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Parkson Retail to open new stores in Myanmar

RBR Staff Writer Published 16 August 2012

Parkson Retail Asia, a unit of Parkson Holdings Bhd, has inked a joint venture (JV) with Yoma Strategic Holdings and First Myanmar Investment to open Parkson department stores in Myanmar.

Under the memorandum of agreement (MOA), Parkson will hold a 70% stake in the JV with Yoma 20% and the remaining 10% by First Myanmar.

The joint venture is expected to have a paid-up capital of $3m, said the company.

The first Parkson department store in Myanmar will be located in the Pabedan township of Yangon and is scheduled to open on 31 March 2013.

Occupying 43,000ft² of space the Parkson Myanmar store will be spread across four levels.

Parkson Asia believes that the proposed JV will allow the group gain first-mover advantage in the rapidly-growing retail sector in the country.