This fiscal year, Aeon Malaysia is set to spend approximately MYR 500 million (USD 119.2 million) on mall refurbishments and new locations. A slight decrease from last year, the figure signifies a move focused on portfolio consolidation, and the need for the company to respond to decreased consumer activity and costs related to the implementation of the sales and services tax.
Currently operating 28 Aeon malls and 34 outlets, the Japanese retailer’s higher retail revenue and margin drove net profit from MYR 27.94 million (USD 6.74 million) in the first quarter ending March 31st 2018, to MYR 32.64 million (USD 7.8 million) in the same quarter this year.
Aon’s expansion and refurbishment plans include a mall in Nilai, Negeri Sembilan this year and renovations to Aeon Taman Maluri mall in Kuala Lumpur and upgrades to several Wellness and Daiso pharmacy stores.
(Source: Inside Retail Asia)