Malaysia-based Parkson Departmental Store Chain will open an outlet in FMI Center (near Bogyoke Market) this month, an executive from Parkson FMI department store announced at a press conference yesterday.
The upcoming department store is a joint venture of Parkson Retail Asia Ltd., Yoma Strategic Holdings Ltd. (YSHL), and First Myanmar Investment Co. Ltd. (FMI).
The three companies signed the venture contract in August, 2012 and Parkson owned 70 per cent, Yoma 20 per cent and FMI 10 per cent. Their initial investment amounts US$3 million.
The department store will open on the 4th floor of FMI Center and will occupy 43,000 square feet in total. Parkson estimated that the store will attract a large number of shoppers and sales will rise 20 or 30 per cent in the five year time.
The store is intended for the high income and middle class people. Depending upon the market situation, the company intended to expand another new store in four years which will have nearly 150,000 or 200,000 square feet total space.
Parkson is a department store company owned by Parkson Cooperation Sdn Bhd in Malaysia. Parkson was established in 1987 as one of the largest retail chains in Malaysia and has now reached a top position in Asia. It has famous subsidiaries such as Parkson Grand, Parkson Ria and Parkson Elite. The Parkson retail chains owns 38 department stores in Malaysia, 54 department stores in China, 8 department stores in Vietnam, 26 department stores in Indonesia and Sri Lanka respectively.
FMI is a subsidiary of SPA (Serge Pun & Associates) and was established in 1992. The FMI is a pioneering public company in Myanmar and now has 4,700 share holders. SPA has a large business portfolio including real estates, urban development, construction, agriculture, banking, retail chains, hospitals and sport grounds.
Yoma Strategic Holdings Ltd. is a Singapore Exchange Main Board Listed Company and is a member of SPA. They operate in China, Myanmar and Singapore and their main business include real estate, agriculture and automobile trading. They are making joint ventures with SPA and FMI here.
SPA group is chaired by Serge Pun also known as Theim Wai. He is a well known businessman in Myanmar and has a vast network in international business community.
Source: Eleven Media