TOKYO - Japanese convenience store operator Ministop Co. is planning to open at least 300 stores in Indonesia within the next five years "to tap into potential demand in the promising market with its growing population and rising incomes," reports the Wall Street Journal.
Ministop, a subsidiary of Japanese retailer Aeon Co., has signed an accord with PT Bahagia Niaga Lestari, a local retail unit of Udinda Co., to open a Ministop convenience store network in the country, notes the newspaper. The first Ministop store will open in Jakarta by February 2013.
"The move underscores how Aeon group is searching for sources of revenue growth outside Japan. It is a common situation for many Japanese retailers, as a shrinking population and stagnant consumer demand are chipping away at the customer base," writes the newspaper.
The Ministop convenience store network includes 2,163 stores in South Korea, the Philippines, China and Vietnam, which is larger than the network of 2,124 stores in Japan.