Feb 24, 2014

Japan's Aeon to launch retailing business in Myanmar

Japanese retailer Aeon Co. plans to launch retailing business in Myanmar, sources close to the matter said Saturday.

Aeon is the first major Japanese retailer to branch out to Myanmar since a civilian government took over power from the military in 2011.

The project calls for setting up a representative's office in Yangon in March to lay the groundwork for launching a shopping mall in the country's former capital and largest city by 2016.

Aeon is also building its first shopping mall in Cambodia, which is scheduled to open in June.

The Myanmar government has revamped the nation's foreign investment law, allowing foreign retailers to invest in large-scale retailing business.

Aeon, which already has retailing operations in China as well as in Malaysia and Thailand, opened a shopping mall in Ho Chi Minh City in Vietnam last month and plans to expand its operation in Vietnam to 20 stores by 2020.

Source: Kyodo News International