Mitsui Fudosan Signs Memorandum of Agreement With FAST RETAILING for East Asia Business Development Alliance
August 24, 2011
Mitsui Fudosan Co., Ltd.
Mitsui Fudosan Co., Ltd. (Masanobu Komoda, President and CEO, Chuo-ku, Tokyo) today signed a Memorandum of Agreement (MOA) with FAST RETAILING CO., LTD. (Tadashi Yanai, Chairman, President & CEO) concerning an alliance for developing business in East Asia.
The two companies have forged a cordial business relationship in Japan over many years, highlighted by the opening of UNIQLO stores in LaLaport and other shopping centers that were developed by Mitsui Fudosan.
Mitsui Fudosan and FAST RETAILING both have plans to aggressively develop business in East Asia. Under the MOA signed today, the two companies aim to further accelerate business development in East Asia, based on an even stronger business relationship.
(Aims of the MOA)
The agreement aims to achieve the following results.
- Enable Mitsui Fudosan to accelerate development of its retail property business in East Asia.
- Enable FAST RETAILING to expedite UNIQLO store openings in East Asia.
(Terms of the MOA)
The main terms of the agreement are as follows:
- Mitsui Fudosan will provide timely information on projects (urban retail, suburban retail and multi-purpose facilities) it develops in East Asia. FAST RETAILING will undertake to consult with Mitsui Fudosan on UNIQLO store openings and standardize formats when opening stores.
- The two companies will share information on retail property development plans and properties in East Asia.
Mitsui Fudosan intends to actively enter into alliances going forward in order to develop business in East Asia.