Aeon to acquire Peacock Stores

Kyodo

Major retailer Aeon Co. said Monday it will acquire midsize supermarket chain operator Peacock Stores Inc. from its parent, J. Front Retailing Co., for ¥30 billion.

Peacock Stores, which operates Daimaru Peacock and Matsuzakaya Store supermarkets in Tokyo and other metropolitan areas, is facing poor business due to tough price competition with other supermarkets.

With the acquisition, Aeon is aiming to expand its networks in metropolitan areas as a key element in its growth strategy.