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Aeon Co (M) Bhd targets to open 100 stores of varied formats in Malaysia by 2020, including the possibility of a hypermarket model.
The Japanese-controlled retailer that now operates 27 stores - the Jusco department stores cum supermarket and MaxValu supermarkets - is also looking to open more convenience stores, drug stores and discount formats, Aeon's vice chairman Nagahisa Oyama said.
He said that the discount formats would be like hypermarkets.
"We are looking at new businesses in Malaysia," said chairman Abdullah Mohd Yusof.
Oyama and Abdullah were speaking to reporters following the company's annual general meeting Thursday.
Aeon, which has been in Malaysia for the past 27 years, has grown from a RM1 billion company six years ago to one that is raking close to RM3 billion in revenue.
Its parent, Japan's Aeon Co Ltd, owns 51 per cent of the local entity.
The retailer expects to cross the RM3 billion revenue mark in the current financial year ending December 31 2011, after posting RM2.89 billion last year.
This year, Aeon's capital expenditure for store opening and renovation is RM250 million.
It plans to open a two-level community shopping centre in Rawang, Selangor with 370,000 net lettable area by the end of 2011.
Another RM50 million will go into the renovation of the Jusco store in 1Utama Shopping Centre in Bandar Utama. It is scheduled to sign a nine-year lease with the landlord for the 320,000 sq ft space it will occupy.
The retailer is not worried about competition from two other major retail players who are expected to open within 1Utama.
Meanwhile, Aeon saw net profit in the first quarter ended March 31 grew to RM46.61 million from RM41.17 million in corresponding period last year.
Revenue declined marginally to RM720.65 million from RM730.28 million the last time due to lower number of loyalty members' sales days and the temporary closure of 1Utama store. – Business Times
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