Primo Japan Inc. will open the I-PRIMO XIAMEN MIXC Store on Friday, November 26th . Located in XIAMEN MIXC, a large-scale commercial complex in Xiamen, People’s Republic of China, this new store is our first in Xiamen and our 19th store opening in Mainland China as we continue to expand our business in the region following our stores in Shanghai, Hangzhou, Shenzhen, Beijing, Chengdu, Suzhou, Chongqing, Wuhan, Tianjin and Nanning.

◆XIAMEN MIXC: The Xiamen area’s largest commercial complex

Xiamen is a Tier 2 city located in the southern part of China’s Fujian Province. A port city located on the southeastern coast of China facing Taiwan across the Taiwan Strait, Xiamen consists of two main islands and an area on the mainland. With a population of 3.83 million people (*1), Xiamen is one of five designated Special Economic Zone (SEZ) cities and is the only sub-provincial city designated in Fujian Province.    

XIAMEN MIXC, the new store location, opened in November 2018 as a multi-purpose shopping mall, office building and hotel complex. Although the facility opened only recently, XIAMEN MIXC is a fast-growing commercial complex boasting annual sales of 4.5 billion yuan in 2020, the largest in the area. With 397 stores, which are mostly international brand stores along with a number of jewelry stores, we can expect sales to customers shopping around for bridal jewelry. This great location, with direct access to Hubin East Road Metro Station, means that we can also expect to expand brand awareness of the I-PRIMO brand further. 
 

 

◆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)