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First Malaysia, next: the world? 99 Speed Mart eyes international expansion
The ubiquitous mini-mart chain is ‘looking for good opportunities’ to expand abroad – as it adds 250 more Malaysian outlets every year
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Malaysia’s mini-mart tycoon Lee Thiam Wah said he is open to taking the 99 Speed Mart convenience-store chain to other countries. His first priority though will be to reach every nook at home.
“There are no concrete plans, but we are looking for good opportunities” to enter other markets, Lee said in an interview just days after 99 Speed Mart Retail Holdings Bhd. raised more than US$530 million in Malaysia’s biggest initial public offering in seven years. “The feasibility is quite important.”
Should 99 Speed Mart decide to go abroad, it won’t be its first foray. The company opened a store in Singapore in 2019, but swiftly exited the market less than a year later amid the Covid-19 pandemic.
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The over 2,600-store-strong chain now seeks to grow to 3,000 outlets nationwide by the end of 2025, and have a presence in Kelantan – the only state in Malaysia that it’s missing from.
Convenience-store giant 7-Eleven is for now the closest competition with more than 2,400 stores in the Southeast Asian nation, followed by home-grown KK Super Mart, which has at least 861 outlets.
99 Speed Mart will continue to add 250 more stores a year in Malaysia, Lee said at the company’s headquarters in Klang, Selangor.
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