C-store chain Circle K has opened its first store in Malaysia, west of the country’s capital Kuala Lumpur.
The outlet is located at the Skypark airport in Subang and marks the latest country for the Circle K banner.
Malaysian conglomerate Mofaz, which is running the local Circle K business, has reportedly said it plans to have 100 of the stores throughout the country by the end of 2014.
Industry analysts Bmi estimates mass grocery retail sales grew 7.2% in 2012 to MYR43.24bn.
BMI has forecast mass grocery retail sales in Malaysia will grow at a CAGR of 8% between the level seen in 2010 and 2017. In 2010, sales in the sector were worth MYR36.4bn.
The sector is dominated by supermarkets and hypermarkets – convenience stores sales stood at MYR1.9bn in 2010. BMI forecasts convenience store sales will grow at a CAGR of 7.9% between 2010 levels and 2017.
“Although the Malaysian convenience subsector contributed only 5.3% to overall MGR sales in 2012, the sector is expected to gain prominence over the coming years as Malaysians lead increasingly urbanised lifestyles and the number of dual-income families increases, therefore demanding a greater number of convenience and packaged food products,” BMI wrote in a report published in May.