LOFT opens first Chinese store in Jing’an
Print Edition
Japan’s popular lifestyle chain store LOFT expanded its network to China last week.
On July 22, two days before LOFT opened its first Chinese store, the company’s Chinese headquarters was unveiled in The New Factories, a creative industry park in Jing’an transformed from old factory workshops.
The Japanese retailer opened its first store in Tokyo in 1987. Thirty-three years later, it now operates 131 stores across Japan with annual sales of 120 billion yen (US$1.12 billion).
“The Shanghai debut marks the company’s first step outside Japan,” said Keiichiro Syono, managing director of LOFT (Shanghai). “Next, we will expand to east and southwest China.”
The company began preparing for its Chinese debut last year. During preparation, China’s effective response to the novel coronavirus outbreak and rapid economic recovery made an impression on the company.
By the end of June, Jing’an’s total retail sales of consumer goods reached nearly 56 billion yuan (US$8 billion). Foreign direct investment into Jing’an has increased almost 84 percent to nearly US$1.2 billion.
“It made us feel more optimistic about our future in the Chinese market,” Syono said. “Besides, authorities in Jing’an have showed strong support for us to land here.”
Jing’an is a magnet for overseas business due to its lively international business dynamic. During the pandemic, local authorities have worked to streamline approval procedures to register LOFT in Jing’an as well as help the company deal with visa and quarantine issues.
Like its stores in Japan, LOFT’s Chinese store sells everyday commodities, including cosmetics and stationery, but will cater to local tastes.
“We have to combine our experience in the Japanese market and make adjustments for the Chinese market,” Syono said. “It’s important for us to keep changing. Our first step is to cooperate with young Chinese designers.”
“Once a densely populated longtang (back alleyway) community featuring residences and factories, Jing’an has taken on an entirely new look, becoming a creative park and rendezvous for overseas companies,” said Chen Zhongming, chief executive officer of The New Factories Culture Development Company. “The area witnessed social changes and how factories worked in alleyways. Now we hope to create a popular new landmark and contribute to the city’s business recovery.”
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