Aeon will open new supermarkets in Myanmar at a faster clip over the next five years, according to business plans announced Monday, with shopping centers also under consideration.
The Japanese retail group recently established supermarket chain Aeon Orange, a joint venture with Creation Myanmar Group of Companies. The 14 supermarkets purchased from CMGC will be renovated, and the first new Aeon Orange store is to open within the year. Openings will rise to 10 new stores annually after five years.
Aeon President Motoya Okada also said that “opening up shopping centers is vital” for the future, expressing interest in capitalizing on the company’s biggest strengths.
“We cannot delay in such a high-potential market,” Okada said, hinting at plans to open a large-scale shopping center in Myanmar like those Aeon operates in Japan and other countries. The company will keep a close eye on changes to restrictions for foreign investment.
Aeon’s international business segment slumped during the year ended in February with an operating loss of 2.4 billion yen ($23.4 million). A slowdown in Malaysia, one of Aeon’s largest overseas markets, is deemed responsible and increased the urgency to develop a profitable new market.