On July 31 (Fri), Primo Japan will open the new I-PRIMO Store in the NORTH PARADISE WALK large-scale shopping complex in Chongqing, China.The I-PRIMO LONGFOR NORTH PARADISE WALK Store is our first store in Chongqing as well as the thirteenth store in Mainland China, following five existing store in Shanghai, two in Hangzhou, one in Shenzhen and two in Beijing, one in Chengdu, one in Suzhou.

◆NORTH PARADISE WALK: Chongqing’s First Large-scale Shopping Complex

Chongqing, along with Beijing, Shanghai and Tianjin, is one of the four direct-administered municipalities governed by the government of the People’s Republic of China. Chongqing covers a large land area that, when combined, is home to 30.75 million people, which makes the city larger than the other direct-administered municipalities and also Hong Kong, S.A.R. Since 2010, when Chongqing was designated as the third New Area for government-supported development, after Shanghai and Tianjin, and the first inland city to receive the designation, Chongqing has become a leading center of manufacturing, finance, logistics and commerce. NORTH PARADISE WALK, where this new store location will be opening, was Chongqing’s first shopping mall when it opened in 2003. With a total floor area of 14,000 square meters, NORTH PARADISE WALK houses more than 250 stores, from global fashion, cosmetics, jewelry and other brands. An easy 3-minute walk from Guanyinquiao Station, the complex attracts many people from younger generations who are approaching marriage. With this new I-PRIMO location, we expect to attract a large number of customers and increase brand awareness of the I-PRIMO brand among these younger people.

◆Mainland China Business Forecast: Continued Store Openings for Further Development

Since opening our first store location in Mainland China in Shanghai in July 2016, our company has expanded to Hangzhou, Shenzhen, Beijing, Chengdu and Suzhou. The spread of COVID-19 infections since February 2020 has had a major impact on retail businesses in Mainland China, but orders from April to June have been very strong, showing signs of recovery. As of the end of 2019, our percentage of sales overseas stood at more than 30%. In order to achieve the target of 40% as laid out in our medium-term management plan, we will continue opening stores in Mainland China, while sustaining strong sales at our existing stores, to raise awareness of the I-PRIMO brand and further develop our business in Mainland China.

 

* Source: China National Bureau of Statistics