Isetan Mitsukoshi eyes Indonesia
Japanese department store chain Isetan Mitsukoshi plans to open its first store in Indonesia.
The store will open by 2015, although the company has not yet confirmed the exact location.
Isetan says Indonesia is an attractive potential market due to its population of more than 200 million, the largest nation in southeast Asia with a rapidly expanding economy.
“The income levels of wealthy individuals and middle-class people in Indonesia are rising, and consumers’ appetite to spend is increasing there,” said Isetan Mitsukoshi president Hiroshi Onishi.
The growing number of foreign retailers and brands flocking to the country also influenced Isetan’s decision.
Thai department store operator Central will also open its first store in the country in 2014, in Jakarta through tie-up with Grand Indonesia.
Vietnam is also on Isetan’s overseas agenda, however Indonesia is first priority due to its faster growth rate.
Besides Japan, Isetan already operates stores in Singapore, Thailand and Malaysia.