WHEN it became clear that Jaya Jusco Stores Bhd was expanding its chain of retail complexes, it had seemed the group could open just one new store a year. This limitation appeared to be a financial one. The company tends to own the retail buildings; that is very costly in capital expenditure.
It costs more than RM100mil to develop a shopping centre and as Jusco had about RM80mil in its till, it can build just one. After that, it would have to borrow heavily to build more complexes.
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