Minimalist homeware retailer Muji is launching a new concept called Muji 500, offering items for less than US$3.46 (500 yen). The first store opened in Tokyo on 30 September 2022, on the 4th floor of the Atrevi shopping centre in the Mitaka Station district. It covers 181 sq.m (sales area).
The store sells 3,000 everyday products (food, household items and stationery), 70% of which cost less than US$3.5. In its other stores, only 30% of the range is at this price. The Japanese chain plans to expand the concept with 30 new stores in central Tokyo by March 2023.
In the fiscal year to Q3 (ended 31 August 2022), sales at Muji’s parent company Ryohin Keikaku reached US$2.67 billion (up by 7.3% year-on-year, and up by 51% from Q2 2022). The group’s quarterly profits fell by 31% year-on-year from US$210 million to US$140 million. The Japanese retailer is in the midst of an international expansion with 50 stores per year in mainland China. In Japan, Muji continues to strengthen a presence in supermarkets with corners in the Lawson convenience stores.
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