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Photo = Yonhap news |
[Alpha Biz= Kim Jisun] CJ Olive Young is reportedly preparing to open its first offline store in Tokyo, Japan, as part of its global expansion strategy. The move is seen as a follow-up to CJ Group Chairman Lee Jay-hyun’s directive during an on-site visit to Japan, encouraging group affiliates to actively pursue new overseas opportunities.
According to industry sources on July 11, CJ Olive Young has internally decided to establish a standalone offline store in Japan and has begun reviewing potential locations. The company previously set up a Japanese subsidiary in May 2023.
Once the plan is finalized, Japan will become the second overseas market—after the United States—where Olive Young launches a brick-and-mortar presence. In February 2024, the company established CJ Olive Young USA in Los Angeles to prepare for its first U.S. store opening. Although the launch was initially planned for this year, local conditions have reportedly pushed the opening to 2025.
The Japan store initiative gained momentum following Chairman Lee’s April visit to Tokyo with CEOs of CJ affiliates. During the visit, Lee urged executives to explore new business opportunities in Japan. CJ Olive Young CEO Lee Sun-jung joined the session virtually and received the directive directly.
However, the actual store opening in Japan may take some time due to the tight commercial real estate market in Tokyo, where the average vacancy rate stood at just 0.7% in key areas as of Q4 2023, making it difficult to secure store space.
In response to the reports, a CJ Olive Young spokesperson said,
“As part of our broader global expansion efforts, we are exploring various strategies for the Japanese market, but no final decision has been made regarding offline entry.”
Alphabiz Reporter Kim Jisun(stockmk2020@alphabiz.co.kr)
