UNIQLO, the Japanese global apparel retailer, is scheduled to open its first store, Uniqlo Dong Khoi, on December 6 in Ho Chi Minh City, the retailer said in a statement.

Illustrative photo. Source: Nikkei.

"UNIQLO Dong Khoi is one of our largest UNIQLO stores in Southeast Asia, and we hope it will become a magnetic new focal point of Ho Chi Minh City's lively retail scene,” said Osamu Ikezoe, Co-Chief Operating Officer of Uniqlo Vietnam.  

“The store will offer both Saigonese people and international visitors a unique shopping experience, with a full line up of LifeWear on three levels. We look forward to welcoming our first customers on December 6," added Ikezoe.

The UNIQLO Dong Khoi will be operated through a joint venture between Fast Retailing and Mitsubishi Corporation, who will own 75% and 25% of the company, respectively, reported Nikkei Asian Review.

The Japanese retailer plans to double the number of its stores in Southeast Asia and Oceania to about 400 by 2022. Uniqlo's global network spans 20 markets in Asia, Europe, North America and Australia, operating roughly 2,000 stores, according to the company.

Vietnamese consumers currently acquire UNIQLO products via online shopping or unofficially imported by small retailers.

For a population of nearly 100 million, of which the majority is at young age and with steady growth of income per capita, Vietnam is considered a potential market for fashion retailers.

Germany-based market research company Statistics Portal projected the growth rate of Vietnam’s fashion market in the 2017 – 2022 period is 22.5%, taking the market size to nearly US$1 billion by 2022.

Before UNIQLO, a number of global retailers have entered Vietnam to tap this potential. In 2018, the daily revenue of H&M Vietnam was estimated at VND1.8 billion (US$77,312), while Zara Vietnam recorded revenue of VND1.7 trillion (US$73 million) with two stores in Hanoi and Ho Chi Minh City.