FamilyMart now 2nd largest c-store in Japan after buying Uny
FamilyMart Co., which used to be Japan’s third biggest convenience store chain, has now become its second largest overtaking rival Lawson after it agreed to buy Uny Group Holdings Co. for about 171 billion yen ($1.4 billion), reported Bloomberg.
FamilyMart Co. and Uny Group, which operates Circle K and Sunkus convenience stores, had combined revenue of about 2.8 trillion yen as of February 2015, which is larger than Lawson’s 1.96 trillion yen revenue.
Seven & I Holdings Co.’s 7-Eleven is still the c-store market leader in the East Asian country.
“To survive competition, we have reached a conclusion that we need to combine our resources,” the companies said in the statement.
The merged company will increase the number of convenience stores and supermarkets to 20,000 or more in Japan and 10,000 overseas as it targets an annual net income of more than 60 billion yen within the next five years.
The merger plan was approved by FamilyMart and Uny board members on October 15.
