Malaysia-based department-store operator Parkson is planning to expand its retail footprint by entering new markets in Southeast Asia.
The retailer will open the first store, under the expansion plan in Cambodia in the first half of 2013 with a total of 24 new stores to be opened in the SE Asia region by the end of 2013.
The company currently operates 102 outlets in China, Malaysia, Vietnam and Indonesia and sees Myanmar, Thailand and the Philippines as potential markets for growth.
Speaking about the expansion, Parkson Hong Kong and Singapore managing director Alfred Cheng told Bloomberg, "We are cautiously aggressive with our plans."
"We are operating in countries where the underlying domestic consumption is still growing very quickly,"added Cheng.
The retailer also plans to increase its store count in China by four in August 2012, said Cheng.
The company believe’s that its China outlets will probably sustain same-store sales growth of as much as 13% in 2013.
Revenue from stores opened more than a year ago in Vietnam will grow about 15% to 20% in 2013, and 8% to 10% in both Malaysia and Indonesia, Cheng said.
"Our same-store sales growth is still growing at a very strong double-digit rate, so with that improvement, our bottom line continues to expand in double digits."
Parkson operates was established in 1987, operates under the brands – Parkson Grand, Parkson Ria and U-Parkson; and currently, operates 49 outlets in China, 37 in Malaysia, eight each in Vietnam and Indonesia.
The department-store operatorwas set up in Malaysia as the retailing arm of The Lion Group, controlled by Cheng Heng Jem, better known as William Cheng.