Early Life
Akio Nitori was born in Sakhalin, Japan, in 1944 and repatriated to Sapporo at the age of three. Growing up, he experienced a modest upbringing. He graduated from Hokkai Gakuen University with a degree in Economics in 1966.
Rise to Success
In 1967, Akio Nitori founded the Nitori Furniture Store in Sapporo, Hokkaido. He was 27. This marked the beginning of his career in the home furnishing industry. By the early 1970s, Nitori had developed a business model focused on providing affordable, quality furniture. A pivotal moment was a 1972 visit to the United States, where he observed successful retail practices at Sears and Levitz Furniture. Nitori introduced innovative business practices like direct purchasing from vendors and automated vertical warehouses. He expanded Nitori's operations overseas, with stores in China, Taiwan, Singapore, Malaysia, Thailand, South Korea, and the United States.
Key Business Strategies
Nitori's success stems from a vertically integrated business model, controlling product development, procurement, manufacturing, logistics, and sales. He focused on cost-efficient manufacturing. The company's strategy includes a diverse product range encompassing furniture, home decor, and everyday household items. Direct sourcing from manufacturers, efficient logistics, and a commitment to offering quality products at accessible prices are hallmarks of his approach. Nitori's company's ubiquitous catchphrase is "More than you paid for".
Philanthropy
Nitori's philanthropic efforts include donations to educational institutions and disaster relief organizations. In 2014, he started making grants to colleges in the U.S., Taiwan and Vietnam for scholarships.