MANILA, Philippines — Uniqlo, Japan’s number one clothing retail chain, is investing $2.49 million for the establishment of three stores initially with the first store slated to open in June this year at the Mall of Asia.

Geraldine Sia, general manager of the Fast Retailing Philippines, the joint venture company of Uniqlo Japan and SM Retail Inc., said at the signing of certificate of registration with the Board of Investments for their retailing venture there will be three Uniqlo stores to open this year.

The first store will open in June in MoA, the location of the two others have yet to be announced. The BoI said that each store has a required minimum investment of $830,000 Category B under the Retail Trade Law.

Trade and Industry undersecretary Adrian S. Cristobal Jr. said that Uniqlo is the 13th foreign retailer that registered under the Retail Trade Law in a span of ten years or an average of one foreign retailer annually.

Cristobal, however, said that there is an initiative in Congress to review the 10-year law if it is still relevant with the times.

Uniqlo is the second foreign apparel that the SM Group has brought into the country, the first being Forever 21. Eisuke Sawada of Uniqlo and Cristobal signed the certificate of registration.

On February 9, the group will formally announce its entry in the country. Naoki Otoma, Group Executive Vice President, Fast Retailing Co., Ltd. and Managing Director, UNIQLO Asia & Japan, will grace the event. The opening of the Philippine branch followed the opening of Uniqlo in Thailand. Uniqlo will open more stores in 13 countries worldwide. (BCM)