(SPOT.ph) SM Retail announced today that it is set to open the first UNIQLO store in Manila next year-after signing up for a joint venture with Fast Retailing through its subsidiary Market Watch Investment Corporation.
According to a press release from SM Retail, casual wear giant Fast Retailing "has been exploring the possibility of entering the Philippine market for sometime."
Fast Retailing opened its first UNIQLO store in Japan in 1984 and began its expansion into international markets in 1991 by launching stores in the UK, and subsequently launching ventures in China, Hong Kong, South Korea, the US, France, Singapore, and Russia. As of the end of February 2011, UNIQLO has 824 stores in Japan and 150 stores in other markets overseas. The newest addition to the UNIQLO chain recently opened in Bangkok.
SM Retail did not divulge the exact location of the UNIQLO store.