Metro Myanmar to launch this year
Metro Myanmar is looking to launch by the end of 2016 as the German hypermarket operator gives Southeast Asia another shot.
The move will surprise observers given Metro Group’s disastrous previous experience in Southeast Asia – where it chalked up millions in losses and got into an expensive dispute with local taxation authorities before off loading the company to Thai interests in late 2015.
At the time the company stressed it was still pursuing opportunities in Asia.
“Asia will remain an important growth region for Metro Group, and we will continue to invest there in the further development of the Metro Cash & Carry business,” said group chairman Olaf Koch in a media statement.
“Myanmar is benefiting from opening up politically and has a high growth potential,” Koch said on Friday.
The company is also planning to launch in Iran, newly freed from western trading sanctions.
“We’ll decide by the end of the year which way our journey is headed,” said Koch.
Metro Cash and Carry operates in 25 countries across Europe and Asia with 750 stores.