Primo Japan Inc. announces the opening on Thursday, April 15, 2021 of the I-PRIMO Nanjing Deji Plaza Store in Deji Plaza, located in Deji Plaza, the large-scale commercial complex in Nanjing, People’s Republic of China. This store location is the 16th store in our company’s expansion into Mainland China, and follows our store openings in Shanghai, Hangzhou, Shenzhen, Beijing, Chengdu, Suzhou, Chongqing, Wuhan and Tianjin. 

◆Deji Plaza: Mainland China’s #1 Ranked Shopping Mall in 2019

Nanjing, the capital city of Jiangsu Province in the People’s Republic of China, is home to approximately 7 million people ( ※１). One of the Four Great Ancient Capitals of China, Nanjing attracts many tourists from across China and overseas and has direct high-speed rail links with Shanghai. With the number of marrying couples each year in Nanjing comparable to that of Hangzhou, where we have two I-PRIMO stores that are performing very well, we can expect further expansion of our business in China by opening a store in Nanjing. 
Deji Plaza, the site of this new store location, opened in 2006 as a commercial complex featuring a shopping mall, an office building, and a luxury hotel, and has succeeded in attracting a large number of visitors since then. In 2019, Deji Plaza was awarded 1st Place in the 2019 Mainland China Mall Ranking based on annual sales. As a result of Deji Plaza’s store line-up of approximately 300 mainly international brands, including many jewelry brands, we can expect to see sales from customers shopping around in search of bridal jewelry. The complex’s good location, directly connected to Xinjiekou Metro Station, is also expected to raise I-PRIMO brand awareness.
 

◆Mainland China Business Outlook: Continuing Store Openings for Further Market Penetration
Since opening our first store in Mainland China in July 2016 in Shanghai, we have expanded our coverage area with store locations in Hangzhou, Shenzhen, Beijing, Chengdu, Suzhou, Chongqing, Wuhan and Tianjin. Although the spread of COVID-19 infections since in February 2020 had a big impact on the retail industry in Mainland China, severe restrictions on economic activity during that period resulted in a dramatic rise in purchasing motivation once the spread of infections began to subside beginning around April 2020, meaning that sales in 2020 have also been strong. With a percentage of overseas sales exceeding 30% as at the end of 2020, Primo Japan will continue opening stores in Mainland China while working to achieve our target overseas sales percentage of 40% and further developing our business in the region.     

 

※１ Based on a 2018 survey by the People’s Republic of China National Bureau of Statistics (NBS)