle-goods retailer operated by Ryohin Keikaku, is accelerating its expansion in South and Southeast Asia to better tap the spending power of the regions' growing middle class. Symbolizing that push was the opening of the company's Southeast Asian flagship store in Singapore in July 2017. 
So far, Muji has 928 stores around the world, including 454 in Japan. 
The core Muji customer in Asia outside Japan is far younger than their Japanese counterpart -- in their 20s, compared with about 38 -- giving the brand an opportunity to build long-term loyalty.
In the latest announcement, Muji said that this retailer plan to open its first store in Ho Chi Minh city, Vietnam from spring 2020. 
In the latest statement, the representative of Muji, Ryohin Keikaku, showed the belief in the potential of the Vietnam market. He said that Vietnam has the third largest population in South East Asia, Vietnam is enjoying rapid economic development. For Muji, Vietnam is a key market in the South East Asia region, the GDP growth rate in 2018 is estimated to reach 7.1 percent.
For a long time, Muji products have been favored by many young Vietnamese for its smoothness, quality and acceptable prices. However, Muji products come to Vietnamese customers mainly through the small dealers and in many cases; consumers are cheated with fake Muji products from China. 
The Muji’s enter in Vietnam market is said to follow up the steps of many other big Japanese retailers like Aeon or Uniqlo. For about more than 4 years of operating in Vietnam, Aeon has amasses huge success, Aeon is planning to open more stores around Hanoi. Uniqlo also quickened up the preparation process to enter Vietnam in fall of 2019.

DIEP NGUYEN

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