Primo Japan Inc. announces the grand opening of our I-PRIMO Nanning Mixc store located in Nanning Mixc, the large-scale commercial complex in Nanning, People’s Republic of China, on Wednesday, October 20, 2021.
This store location is the 17th store in our company’s expansion into Mainland China, following store openings at locations in Shanghai, Hangzhou, Shenzhen, Beijing, Chengdu, Suzhou, Chongqing, Wuhan and Tianjin. 

◆Nanning Mixc: The commercial facility boasting the largest sales in the Nanning area

Nanning is the capital of the Guangxi Zhuang Autonomous Region of the People's Republic of China. It is a Tier 2 city that is home to 4.67 million people (※1). The number of marrying couples each year in Nanjing comparable to that of Suzhou, and the city boasts a high standard of living with a greater amount of disposable income among residents than that of the newly designated Tier 1 city of Chongqing. Since 2004, it has also become known as the regular venue for the China ASEAN Expo (CAEXPO).

Nanning Mixc, where the new store will be located, is a multi-use complex with a shopping mall, office buildings, and luxury housing that opened in 2012. Annual sales in 2020 were 4.57 billion yuan, which is the largest sales rate among commercial facilities in the area. As Nanning’s only mall offering foreign luxury brand retail stores, Nanning Mixc’s 397 mostly international brand stores, including many jewelry brands, we can expect to see sales from customers shopping around in search of bridal jewelry. The mall is directly connected to the Wanxiangcheng Metro Station, making it easily accessible, and we expect that the awareness of the Ai Primo brand will further increase with this new store location.
 

 

◆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 2020 survey by the People’s Republic of China National Bureau of Statistics (NBS)