Japanese convenience store franchise chain, Ministop, is exiting the Philippines to focus its resources on its home market, unloading its entire joint venture stake to Robinsons.
According to a report by Nikkei Asia, Ministop will sell its entire 40% stake in Robinsons Convenience Stores, which operates around 460 Ministop stores in the Philippines, to joint venture partner Robinsons Supermarket.
This means Robinsons will now have 100% control over Ministop stores in the country, although it is yet to be seen if it will retain the Ministop branding or will be renamed to something else.
In 2000, Robinsons Retail Holdings, Inc., through a subsidiary, partnered with Japan’s Ministop Co. Ltd and Mitsubishi Corporation to open the Ministop convenience stores in the Philippines.
Alongside its exit in the Philippines, Ministop has also sold its South Korean subsidiary to Lotte for around 30.4 billion yen. Ministop Korea is the fifth-largest chain in South Korea with about 2,600 locations.
Ministop has also liquidated a Chinese subsidiary last year.
source: Nikkei
