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HomeUncategorizedConvenience store chain Ministop announces exit from Philippines

Convenience store chain Ministop announces exit from Philippines

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Ministop, a Japanese convenience store chain, is exiting the Philippines and South Korea to focus on its home market.

As per report of Nikkei Asia, the company is selling its 40% stake in Robinsons Convenience Stores, Inc. (RCSI) to Robinsons Retail Holdings Inc. (RRHI). RCSI is a partnership between RRHI, the Gokongwei family’s retail arm, and Ministop Co. Japan’s Ltd. RCSI operates approximately 460 Ministop locations across the country.

Gokongwei’s Robinsons Group will now have complete control of all Ministop stores in the country, though it is unclear whether the Ministop brand will be retained or renamed.

Ministop, Japan’s fourth largest convenience store chain after 7-Eleven, Family Mart, and Lawson, entered the Philippine market in 2001, with the first Ministop opening at the EDSA Central MRT station in Quezon City. RCSI was a joint venture between the Robinsons Retail Group and the Mitsubishi Group of Japan at the time.

Mitsubishi sold a significant portion of its interest in the JV to Ministop’s parent company until 2018, when it sold its remaining 12-percent stake to Robinsons and Ministop Co. Ltd.

Meanwhile, according to the Nikkei Asia, Ministop will sell its business in South Korea to local conglomerate Lotte for around $267 million. This effectively ends the company’s presence in that market. Ministop is South Korea’s fifth-largest convenience store chain.

Last year, Ministop also dispersed a Chinese subsidiary.

This article contains materials from Nikkei Asia.

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