QL Resources, the Malaysian operator of Japanese convenience store chain FamilyMart, is going ahead with plans to open 300 stores by March 2022, despite a slump in the economy.
The firm opened 30 FamilyMart Malaysia outlets within the last financial year and plans to reach 90 new stores for the year ending March 31, 2019.
“We still stick to our plan to open 300 stores in five years”, said QL chairman Chia Song Kun.
Market leadership in the territory is currently controlled by 7-Eleven Malaysia, which operates more than 2000 stores in Malaysia. A major shareholder in the firm recently announced plans to open another 200 outlets this year.
Malaysian spending is increasingly focused on domestic trade as exports continue to be affected by the US-China trade war.
Inside Retail Asia