Japan-based AEON MALL Co., Ltd. has postponed plans to build a shopping mall in Yangon, according to Kyodo News. AEON MALL plans to begin construction of the mall this summer, a source familiar with the project told Kyodo News. The project aims to be the largest shopping mall in Myanmar and a joint venture between (Shwe Taung Group) and AEON MALL Co, .Ltd of Japan.
The source said that although the Japanese company had no plans to withdraw from the project, it would need to partially revise its plans to adapt to Myanmar’s consumer preferences and economic conditions. The project is worth US $ 180 million , according to Kyodo News.
Shwe Taung Group has a 30% stake in the project. Last year, Shwe Taung Group announced that Aeon Mall Myanmar Co., Ltd and AEON MALL would acquire a 70% stake. The five-storey shop will be built at the corner of Shweli Road and Ayeyar Wun Road in Dagon Seikkan Township, Yangon was expected to open in 2023.
Source: Daily Eleven