Tokyo: Japan’s second largest retailer Aeon Co. Ltd may expand in India and Vietnam to boost growth as sales slump in its home market.
“At a macro level, gross domestic product in the next 10 years is going to grow faster in Asia than the rest of the world,” Jerry Black, vice-president in charge of Aeon’s Asia strategy, said in an interview on Thursday in Chiba, near Tokyo. While the company hasn’t made any firm decisions, India is appealing, and he has looked at locations in Vietnam.
Aeon, operator of Jusco general merchandise stores, is struggling to spur sales in Japan, where the central bank has forecast a record 3.4% economic contraction this fiscal year. India is forecast to grow at least 6% this year, while Vietnam’s economy may expand as much as 5.2%, according to their central banks.
Aeon rose 1.5% to close at 961 yen in Tokyo.