May 14, 2013

Malaysian Department Store opens in Yangon

Malaysia retail chains Parkson has opened its department store in Yangon last week. It is a joint venture between Parkson Retail Asia, Yoma Strategic Holdings and First Myanmar Investment.

Parkson holds the 70 % of shares and 20 % goes to Yoman and 10 to FMI. The department store runs four floors of FMI center in downtown Yangon. The chain store expects to raise its sales to 20% to 30% in a year. It has already set a plan to build another store on 200,000 square foot lot in four years.

The store is targeting to middle class consumers. Parkson is operated by Malaysian Lion Group and it was established in 1987. It has more than 100 stores in Asian cities.

Source: Eleven Weekly Media

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