Retailers survival of the fittest

Uniqlo chairman Tadashi Yanai in an interview with The Times stated retailing will be entering a new era of globalization. Mr. Yanai stated companies should be taking advantage of the "enormous opportunity" afforded by the end of barristers to cross-border expansion. He further added it was entirely possible for a Chinese retail group to acquire a sizeable UK rival and become the world's biggest retailer in the coming years.

As Uniqlo opened its flagship store on London's Oxford Street to a total of three retail outlets in the West End, the comments came after M&S also announced it is planning to expand into China.

Mr. Yanai stated: "In the past only the US economy was the engine for global growth, but the EU, Japan and China are all still in long-term growth cycle. We are all at the starting line, the competition is just beginning and it will be great fun for everyone. We all now have the chance to compete and the fittest will survive."

Uniqlo currently operates 700 stores across Asia with a budding portfolio of 12 in the UK. The company is planning to expand into China, Russia as also the US, where its parent company Fast Retailing made a bid Barney's, the upmarket US department store, but lost out to a Dubai investment Group.

Image: Uniqlo AW07