Japan’s Aeon exits Thai retail to chase Vietnam’s booming middle class

The decision by Japanese retailer Aeon to sell its MaxValu minimart chain in Thailand is the latest example of the tight grip domestic conglomerates hold over Thai consumers, retail experts say.Yet the move also hints at the shifting economic fortunes of neighbouring Vietnam, where major Asian retailers including Aeon are competing aggressively for market share among a rapidly expanding middle class.On September 30, MaxValu, a store beloved by many Thais for its affordability and varied fresh produce, will hand over its 30 Thai stores to Central Retail Corporation, which plans to rebrand them under its Tops minimart brand.Aeon’s MaxValu chain in Thailand will close on September 30 as Thailand’s Central Retail completes a deal, rebranding all 30 branches as Tops. Photo: ShutterstockCentral Group, a property-to-retail giant owned by one of Thailand’s richest families, has scooped up foreign-founded supermarkets in recent years as it expands its dominance across the domestic market.