SINGAPORE: Japanese retail chain Daiso is expanding its presence in Singapore with three more stores over the coming months, as it sees a “very stable future” here with growth opportunities.
One of these new outlets include a sprawling flagship store at Jurong Point shopping mall that officially opens on Wednesday (May 25). Spanning nearly 15,000 sq ft, the store houses three brands under one roof, making it the first such concept store outside Japan.
Apart from affordable household and daily necessities under the well-known Daiso brand, the Jurong Point store also features the company’s two other brands – Standard Products, which describes itself as having an environmental focus and is making its debut in Singapore, and a newly-rebranded women’s line Threeppy.
Meanwhile, another two Daiso stores are in the pipeline – one will open at NEX shopping mall in Serangoon next month while another will be ready in the Ang Mo Kio area by September.
These additions are part of a global expansion strategy and also as the Japanese retailer sees a “very stable future for Singapore with a lot of growth”, said the president of parent company Daiso Industries Seiji Yano at a media preview of the Jurong Point store on Monday.
When asked by CNA to elaborate on the growth areas that it sees, Mr Jun Tomioka, president of Daiso Singapore, said: “At present, we only have 40 stores so we really feel there’s a huge potential for us to expand.”
The firm also reckons that the new brands it is introducing in Singapore will cater to different market needs, thereby giving sales a lift.
Its recent change in pricing also means “a difference in revenue”, Mr Tomioka said through a translator at a press conference.
PRICE CHANGE NOT AN EASY DECISION
Daiso, a budget retailer known for its S$2 items, announced in April that it would be rolling out a new 15-tier pricing system due to rising raw material and logistics costs.
Since May 1, prices of its products in Singapore, both in stores and online, now range from S$2.14 to S$25.47.
Mr Tomioka reiterated that the decision to raise prices was not an easy one to make. While the firm has seen “ups and downs” in terms of costs ac...