On December 18 (Tue), Primo Japan will open the new I-PRIMO Store on the second floor of MixC Shenzhen Bay, a newly-opened large commercial facility in Shenzhen, Guangdong Province. The I-PRIMO MixC Shenzhen Bay Store is our first store in Southern China as well as the seventh store in mainland China, following six existing stores in Shanghai and Hangzhou.

Located in Guangdong province, the “Silicon Valley of China”, Shenzhen City is one of mainland China’s four major cities, together with Beijing, Shanghai and Guangzhou. With a population of approximately 12.5 million people living in an area covering 2,000 square kilometers, Shenzhen boasts a market on a scale comparable to the Tokyo metropolitan area with its population of 13.8 million occupying approximately 2,200 square kilometers. In recent years, Shenzhen, as a base for emerging technology companies, has seen high levels of economic growth. From 2016 to 2017, the city recorded a GDP growth rate of 8.8%(*1), exceeding China’s nationwide average of 6.9%(*2), and it continues to attract workers, especially young people, from across China. Located in the Nanshan District of the city and covering an area of 80,000 square meters, MixC Shenzhen Bay is attracting attention as a multimedia entertainment and commercial facility featuring an art museum, cinema, theater, stadium, and shopping mall, and will open its doors on the same day as the new I-PRIMO MixC Shenzhen Bay Store. The store’s 2nd floor location, situated among the trendiest global brands, is sure to attract a large number of customers, particularly those in the younger age groups.

The I-PRIMO Mix C Shenzhen Bay Store is a wholly-owned subsidiary of Primo Japan Inc. operated by Primo Diamond Shanghai Trading Co., Ltd.  Additional training support for our staff will be provided by Primo Diamond Hong Kong Ltd., our subsidiary in Hong Kong, which is located just 50 minutes by public transport from Shenzhen. We are planning to further expand our business in southern China based on the business model we have developed with remarkable success in Hong Kong and Shanghai.

In the two years since we entered the Chinese market, the I-PRIMO brand has attained our clearly defined brand values of “Japanese standards of excellence in product quality” and “Detail-oriented quality customer service” as a result of aggressive marketing campaigns in the greater Shanghai area through both online and offline platforms. In the first half of our fiscal year 2018, we have achieved significant profitability in the Chinese market. Having established solid business foundations in the region, we have developed effective and efficient local procurement channels for our products that both maintain quality control and optimize delivery times. Going forward, we aim to further expand our store network to include new locations in in cities in northern and southern China in order to further strengthen our company and the human resources that support such growth throughout the entire Primo Group

*1: Shenzhen City Statistic Bureau

*2: International Monetary Fund