Uniqlo, a well-known Japanese clothing brand, will close an iconic store in a bustling business district in central Tokyo today. What is the reason for closing the store? What is the current status of the Japanese apparel industry?
Financial Channel Special Correspondent Li Qianwen: My current location is the Shinjuku business district in Tokyo. It is located in a prime location in the center of Tokyo and is surrounded by many well-known department stores and fashion brands. This white building is Uniqlo’s iconic store in Shinjuku. It was also one of the Shinjuku landmarks in the hearts of many tourists visiting Japan.
When it opened 10 years ago, 4,000 people lined up to shop in the store. However, after the end of business hours today, Uniqlo will close the store. Many Japanese citizens expressed regret that it was unexpected that such an iconic store would close.
In this regard, Uniqlo’s parent company, Fast Retailing Group, said that because the new development plan of the Shinjuku business district will have an impact on passenger flow, and the store lease contract expired, it made the decision to close the store. However, some Japanese media analysis pointed out that many of the customers who came to this store during the epidemic were foreign tourists. During the epidemic, tourists visiting Japan were unable to enter Japan for a long time, which was also one of the important reasons affecting customer flow.
In addition to closing this store, Uniqlo has also made a “big move” recently that has attracted great attention. At the beginning of this month, Uniqlo announced that it would increase the prices of many popular autumn and winter clothing, including polar fleece jackets, thermal underwear, and down jackets, by up to 50%. Although the chairman of Fast Retailing Group said in April this year that Uniqlo would not easily increase prices, the sharp increase in the prices of raw materials such as chemical fibers and logistics costs, coupled with the impact of the depreciation of the yen, has made it difficult for Japanese clothing giant Uniqlo to bear the cost. pressure.
Not only Uniqlo, many Japanese clothing brands have also announced price increases recently. In order to save money, more and more Japanese people are turning their attention to new clothing consumption models. The “cloud wardrobe” service allows you to rent different styles of clothing multiple times by paying a certain amount every month, and the number of users is increasing. On the other hand, many Japanese consumers have entered the second-hand clothing market and its online platforms for the first time.
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