Myanmar is slowly opening to foreign retailers
In August, Japanese firm Aeon set up a joint venture with local firm “Creation” to launch supermarkets in Myanmar before December 2016 (capitalisation of US$8.1 million). The 1st Burger King opened in July at Yangon International Airport via a franchising agreement with Minor Food. It sells “Whopper” meals priced from US$8.5, a prime tariff for the local population. Rival KFC entered Myanmar (53 million inhab.) in 2015 via a franchising deal with Yoma Strategic and expects up to 12 outlets before December. Foreign retailers had been blocked from investing in Myanmar under the military regime. Restrictions were lifted in 2014 but openings for overseas retailers remains slow.