Fast Retailing, parent company of brands including UNIQLO and Theory, revealed major global expansion plans — including opening at least 300 new stores — in its FY2023, which ends in July 2023. As reported in WWD, Daisuke Tsukagoshi, CEO of UNIQLO USA, said that due to the booming North America market, the company plans to open 30 new stores per year and increase its total doors to 200 in the region within five years.
As of Feb. 28, 2022, Fast Retailing operates a total 3,528 stores, with 2,347 as UNIQLO operations — 802 UNIQLO Japan shops and 1,545 UNIQLO International locations.
“We are pursuing more determined new store openings on a global scale,” said the company in a statement. “We opened the UNIQLO Rivoli Store in Paris in September 2021 and our first global flagship store in Beijing, the UNIQLO Beijing Sanlitun Store, in November 2021. We are set to open our new UNIQLO Regent Street Store in London in April 2022. We intend to showcase the UNIQLO brand to the world from prime locations in major global cities.”
The retailer’s growth plans are being fueled by strong results for the six months that ended in February 2022. Revenues for the UNIQLO International business increased 13.7% YoY and operating profit rose by 49.7% YoY, with the North America and Europe markets comprising approximately 20% of the company’s total operating profit.
“In terms of store numbers, we predict our total network will expand to 3,595 stores by the end of August 2022, comprising 810 UNIQLO Japan stores (including franchise stores), 1,607 UNIQLO International stores, 452 GU stores and 726 Global Brands stores,” the company said in a press release.