Japanese retailers like 3Coins capitalise on Hong Kong's retail property slump to expand
3Coins, an Osaka-based retailer, plans to open an outlet in Causeway Bay, joining a list of Japanese businesses that are finding value amid a slump in Hong Kong's retail real estate market.
3Coins will open its first store in mid-July in Hysan Place and will carry Japanese products including grocery items, according to a Monday statement from Yaichi Group, a partner of the retailer. 3Coins was founded in 1994 and now has 365 stores across Japan. The size of the company's store in Hong Kong was not made available.
'Hong Kong's current economic climate is challenging … [but] many Hongkongers refer to Japan as their 'hometown', that's why we're committed to bringing good quality Japanese products at great value to the city,' said Lou.
He said Yaichi, which represents Japanese brands like Sugar Butter Sand, Tokyo Banana and Mr. Cheesecake in Hong Kong, was also looking to expand its Japanese brands in the city.
'We recognise the strong local demand for authentic Japanese products and are dedicated to introducing more high-quality offerings to meet consumer expectations,' he said.
The success stories of existing retailers in Hong Kong including supermarket chain Don Don Donki, furniture shop
Nitori , as well as Muji, Francfranc and Aeon, have boosted the confidence of other Japanese businesses in the city, said Jeannette Chan, senior director of retail at JLL in Hong Kong.
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