Shoppers browse in Japan
When Swedish fashion retailer H&M opened its first Japanese store in the upscale shopping district of Ginza, more than 5,000 people lined up to be the first in Japan to wear H&M goods. The fashionable, yet reasonably priced clothing has scored a hit with cost-conscious savvy savers admist an economic downturn in Japan. Now that H&M has opened a store in the street fashion center of Harajuku and is planning a third in the nearby youth mecca of Shibuya, many are wondering about the effect it will have on smaller, pricier Japanese brands.
On September 13th, H&M, the popular Swedish fashion chain, opened the doors of its first store in Japan, located in Tokyo’s Ginza district. After having conquered Europe, North America and large areas of Asia and the Middle East, taking on the Japanese market next seemed the logical next step.
Shoppers show their excitement on H&M
Established in 1947, H&M currently has over 1,500 stores in 28 countries, making it the world’s No. 3 clothing retailer, but it has taken the fashion giant over half a century to break into the Japanese market. Most analysts attribute this to the historically exclusive attitude of Japan’s fashion-crazed consumers.
While Louis Vuitton and other big name labels were able to cash in on the obsession with designer brands that came with the bubble era of the late 1980s and early 90s, it is only recently that discount chains have been able to find their niche in Japan.
With jeans priced at 3,290 yen and men’s tailored suits coming in at under the 30,000 yen mark, H&M will be competing with other international chains such as Gap and Zara from Spain, as well as the local favorite UniQlo. With the Japanese and world economies suffering a downturn, consumers are turning to retailers such as these to satisfy their hunger for the latest trends without breaking the bank.
H&M’s CEO Rolf Eriksen was in Tokyo on Thursday for the opening “shopping” party of the new Ginza store, and he confirms that the company has grand expectations for its new market. Two more stores are slotted to open in Harajuku and Shibuya within the next year.
Kelly Wetherille