Japanese Discount Chain Don Quijote Eyes Expansion in Asian Countries, Including the Philippines
A favorite stopover and shopping spot of tourists when in Japan, Don Quijote is gearing up for an Asian expansion to boost sales. After successful launches of its first branches in Bangkok this February and Hong Kong in July, parent company Pan Pacific International Holdings (PPIH) has made it clear that it is far from done in testing the waters. Don Quijote has expressed interest in mounting stores in countries such as Indonesia, Malaysia, and the Philippines, Bloomberg reported in April.
Listed among its company’s goals is “Vision 2020,” which is to reach ¥1 trillion in net sales by next year. In its 2019 sales portfolio, it’s noted that the PPIH is well on its way to achieving that goal, along with “a store network of 500 locations and a return on equity of 15%.” It is also on track to becoming the country’s fifth-largest retailer.
With the momentum that comes from opening its first Thailand store, PPIH “will accelerate our overseas expansion as we move forward with a strategy that focuses both on Japan and the world.”
Takao Yasuda founded Don Quijote Holdings in 1980 and the holding company, which was recently renamed as Pan Pacific International Holdings, is now worth $10 billion, according to Forbes. As of June this year, it has a total of 695 stores with 651 in Japan, 38 in the United States, four in Singapore, one in Hong Kong, and another in Thailand. Yasuda has since stepped down as chairman but continues to serve as the company’s advisor. He is listed as Japan’s 15th wealthiest man with a net worth of $2.7 billion.
The discount chain is well-known for selling a variety of goods from electronics, food items, appliances, home accessories, beauty products, and all kinds of trinkets offering the opportunity for tax-free transactions for foreigners.