The parent company of discount store operator Don Quijote plans to open 250 new stores by 2035, in a bet on a continued surge of foreign tourists.
Pan Pacific International Holdings is aiming to drive tax-free visitor sales and expand in locations of key tourist travel routes, according to an earnings presentation Monday.
It will also launch a new store brand focusing on food products in 2026 and plans to open 200 to 300 outlets under the brand in the next decade.
Pan Pacific set its 2035 goal for ¥400 billion ($2.7 billion) in tax-free sales, driven by increased store traffic from international customers.
The move comes as the government is targeting 60 million annual visitors by 2030, thanks to surging post-pandemic global tourism and a weak yen driving record inbound numbers.
Pan Pacific's consolidated net profit in the year through June grew 2.0% from the previous year to ¥90.5 billion, also reflecting robust sales of its private-label products.
For the year to next June, the company projected higher sales and profits, expecting its net profit to reach ¥100 billion for the first time.
"We will build a company that can earn ¥300 billion in operating profit," Representative Director Hideki Moriya, who is set to become the new president of Pan Pacific International on Sept. 26, told a news conference in Tokyo on Monday.
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