Parkson hits Myanmar
Singapore-listed Parkson Retail Asia has formed a joint venture with Yoma Strategic Holdings and First Myanmar Investment to operate Parkson department stores in Myanmar.
Parkson will hold a 70 per cent stake in the joint venture with Yoma holding 20 per cent and the remaining 10 per cent by First Myanmar. The joint venture is expected to have a paid-up capital of US$3 million.
The first Parkson department store in Myanmar will be located at FMI Centre in the Pabedan township of Yangon, which is the center of downtown Yangon and home to the nation’s two largest shopping malls.
The first store, that would span four levels with a built-up area of around 43,000 sqft, is scheduled to open on March 31, 2013.
Yoma Strategic Holdings believes that the joint venture will benefit from rising consumer spending in Myanmar as its economy grows and sanctions with trading partners are relaxed due to political reform.
“Consumer spending is on the rise in Myanmar given the increasing level of economic activity and the increased level of confidence for the future,” said Andrew Rickards, CEO of Yoma Strategic Holdings.
“The Parkson brand is well recognised in southest Asia and having them as our partner will ensure that our department stores in Myanmar are run professionally.”
Parkson Retail Asia runs 54 stores in Malaysia, Vietnam and Indonesia.
Yoma Strategic Holdings is a Singapore-listed company which runs real estate, automobile dealership and agriculture businesses in Myanmar and China. First Myanmar Investment is a subsidiary of Serge Pun & Associates.