NEW YORK (Kyodo) During the recession that plagued Japan in the 1990s, ¥100 shops and other no-frills stores became magnets for penny-pinching consumers and despite the lean times reported stunning growth.
Among notable examples are Daiso-Sangyo Co., Japan's top ¥100 shop chain, Fast Retailing Co., known for its Uniqlo brand clothing, and Ryohin Keikaku Co., which offers Muji brand products that have generated a cult following.
In recent years, these companies touting basic "value for money" products have expanded their operations to the United States and other foreign markets, although they are likely to face tough competition as they increase their overseas presence.