Aeon Co’s Ministop c-store chain has announced plans to terminate its current franchise agreement in Indonesia, a move that will result in a temporary exit from the market.
The Japanese group formed a tie-up with local retail Bahagia Niaga Lestari (BNL) in 2012, as part of its plans to grow across Southeast Asia. However, it has managed to open just six Ministop stores in the country, lagging behind its operations in neighbouring Vietnam, South Korea, and the Philippines.
Aeon will now end the agreement with BNL, and is reportedly looking for a new partner. The move will result in the exit of Ministop from the country until any new agreement is signed.