On December 24 (Tue), Primo Japan will open the new I-PRIMO Store on the Suzhou Center, a large commercial facility in Suzhou city, Jiangsu province, China.The I-PRIMO Suzhou Center Mall Store is our first store in Suzhou as well as the eleventh store in mainland China, following four existing store in Shanghai, two in Hangzhou, one in Shenzhen and two in Beijing, one in Chengdu.

Suzhou’s Largest Commercial Complex: Suzhou Center

 

Located in the southeastern part of China’s Jiangsu Province, Suzhou is a world-class city that is home to 10.6 million people (*1). Like neighboring Shanghai, urbanization is progressing rapidly in Suzhou, which is said to be the economic center of Jiangsu Province. Covering approximately 350,000 square meters, Suzhou Center opened in 2017 as the largest commercial complex in Suzhou City. It was initially home to global fashion, cosmetics and jewelry brands, and now has 560 tenants, including a movie theater, a variety of restaurants and more. Easily accessible from Dongfangzhimen Station, Suzhou Center is packed with shoppers each day. Our new store is opening on the first floor (1F, ground level) among a number of other jewelry retailers, and we expect to attract a high number of customers, particularly those in the bridal market segment.

Business Prospects in Mainland China: Development of our market presence with new store openings continues

 

At Primo Japan, since opening our first store in Mainland China in Shanghai in July 2016, we have expanded to other areas including Hangzhou, Shenzhen, Beijing and Chengdu. By the end of 2018, our overseas sales ratio was about 30 percent with sales remaining strong at our new store locations. We hope to reach the overseas sales ratio target of 40 percent set forth in our medium-term management plan. Through the opening of more store locations in the future, we aim to further develop brand awareness of the I-PRIMO brand and continue developing our business in Mainland China.

 

*1)Source: 2018 Survey by Jiangsu Province Bureau of Statistics, China