Japan’s Aeon will invest RM350 million (US$111.16 million) in expansion and refurbishments in Malaysia this year.

Aeon Malaysia chairman Datuk Abdullah Mohd Yusof said Aeon is at advanced stage of market research and sites identification in East Malaysia, where it plans to set foothold within three years time.

Just last month, Aeon opened its third largest shopping centre in Malaysia, the Aeon Ipoh 18 Shopping Centre in Ipoh, the capital city of Perak. The shopping mall has a commercial facilities area of 72,700 sqm spread across four floors.

Aeon, which operates 25 Jusco stores, and four MaxValu supermarkets across Malaysia, is also expected to open in Seri Manjung, another city in Perak, by the end of this year. Malls with an investment of RM86 million (US$28.04 million) are also planned in Penang and Kedah states by 2014.

Apart from expansion and refurbishment, Aeon Malaysia will also invest in rebranding. The rebranding worth RM15 million (US$4.76 million) are intended to promote corporate identity and to move towards globalisation by taking on the global Aeon brand name for all stores and shopping centres. The Jusco brand name will be rebranded as Aeon which means ‘eternity’ in Latin. All Jusco signs will be replaced gradually over the next two years.

“The dynamic new brand name and logo is part of the company’s strategy to enhance its profile as a leading retailer in Malaysia,” said Yusof.

Aeon has started operation in Malaysia in 1984. For the first quarter ended March 31, Aeon Malaysia reported a revenue of RM779.4 million (US$247.55 million) and a net profit of RM37.6 million (US$11.94 million).

GB