ABC Myanmar seeks foreign partners
ABC Myanmar, the nation’s largest convenience store operator, says it is looking for foreign partners to help it expand into other categories.
Myanmar’s retail sector is “rife with opportunities for foreign investors” according to ABC Group MD Wai Thit Lwin.
“Myanmar’s retail business is in the beginning stage. Therefore, it has huge potential to grow,” Wai Thit Lwin said. “Modern trade contributes only 10 per cent of total retail sales currently and is expected to rise to 25 per cent by 2020,” she said in an interview.
ABC Group already operates 100 convenience stores in Yangon and Mandalay. It has plans to build as many as 1000 during the next five years.The country has a population of 51 million.
The company believes that with the right foreign partner it could develop supermarkets, hypermarkets and possibly other retail formats and take advantage of that trend.
In two months time, elections will be held in Myanmar and while the outcome is not certain, observers consider it inevitable that recent economic and business reforms will continue, leading to a relaxation of regulations governing foreign investment in grocery retailing, amongst other categories.
Wai Thit Lwin says her company is open to partnerships from within Asean. Thai firms would potentially be frontrunners.