Akio Nitori, the founder and Chairman of Japanese budget furniture king Nitori Holdings Co., is setting his sight on China at the ripe old age of 75.
His competitors, including the country manager of the more famous Ikea which recently opened in Japan, warned that the expansion is foolhardy and that the revered industry leader is charting into an untrod and more difficult territory. Still, warnings—or the commendations—of others had never stopped Nitori from succeeding.
Decades ago, he refused his executives’ insistence to build more stores in Tokyo which was booming in the 1980s. Instead, Nitori listened to his gut; the Tokyo bubble burst, land prices dropped, and he was able to expand at a lower cost.
His decisiveness and strength to stand by his decisions are one secret behind his success which is yet unequaled by other Japanese publicly listed firms: 30 years of consecutive success with rising profits. Bloomberg’s profile of Nitori lists another quality his refusal to compromise with quality. Every product that comes out of his factory has to undergo stringent tests in his labs which had been described as a “furniture torture chamber.” This was prompted by an embarrassing incident ten years ago when thousands of Nitori’s kitchen pots were recalled because they leaked metal during heating.
Another quality that has made Nitori and his company phenomenally successful is his willingness to learn, especially from his competitors. He continues to fly his best employees to the United States to study the tactics of Walmart and Target stores. He himself started this in 1972 when he toured branches of Sears in California.
But what makes the mild-mannered furniture tycoon stand out is his relentless and determination. Nobody believed him 30 years ago when as a young salesman he said he would build 100 stores across Japan. These days, after building 14 stores in China, he intends to double this number. While he has handled day-to-day operations to his right-hand man, Nitori says he has no plans of retiring.
New quality-of-life facilities in demand throughout the U.S.
Municipal leaders and local governments are creating more and more quality-of-life enhancements in their areas despite facing huge constraints on...
The giants of fintech: How Mastercard and PayPal stay afloat during financial technology boom
The world of digital finances has come a long way since first wireless transfers changed the way people do business....
The impact of alternative financing on entrepreneurship
One of the biggest obstacles for entrepreneurs is raising their much-needed capital to launch their business. Case in point: 29...
The secrets of trading with fundamentals
Technical analysis often trumps a fundamental one when it comes to scrutinizing the financial markets. Forex traders often use technical...
Currency wars: Stock markets plunge, gold soars
Bond yields fall and the yield curve inverts more. History is littered with trade wars and currency wars. But negative...
- Sponsored3 days ago
CEO Spotlight: John Fielding, Toronto entrepreneur, founder of Array Marketing
- Business5 days ago
AI revolutionizes the automotive industry
- Crypto4 days ago
What happens when a cryptocurrency faces bankruptcy?
- Crypto3 days ago
Why a cryptocurrency payment system makes companies competitive