Japanese retailer Aeon has postponed the construction of Myanmar’s largest Aeon shopping mall in Yangon due to the military coup which has sparked deadly protests, according to a local source.
The project was scheduled to start this summer before the February coup in the Southeast Asia country caused uncertainty over the construction. No new schedule has been decided.
The source said Aeon has no intention to exit the project, but it will be “required to make partial revisions to its plans to adapt to consumer trends and economic conditions in the country”.
The Japanese retailer recently partnered with local conglomerate Shwe Taung Group to set up a joint venture with a target to launch Myanmar’s largest Aeon mall in 2023.
A US$180 million project-related investment was approved by the government last year. Yangon is the largest city in Myanmar with a population of 5.2 million. The city served as the capital of Myanmar until 2006.