KUALA LUMPUR: Convenience store chain operator MyNews Holdings Bhd is focused on expanding its footprint on the East Coast of the peninsula in the second half (2H24) of this year as part of its growth and return-to-profitability strategies.
Founder and group chief executive officer Dang Tai Luk said a lot of work has been directed on repositioning and restructuring its operations in 1H24, which saw the company merging the operations teams for the brands under the company, mynews and South Korean convenience store brand CU Mart.
“We closed down several outlets in 1H24 due to reasons such as wrong judgment and issues with landlords. 2H24 will see us opening more outlets,” he told Bernama in an interview.
Dang explained that following the changes in 1H24, the company has revised the initial target of store openings.
“We have planned outlets notably in Kelantan and Pahang, and while our initial aim was 100 new stores, we have amended it to at least 80 new outlets this year. Simultaneously, we will release new products, which will assist in increasing sales,” he said.
Dang said that the home-grown company is working on pushing CU Mart in the market despite a delay of an additional year-and-a-half in its gestation period due to the Covid-19 pandemic, compared to the average three-year breakeven for developing a new brand.
According to him, the mynews setup can fit into any environment while CU Mart appeals to the younger age group.
