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Business News Digest
Aeon to enter Myanmar The first of Japan's major retailers
On August 1, Japanese major distributor Aeon announced that Aeon Orange, a joint venture set up with Creation Myanmar Group of Companies (CMCG) in April, will start managing 14 supermarkets operated by Hypermarket Asia Co. Ltd., one of the affiliate companies of CMCG. This is the first time in Myanmar that foreign investment has entered into the distribution business since democratic reforms in 2011.
CMGC has over 20 foreign brand sales licenses in Myanmar including GIORDANO and MANGO, and is also involved in the real estate business. Going forward, Aeon plans to offer its private brand "TOPVALU," and management know-how including human resources development to its joint venture Myanmar company. It is targeting new store openings this year and aims to open 10 stores in 5 years.
Aeon has rolled out food supermarkets and shopping malls across five Southeast Asian countries. In Myanmar, which is achieving rapid economic growth amongst the ASEAN countries, the company is targeting the middle-income class.