Samsonite Singapore plans at least two new stores in the city this year.

Speaking in an interview with the Straits Times, Samsonite CEO Ramesh Tainwala acknowledged his business faces high operating costs and slower economic growth in Singapore, compared to other Asian markets. But he said the company’s strategy was dependent on more than economic growth.

“Our market share in Singapore does not exceed 22 per cent… If I grow my business (here)… to 25 per cent (of market share), without the market growing I can still deliver around 10 to 11 per cent growth in my business.”

The travel goods retailer will end the year with more than 20 stores in Singapore with three new ones already trading and two more planned.

For more on the company’s Singapore strategy, read the Straits Times interview here.