Singapore Myanmar Investco reports encouraging initial retail results at Yangon International

“This new terminal has dramatically increased the capacity of Yangon International Airport to meet the expected rapid rise in international travellers; for business, for tourism and for Myanmar nationals who are also starting to travel overseas in greater numbers. This new terminal is already scheduled for further expansion and this will undoubtedly create new opportunities for SMI in travel retail at the airport.”

Bedingham also noted that a number of mall owners and developers in Myanmar saw SMI as a “highly desirable partner”. He continued: “We have been pleased to work with Junction City – a new integrated upscale development in downtown Yangon. We have been able to introduce several international brands that we work with at the airport into Junction City and nearly all of these retail stores have been opened by the end of April 2017.”

SMI signed an exclusive distribution agreement with Shiseido Asia Pacific in February 2017 and the first Shiseido flagship counter in Myanmar will open in Junction City by mid-year 2017.

Non-Executive Chairman Ho Kwok Wai said that SMI would now move focus on organic growth across its diversified business portfolio.

He noted a World Bank report issued on 30 January 2017 which stated that Myanmar’s economy will grow an average of +7.1% per year in the next three years.

“The landscape in Myanmar was very different when we began our transformation in 2013 but our objective for the group remains the same: to build a diversified business model to capitalise on the strong trends in consumer spending, international tourism and infrastructure investment in this frontier market,” he said.

“From the encouraging results shown in our portfolio of businesses so far, there is positive sentiment that we are on the cusp of major advances in Myanmar, with strong growth potential.”