Convenience store chain Lawson Inc. plans to expand into the Philippines, it was learned Friday.
The company has concluded a contract with local retailer Puregold Price Club Inc. to set up a joint venture that will open the first Lawson shop in the Philippines later this year, informed sources said. Lawson hopes to have some 500 shops in the country by 2020.
The joint venture will be owned 70 percent by Puregold and 30 percent by Lawson, according to the sources.
Lawson will make the investment through a subsidiary in Singapore.
The Philippines will be the fifth overseas market where Lawson has established operations, after China, Indonesia, Thailand and Hawaii.
Lawson expects high market growth in the Philippines, which has a population of 100 million.