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Category: Living

Retail News Asia is committed to providing both local and global retailers with the latest Living news throughout the Asian market. This on a daily base.

  • Indonesia’s Tourism Growth Exceeds Target

    Indonesia’s Tourism Growth Exceeds Target

    Tourism Minister Arief Yahya said that the tourism sector had contributed 4.23 percent to Indonesia’s gross domestic product (GDP). The number exceeds the four percent target set by the government. As for labor absorption, the sector managed to absorb 12.16 million laborers from the intial target of 11.3 million.

    “Overall, policies in the tourism development in 2015 were on track and we could achieve our targets,” said Arief Yahya on Wednesday, December 30, 2015.

    Arief estimated that Indonesia’s tourism growth by the end of 2015 could reach 5.81 percent, which is higher compared to other ASEAN countries, such as Malaysia, which experienced negative growth of 9.43 percent from January to June 2015.

    Singapore and Vietnam also suffered negative growth from January to October 2015 with 0.09 percent and 1.27 percent, respectively. Thailand, on the other hand, experienced 22.34 percent growth from January to November 2015.

    “From our major tourist destinations compared with those in neighboring countries, we can see that Indonesia has a large tourism potential, but it hasn’t been fully harnessed,” said Arief.

  • Indonesia’s Muslim women hail female-only motorbike taxis

    Indonesia’s Muslim women hail female-only motorbike taxis

    Female motorbike taxi drivers in headscarves zig-zag through heavy traffic in the Indonesian capital Jakarta, the latest two-wheeled transport service for women making a dent in the male-dominated world of ride-hailing apps in the Muslim nation.

    A flurry of new motorbike taxi options have in the past year appeared in the metropolis of 10 million, led by popular service Go-Jek, giving Indonesia’s growing middle class a greater choice of transport to get through some of the world’s worst traffic jams.

    The services — many inspired by ride-sharing app Uber and accessible on smartphones — are a challenge to traditional motorbike taxis in Indonesia, known as “ojeks”, which are ubiquitous but have drawn criticism with their dishevelled, dangerous drivers and unpredictable pricing.

    Several services with women drivers entered the market in 2015 after years of growing piety in Indonesia, which has the world’s biggest Muslim population, and amid heightened safety concerns following reports of attacks on women by male motorbike taxi drivers.

    Popularly known by its nickname “Ojesy”, it is the service that aims most clearly at devout female passengers, requiring its drivers to be Muslim women wearing headscarves and loose-fitting clothes.

    Ojesy drivers can currently only be hailed by a phone call or through mobile messaging service WhatsApp, but the service is also developing an app that was being tested out this month.

    The service, which began in Indonesia’s second-biggest city Surabaya in March before expanding across the main island of Java, only accepts female passengers or children.

    Calls have been growing for heightened security after reports of women being stalked and harassed by male motorbike taxi drivers, while the rape of a young woman in India by an Uber driver last year also added to safety concerns about ride-hailing services.

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  • Tourism Slows Hong Kong Retail

    Tourism Slows Hong Kong Retail

    While Hong Kong has traditionally been the favored shopping destination of Chinese mainland consumers looking to grab up luxury items, it looks like 2015 may see the biggest drop in retail sales since 2003.

    The drop 12 years ago was an outgrowth of the SARS outbreak that cause a global health scare. This year’s issue seems to be tamer and tourism based. This year saw the first annual decline in tourists from mainland China since 2003. The number of Chinese tourists in Hong Kong decline 15.4 percent between November of 2014 and November of 2015 — the biggest drop in a year where falling figures have been a norm.

    Hong Kong has drawn high rolling consumers for some time with its luxury good shops with Gucci, Louis Vuitton and Chanel on sale for 40 percent less than is the norm in China.

    For the last eight months, however, retail sales have been in decline — down 2.7 percent year-to-year — a bigger drop off than even SARS managed in 2003.

    “There is an urgent need for a new marketing campaign to rebrand Hong Kong as a dynamic, exciting and relevant modern city,” Kwok said.

    There is also the reality that China’s affluent middle class is increasingly likely to search further abroad for luxury goods — aided by several nations that have relaxed visa requirements for visiting Chinese tourists. Hong Kong, on the other hand, has strengthened its visa requirements and disallowed visitors from the neighboring Shenzhen province to visit Hong Kong more than once a week.

    In an attempt to turn things around, Hong Kong is looking to develop more experiential attractions including a second Disney theme park, sporting events and dining venues. But those ventures will take time. The more immediate challenge for local merchants is to fill the hole left by distracted mainland Chinese consumers in the meantime.

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  • Thai Government Raises Age to Purchase Cigarettes From 18 to 20

    Thai Government Raises Age to Purchase Cigarettes From 18 to 20

    Deputy Prime Minister YongyutnYuthawong reported on Wednesday that cabinet approved the tobacco draft act which will prohibit the sale of cigarettes to those under 20 years of age and raises the level of punishment for offenders.

    Deputy Prime Minister YongyutnYuthawong said the draft act increased the minimum legal age for cigarette purchases from 18 to 20 years and prohibits the sale of individual cigarettes. The draft act also prohibits cigarette sales in some public places such as temples, public health facilities, schools and public parks, the deputy PM added.

    The draft act bans cigarette companies from advertising their products as sponsors of contests and competitions. Cigarette advertising is banned in print and online media, TV and movies.The penalty of imprisonment for those who sell cigarettes to people under 20 years of age is increased from one month to one year and the fine for smokers in non-smoking areas is raised from 2,000 to 5,000 baht.

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  • Matahari Putra Smart Club concept debuts

    Matahari Putra Smart Club concept debuts

    Matahari Putra Prima, a multi-format modern retailer in Indonesia, has inaugurated its newest retail channel: a wholesale chain called Smart Club.

    The first store has opened at, Tangerang, Banten, with a gross selling area of  8800 sqm. It is designed to serve business customers, including hospitality enterprises (hotel, restaurant and catering), traders, manufacturers, institutions, offices and business professionals.

    “Smart Club has the concept of One Stop Buying, where all customers’ needs can be met in one place for greater efficiency,” explains Matahari.

    “All the products are available under one roof ranging from fresh products, packaged foods and beverage, electronic products, all household’s needs, to office stationery.”

    At the opening of the Smart Club outlet, MPPA also inaugurated the Foodmart Express (FMX) network under the company’s wholesale division, which is a minimarket concept. In the future FMX will be available through the franchise system and company’s internal expansion.

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    The Foodmart Express (FMX) concept focuses on a wide selection of ready-to-eat products. With the store size of between 80 – 150 sqm , FMX is targeting the middle consumer segment to provide top-quality products locally.

    In the near future FMX will open three more outlets in Tangerang.

    Director of Smart Club operations, Emi Nuel, said the banner is expected to become the best choice of a modern wholesale center in Indonesia, with sustainable growth, to become a leader in B2B business and has a large market share in the hospitality sector.

    “From 2016 going forward, we will launch Smart Club centers in several key locations. In addition, we are also positive that FMX concept will be well received by consumers and could have a great step of expansion through franchise system or the company’s internal expansion” he concluded.

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  • Low petrol prices here to stay

    Low petrol prices here to stay

    Weekly petrol prices

    Unleaded petrol: The Australian Institute of Petroleum will not release the weekly national average petrol price data until next Monday.

    Wholesale petrol: Today the terminal gate (wholesale) price of unleaded petrol stands at a near 11-month low of 107.1 cents per litre (lowest since February 4).

    Diesel: The terminal gate (wholesale) price of diesel fuel stands at 97.1 cents a litre, down 1.2 cents in the past week to fresh 11-year lows.

    What does it all mean?

    There are no signs of an end to low global oil prices. Saudi Arabia is determined to shore up its market share and force the higher-cost oil and – broader – energy producers out of the market. While low oil prices are taking their toll on budgets and foreign exchange reserves in the Middle East, the OPEC oil cartel is content with producing more oil than is required on the global market.

    While the low global oil price is putting pressure on the profitability of producers, it is clearly good news for consumers. The issue for Australian motorists is getting some consistency on price. MotorMouth records a difference of around 25 cents a litre across Australian capital cities. Adelaide and Sydney motorists can fill up at near the cost price of the petrol marketing groups but gross retail pricing margins are higher and more diverse across other capital cities.

    Low petrol prices will keep inflation low, and thus serve as a cap on interest rates. But retailers also benefit fromconsumers having extra spending power. Filling up the car with petrol is the single biggest weekly purchase for most families.

    What do the figures show?

    Today the national average wholesale (terminal gate) unleaded petrol price stands at 107.1 cents per litre, down 1.1 cents per litre on a week ago. The terminal gate diesel price stands at 97.1 cents a litre, down 1.2 cents over the week.

    Last week the key Singapore gasoline price fell by US90c or 1.6 per cent to US$55.50 a barrel. In Australian dollar terms the Singapore gasoline price fell by $2.56 a barrel or 3.2 per cent to $76.50 a barrel or 48.11 cents a litre. On Monday Singapore gasoline fell further to US$54.80 or A$75.53 a barrel.

    In Australian dollar terms, Singapore gasoline is trading at the lowest price since January 30.

    MotorMouth records the following retail prices for capital cities today: Sydney 109.1c; Melbourne 125.7c; Brisbane 118.6c; Adelaide 107.2c; Perth 130.3c; Canberra 128.4c; Darwin 125.8c; Hobart 132.5c

    What is the importance of the economic data?

    Weekly figures on petrol prices are compiled by ORIMA Research on behalf of the Australian Institute of Petroleum (AIP). National average retail prices are calculated as the weighted average of each State/Territory’s metropolitan and non-metropolitan retail petrol prices, with the weights based on the number of registered petrol vehicles in each of these regions. AIP data for retail petrol prices is based on available market data supplied by MotorMouth.

    What are the implications for interest rates and investors?

    The implications stated below haven’t changed from the report issued last week.

    Lower global oil prices have potential to boost economic activity provided that businesses and consumers spend the extra savings reaped at the petrol pump.

    Rising gross retail margins on fuel may be supporting revenues and profits for petrol marketing groups. The big unknown is whether the margins have lifted to cover higher costs in other parts of the business.

    The lower cost of fuel is potentially good news for retailers – that is, providing that the savings are spent, not saved.

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  • Big C Vietnam revenue negligible, won’t be retained

    Big C Vietnam revenue negligible, won’t be retained

    Despite a sustainable growth rate, earnings from the Vietnamese arm are miniscule in comparison to other foreign businesses of the French retailing chain Big C, which is owned by Casino Group.

    On December 15 the French retailer issued a memorandum stating that it may seek a new owner for its supermarket chain Big C in Vietnam, as the company plans to strengthen its financial flexibility by selling assets in the country, as well as Thailand and Colombia.

    In 2016 Casino Group is expected to enact what it calls a ‘deleveraging plan’ of more than two billion euros (US$2.2 billion), mainly through real estate transactions and the disposal of non-core assets, according to the memo.

    The French group currently owns 10 retail brands across the globe, with a concentration in Asia. The Big C brand is used for the supermarket chain in Vietnam and Thailand.

    In multiple annual reports, Casino Group has assessed Vietnam as a market with high potential for growth in the future, once the economic slowdown is over and consumption begins to grow again.

    However, given the minor contribution of Big C Vietnam and the small market size, especially compared to neighboring country Thailand, the chain is now on the priority list to change hands.

    The contribution of Big C Vietnam in 2014 was just over one percent of the French parent company’s total revenue, much smaller than Big C Thailand during the same period.

    In 2014, revenue from the Asian operations of Casino Group reached 3.5 billion euros ($3.83 billion), accounting for seven percent of the total turnover of Casino Group. Breaking it down further, 98 percent of this figure was contributed by Big C Thailand, and less than two percent by Big C Vietnam.

    The revenue of Big C Vietnam last year was about $546 million, a seven percent year-on-year increase, according to data published by Retail Asia magazine using statistics compiled by London-based market research firm Euromonitor.

    In the first six months of this year, Big C Vietnam recorded a total turnover of 312 million euros ($340.66 million), up 26 percent over the same period last year, higher than the group’s total average growth rate in Asia, which was around 23 percent.

    Size that matters

    The revenue of the French retailer grossed from the Asian market is also small compared to other markets worldwide.

    Revenue from Asia accounted for less than 10 percent of its total global sales in the first six months, reaching more than 2 billion euros ($2.12 billion), 98 percent of which was generated by Big C Thailand, according to the group’s financial reports.

    In particular, revenues generated in Thailand in the first half of 2015 were 1.8 billion euros ($1.97 billion), nearly six times the earnings of Vietnam with 312 million euros ($341.46 million), a big gap between the two Southeast Asian neighbors that has been stable for the last five years.

    In terms of networks, through 2014, Big C Thailand had 123 large stores (Big C Supercenter, Extra, and Jumbo), 37 Big C markets, 324 Mini Big C convenience stores and 152 drug stores.

    Meanwhile, Big C Vietnam has 32 supermarkets and 10 convenience stores.

    In addition, the number of employees working at Big C Thailand was more than 26,600, three times the number of employees in Vietnam.

    In particular, Big C Supercenter Public Co. Ltd., the firm established to run Big C Thailand, was already listed on the stock exchange with a market capitalization of nearly 4.3 billion euros ($4.7 billion).

    On December 15, when Casino Group issued the memo in a document submitted to the Stock Exchange of Thailand, Big C Supercenter Public outlined its growth strategy next year, in which the emphasis will be on continuing to expand its network.

    In 2015, the company has opened 108 new stores, including two hypermarkets, and continues overhauling its supply chain. In 2016, it will keep enhancing its performance plan with the opening of six hypermarkets, three Big C Markets and 75 Mini Big C convenience stores.

    In addition, the global e-commerce segment, though newly developed, is yielding positive results with revenue equal to that of the Asian retail market.

    The sale of the Vietnam business could raise 750 million euros ($813.86 million), while setting up real estate investment trusts in Thailand and Colombia could net 550 million euros ($596.8 million) and 200 million euros ($216.98 million), respectively, Bloomberg reported on December 16, citing Bruno Monteyne, an analyst at Sanford C. Bernstein.

    The decision is consistent with what Casino Group shared in the memo, stating that the sale of Asian assets is a strategic move to help the French group focus on its core markets such as France with 18.8 billion euros ($20.57 billion) (38.76 percent) and Latin American with 22.6 billion euros ($24.73 billion) (46.6 percent).

    Casino Group, which is active in many other areas including e-commerce, finance and real estate, was founded in 1898 and is now one of the world’s leading retailers, with total assets of over 42 billion euros ($45.97 billion) at the end of June 2015.

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  • Lane Crawford gives brand fresh Facesss

    Lane Crawford gives brand fresh Facesss

    Hong Kong department store Lane Crawford has given its beauty brand Facesss a whole new look and direction.

    Facesss, with stores in Admiralty and Harbour City has been given a makeover by independent creative consultancy Constant aimed at appealing to millennials and a more diverse local audience.

    Constant said until now Facesss has been a popular beauty destination, catering to a myriad of different demographics, but it lacked a strong voice of its own.

    The consultancy took a roots to branch approach, focusing on the in-store shopping experience, branding and location within Lane Crawford. Staff uniforms were redesigned and a new in-store music soundtrack compiled, and a new mobile app developed.

    “Since Facesss allows everyone to discover the beauty that works for them, we wanted to hero individualism and self-expression across the communication strategy”, Tem Hansen, partner & strategy director said.

    “We see the beginning of that in the identity and tone of voice, but it will be explored further in the next phase of the brand development.”

    While Facesss now has a new logo, the Constant team took pains to retain “the most definable assets” of the brand.

    “Starting from the logo, the new branding came naturally as we expanded with more geometric shapes and a series of patterns that allows the identity to both be fluid and recognisable across all platforms,” explains Tim Ho, Constant partner and creative director.

    “You see that strongest in the animated GIFs that are used across both LED panels and on social media channels.”

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  • International passenger arrivals at Bali up 45 percent

    International passenger arrivals at Bali up 45 percent

    Balis Ngurah Rai Airport recorded a 45 percent increase in international passenger arrivals three days prior to the Christmas and New Years holidays.

    “The number of international passengers rose to 13,938, or 45 percent, compared to the same period last year,” Trikora Harjo, the general manager of PT Angkasa Pura I, the operator of the airport, stated here on Wednesday.

    The passengers from various countries arrived aboard 73 flights at the Goddess Island.

    Harjo has forecast that the number would continue to increase ahead of the New Years Eve celebrations.

    Domestic passenger arrivals also increased to 15,663, or almost two percent, compared to the same period last year and also in comparison to the 11,987 passengers who have departed from Bali.

    The number of both domestic and international passenger arrivals has already begun increasing two days ago.

    To anticipate the hike in passenger arrivals, the airport authorities have set up monitoring posts in cooperation with the police, the TNI (military), and other security agencies.

    In anticipation of the increase in arrivals, domestic airline companies Citilink and Lion Air have also applied to operate 180 additional flights to accommodate the departing passengers after the holidays.

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  • Launching Thailand’s first ‘Clip ‘n Climb’

    Launching Thailand’s first ‘Clip ‘n Climb’

    Bangkok’s newest climbing hub, Clip ‘n Climb, which is one of the happening zones at BOUNCE Thailand, features 24 innovatively themed indoor climbing walls in visually attractive colours and textures, set over 255 sq m, ranging in difficulty and skill.

    A revolutionary indoor climbing experience from New Zealand comes to Thailand in the form of Bangkok’s first ever ‘Clip ‘n Climb’, at the brand new BOUNCE Thailand trampoline universe, on the 5th floor of The Street Rachada, a lifestyle mall located on Ratchadapisek road. Clip ‘n Climb, launched on 22nd December 2015 in conjunction with Quicksilver-Roxy-DC brands, is a fantastically fun and exciting alternative to outdoor rock-climbing, not to mention incredibly safe. a

    “It feels great to bring one of the world’s hottest new activity attractions to Bangkok all the way from New Zealand! Clip ‘n Climb’s innovative safety systems make it a breeze for anybody to start climbing, and the design of the walls have some of the hardest challenges for even the most experienced athletes,” commented Mr. Galeno Chua, Clip ‘n Climb Master Trainer. “It’s a completely new way of climbing. I can’t wait to rock Bangkok with this!”

    Bangkok’s newest climbing hub, Clip ‘n Climb, which is one of the happening zones at BOUNCE Thailand, features 24 innovatively themed indoor climbing walls in visually attractive colours and textures, set over 255 sq m, ranging in difficulty and skill. With no two obstacles the same, Clip ‘n Climb presents enticing physical and mental challenges for kids starting from 3 years old, and from novice to expert climber. Clip ‘n Climb utilizes a new generation auto-belay device, TruBlue™, which employs a magnetic eddy current braking technology, for absolute safety first. During ascent, TruBlue™ takes up the slack, then lowers gently in a controlled descent to the ground.

    To celebrate the launch of Clip ‘n Climb BOUNCE Thailand and also as a present during this festive season, every one-hour ticket purchased gets one trampoline voucher for a one-hour FREE bounce in the trampoline zone, until 10th January 2016. Clip ‘n Climb BOUNCE Thailand opens daily from 10:00am –10:00pm.
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  • Flight Centre India to double network

    Flight Centre India to double network

    Australian travel retailer Flight Centre expects to more than double its network and business in India over the next five years.

    Flight Centre, listed on the Australian Stock Exchange, debuted in India 10 years ago and now considers the nation one of its top five corporate business markets globally.

    “India is an emerging market and a long term business for us,” said Rob Flint, executive GM – Asia and global corporate told the Economic Times.

    “We are expecting a high double digit growth from this market over  the next five years.”

    Flight Centre currently operates a corporate travel arm FCm Travel Solutions along with leisure travel company Flight Shop in India. The company currently has 12 operational stores in the country and plans to open 10 more next year.

    “We currently do about Rs 200 million (US$3 million) of business in India and believe that to be a leader in our space in India, we need to do at least Rs 500 million of business. We want to get to that level in the next five years,” added Rakshit Desai, MD India, FCm Travel Solutions and Flight Shop.

    Consumer travel accounts for about half the company’s turnover currently but it sees the corporate market as its main growth driver. The entire Flight Centre India operations posted profit growth of 12 per cent this year against last.

    The company entered India by buying New Delhi-based travel agency Friends Globe.

  • Thailand geared to increase foreign tourist spending

    Thailand geared to increase foreign tourist spending

    The other proposals are; instant VAT refund, exclusion of VAT from some items, reduction of import tariffs of some consumer product items, and the scheme to promote “Thailand Brands Sale”.

    The proposals are aimed at boosting foreign tourists’ spending in Thailand.

    Rawittha Pongnuchit, a tax-law expert and former deputy director-general of the Revenue Department as chairman of the duty-free association, said that all the proposals would boost the economy.

    “We are pleased that the government responded (to our proposals) and is ready to materialise the proposals within the specified timeframe,” he said.

    He added that pick-up counters at all international airports would facilitate foreign tourists’ shopping. This would lead to more jobs and higher income at airports.

    It is agreed that all the airports would have the counters within 60 days.

    The decision followed a meeting yesterday between Finance Minister Apisak Tantivorawong, Tourism Minister Kobkarn Wattanavrangkul, and representatives of the Thai Shopping Centre Association, Thai Retailers Association, and duty-free shop association.

    A working committee will be set up to study on the exclusion of VAT from some items. The Revenue Department is tasked to explore overseas experiences involving instant VAT refund.

  • Hotel Lotte set to submit IPO application next week

    Hotel Lotte set to submit IPO application next week

    Hotel Lotte plans to submit the application to the Korea Exchange (KRX) on Monday for a preliminary regulatory review of its initial public offering (IPO), after clearing uncertainties surrounding the conglomerate’s management and other issues.

    The listing of Hotel Lotte is one of the reform pledges that Lotte Group Chairman Shin Dong-bin has made to assuage public disgust over a bitter family feud for control of the retail-focused conglomerate, which has sprawling businesses both in South Korea and Japan.

    Earlier this month, Lotte said its Japanese shareholders support the current leadership despite the ongoing succession feud. Japan-based Lotte Holdings is the largest shareholder of Hotel Lotte with a 19.1 percent stake.

    The KRX earlier said it is considering simplifying the screening process to facilitate its listing, using a “fast-track” system that cuts the review period to about a month.

    To take advantage of the speedy process, applicants should have over 400 billion won in equity capital and 700 billion won of annual sales for three years, along with other requirements.

    “If Hotel Lotte submits the application, we would be able to confirm the result by January,” a KRX official said, asking for anonymity.

    Hotel Lotte is pushing for the IPO despite the group losing one of its two duty-free stores in Seoul last month.

    Lotte kept a location in Myeongdong, a popular shopping district in downtown, but lost the operational license for another at Lotte World Tower in southeastern Seoul.

    The conglomerate earlier said Hotel Lotte is expected to have a market capitalization of around 10 trillion won ($8.6 billion) when it is publicly traded, but market watchers say losing one of its duty-free stores in Seoul in the recent competition could lead to that re-evaluation of its market value.

  • IKEA Celebrates 1st Bumper Year in Korea

    IKEA Celebrates 1st Bumper Year in Korea

    Swedish furniture giant IKEA will open five more stores here by 2020, IKEA Korea retail manager Andre Schmidtgall told reporters Wednesday.

    Speaking on the first anniversary of the first IKEA store on the southern outskirts of Seoul, Schmidtgall said the decision was prompted by its better-than-expected performance.

    The store in Gwangmyeong, Gyeonggi Province is IKEA’s second largest in the world. Some 6.7 million customers visited over the past year and sales reached W308 billion (US$1=W1,179).

    “Korea is a great market with huge potential, with a growing customer interest in home furnishing,” Schmidtgall said.

    IKEA plans to invest W1.2 trillion by 2020 to open the five additional stores in Goyang north of Seoul, Gangdong in the eastern part of the capital, as well as Daejeon and Busan. The new stores are expected to create 3,500 jobs. The store in Gwangmyeong employs 913 Korean workers.

    The next store will open in Goyang in 2017 on an even bigger scale.

    Schmidtgall played down concerns that IKEA harms regional businesses. “The actual numbers do not show that,” he said.

    The Korea Distribution Association analyzed credit card transactions from December 2014 to August this year and found that revenues at stores within a 10 km radius of the IKEA Gwangmyeong store in fact rose between 7.5 and 27.4 percent.

    Schmidtgall pointed out that the Gwangmyeong store is the only IKEA outlet in the world to offer part of its underground floor space to small businesses.

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  • MyNews parent plans 150 new stores

    MyNews parent plans 150 new stores

    Malaysian convenience store operator Bison Consolidated plans to use the proceeds of an IPO to fund 150 new store openings by 2017.

    Bison currently has 237 newsstands and convenience stores under its brands, which include myNews, Newsplus, MagBit and The Front Page. It also runs WHSmith outlets in Malaysia, in a joint venture with UK’s WH Smith Plc.

    “It has always been our plan to expand our network of stores. With the proceeds raised from the initial public offering (IPO), certainly we will make use of it to expedite our expansion plan,” Bison founder and MD Dang Tai Luk told The Edge Financial Daily.

    Bison recorded a 15.5 per cent revenue increase last financial year to RM182.41 million (US$42.17 million) as its store network continued to grow. It currently claims 8.6 per cent of the convenience store market by network numbers and 8.3 per cent by revenue. 7-Eleven is the dominant convenience store brand in Malaysia with 1900 franchised stores.

    In the company’s draft prospectus, Bison says it will invest 45 per cent of the proceeds of the float in network expansion, but has not yet put a price on its shares.

    The company owns all its own stores – it does not franchise.

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