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Aeon (company)
Aeon (company)
Aeon (company)
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Aeon Group Co., Ltd. (イオングループ株式会社, Ion Kabushiki gaisha; [iꜜoɴ]; occasionally stylized as ÆON), formerly Jusco Co., Ltd. (ジャスコ株式会社, Jasuko Kabushiki gaisha), is a Japanese diversified retail holding company. It is one of the largest retail companies in Japan, owning Aeon hypermarkets, Aeon Mall and Aeon Town shopping malls, Daiei, MaxValu, Maruetsu, and My Basket supermarkets, Ministop convenience store, Welcia drugstore, and Aeon Cinema movie theaters.

Key Information

Aeon traces its origins back to 1758 during the Edo period in Japan when it was established as a small sundry goods store called Shinohara-ya (篠原屋). Later, it was renamed Okada-ya Gofuku (岡田屋呉服店) after the founding family. In 1970, Okada-ya merged with several other companies it had established and became Jusco. Through a series of mergers and acquisitions, Jusco expanded and in 2001 changed its name to Aeon. In 2010, Aeon merged with its subsidiary retail companies and consolidated all its hypermarket brands such as Jusco, MYCALGroup and Saty under the Aeon name. In 2021, Aeon was the 17th largest retailer in the world by revenue.

Naming

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The name Aeon is a transliteration from the koine Greek word ὁ αἰών (ho aion), from the archaic αἰϝών (aiwon). The name and symbolism used in the branding (i.e., aeon) implies the eternal nature of the company.[2]

History

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Aeon supermarket in Chiba

JUSCO (ジャスコ, Jasuko) is the acronym for Japan United Stores Company, a chain of "general merchandise stores" (or hypermarket) and the largest of its type in Japan.

The company was legally incorporated in September 1926 as Okadaya (founded in 1758). In 1970, Okadaya merged with Futagi and Shiro to form Jusco Co., Ltd. The employees voted to name the company "Japan United Stores Company". The various Jusco companies are subsidiaries of the Aeon supermarket chain. The Jusco name was adopted from a company founded as a kimono silk trader in 1758. Renamed Aeon in 1989, it operates stores throughout Japan under Jusco and other names and also has a presence in Malaysia, Hong Kong, mainland China and Thailand.[3]

Aeon took over the Japanese operations of Yaohan in December 1997.[4]

On August 21, 2001, the company became Aeon Co., Ltd. The largest Jusco (also the largest single-building shopping center in Japan) opened in 2005 in Mito. On August 21, 2008, the corporate structure changed. Aeon Co., Ltd. became a holding company while Aeon Retail Co., Ltd. took over the retail operations formerly held by Aeon Co., Ltd.[5]

As of March 1, 2011, all Jusco and SATY stores under the Aeon umbrella in Japan changed their names to Aeon while all the Jusco stores and shopping centres in Malaysia have been fully re-branded into Aeon since March 2012. The Hong Kong and Mainland China subsidiaries officially changed their name to Aeon on 1 March 2013.

International ventures

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Countries with Aeon stores

Malaysia

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In 1983, Malaysian Prime Minister Mahathir Mohamad met with Takuya Okada and thought that he should bring Japanese supermarkets to Malaysia.[6] The Malaysian operations of Aeon started as a jointly owned company with Cold Storage and three local companies, known as Jaya Jusco.[7] It was the first time that a Japanese company had entered into a significant joint venture in the Malaysian retail industry.

The first Jusco store outside Japan was opened in the basement [6] of Plaza Dayabumi, Kuala Lumpur, Malaysia in 1985.[8][9]

Jusco assumed total operational control of the chain in 1988.

A plaque commemorating the opening of Jusco Taman Maluri on 30 October 1989

The oldest Jusco store in Malaysia is Jusco Taman Maluri located in Cheras, Kuala Lumpur. It opened on 30 October 1989.

Aeon's third outlet in Malacca opened in 1991[10] while its fourth at Wangsa Maju (Alpha Angle)[11] opened in April 1992.[10]

The Aeon Bukit Tinggi Shopping Centre in Bandar Bukit Tinggi, Klang, Selangor, Malaysia is the largest Aeon store in Malaysia and overall in Southeast Asia, with over 200,000 square metres (2,200,000 sq ft) of built-up area and 5,000 car park bays.

Jusco in Malaysia is notable for being among the first general merchandise chains to introduce biodegradable polybags made from sweet potatoes.

In March 2012, all the Jusco stores and shopping centres in Malaysia were rebranded to Aeon, following the decision of Aeon in Japan. In November 2012, Aeon acquired the operation of Carrefour Malaysia with an enterprise value of €250 million.[12] All of the current Carrefour hypermarkets and supermarkets in Malaysia were then fully re-branded into Aeon BiG.[13] The acquisition of Carrefour Malaysia made Aeon as the second largest retailer in Malaysia, which combined the sales from Aeon Retail stores (formerly known as Jusco) and the former Carrefour outlets.[14] Post-acquisition, Aeon's ASEAN business vice president said the retail giant targeted to open 100 outlets in various formats in the country by year 2020.[15]

In April 2018, Aeon expanded to East Malaysia by opening their first mall in Kuching.

State Stores
Federal Territories of Malaysia F.T. of Kuala Lumpur 5
Selangor 10
Perak 6
Johor 6
Negeri Sembilan 2
Malacca 2
Penang 2
Kelantan 1
Sarawak 1

Vietnam

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The first Jusco store "AEON MALL Tan Phu Celadon" opened on January 11, 2014, in Ho Chi Minh City at Tân Phú district.[16] On October 28, 2015, Hanoi opened its first Jusco store "AEON MALL Long Bien" with an investment of US$200 million.[17] Vietnam has currently about 200 Jusco stores including 6 malls and several supermarkets. Jusco has announced in 2023 that the first Aeon mall will be opened in Central Vietnam in the city of Huế in 2024.[18]

Cambodia

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The first Jusco store in Cambodia was opened on June 30, 2014, in Phnom Penh at Tonlé Bassac district. As of September 2023, Cambodia has three Aeon Malls, all of them located in the capital Phnom Penh.[19]

Mainland China

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A Jusco store in Shenzhen, China

In Mainland China, Jusco uses Aeon and Jusco for its name. From 1996, Aeon Co., Ltd created many shopping mall named Jusco. In Shanghai, there was a Jusco before, but it divested finance finally because of poor management. In Guangdong, Guangdong Jusco Co., Ltd used the name "Jusco" to operate the first Jusco at 1996. Now, there are thirteen shops in Guangdong. Otherwise, Aeon also operated large shopping mall in Beijing and Shunde. It also planned to expand to North China. Jusco Mall was first opened in Qingdao in the late 90s (now Aeon) and quickly became a local popular especially for its supermarket.In Shenzhen, Aeon (永旺) has a number of large stores including one at Coastal city (Houhai station 后海).[20]

Hong Kong

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An Aeon store in Hong Kong

Aeon Stores (Hong Kong) Co., Limited was established in Hong Kong in November 1987 and listed on the Hong Kong Stock Exchange in February 1994. Aeon aims to develop a chain operation in Hong Kong and offer value-for-money merchandise to Hong Kong customers.

The Hong Kong Jusco subsidiary was established in November 1987 as Jusco Department Store Co. Ltd. The first Jusco store opened in Kornhill in December 1987 (another name for this store was Quarry Bay Main and Flagship store). It was listed in Hong Kong Exchanges and Clearing Limited on 4 February 1994 with the stock code 984.

Hong Kong Jusco has now been renamed as Aeon Stores (Hong Kong), and mainly manages shopping malls and other retail shops such as supermarkets, discount shops, home places, convenience stores and department stores. They offer low-cost and convenient daily necessities to customers including food, clothes, household items and electrical appliances. As of March 2013, there are eight Aeon General Merchandise Stores (GMS) in Hong Kong, seven branches of Aeon Supermarkets, 22 branches of Living Plaza by Aeon, 4 branches of BENTO EXPRESS by Aeon, 2 Aeon Style stores and only one branch of Aeon MaxValu Prime, which is located at The One, Tsim Sha Tsui.

Taiwan

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Taiwan Jusco are subsidiaries of Taiwan Aeon Stores Co., Ltd. The first Jusco was in Windance in Hsinchu City. It was operated in 2003. The second Jusco was operated in December 2005 at New Taipei city global mall.

Thailand

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All Juscos have been closed down in Bangkok, Thailand. Aeon Co., Ltd. and now use the MaxValu name instead.

Indonesia

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The first AEON store in Indonesia was opened on May 30, 2015, in AEON Mall BSD City, Tangerang located in the western suburbs of Greater Jakarta.[21] In September 2023, AEON opened the first store that is separate from the AEON Mall property in Mall Alam Sutera, Tangerang.[22] As of September 2025, Indonesia has twelve supermarkets, three department stores, and five 'Health & Beauty' stores, all of them located in the Greater Jakarta, Bandung, and Semarang.[23]

See also

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References

[edit]
Revisions and contributorsEdit on WikipediaRead on Wikipedia

Aeon (company)

View on Grokipedia
from Grokipedia
AEON Co., Ltd. is a Japanese multinational retail holding company headquartered at 1-5-1 Nakase, Mihama-ku, Chiba, Japan. It primarily engages in the operation and management of supermarkets, supercenters, department stores, shopping malls, specialty stores, and convenience stores across Japan, China, and Southeast Asian countries including Malaysia, Thailand, and others. The company also provides financial services, such as credit cards and consumer finance, through subsidiaries like AEON Credit Service. Tracing its roots to 1758, when Sozaemon Okada established the Shinoharaya kimono fabric store in Yokkaichi, Japan, AEON evolved through a series of mergers and expansions. Key milestones include the 1926 incorporation of Okadaya as a joint-stock company, the 1969 formation of Jusco Co., Ltd. via a joint venture of Okadaya, Futagi Clothing Store, and Shiro, and the 1989 renaming to AEON Co., Ltd. as a holding company to unify its growing retail operations. The company has since expanded internationally, entering markets like Hong Kong in the 1980s, Malaysia in 1984, and China in the 1990s, while establishing joint ventures for shopping center development. As of the fiscal year ended February 28, 2025, AEON reported consolidated operating revenue of 10,134.8 billion yen, reflecting a 6.1% increase from the previous year, driven by growth in its domestic and international retail segments. The group employs approximately 620,000 people and operates 18,086 stores through its consolidated subsidiaries and equity-method affiliates worldwide. AEON emphasizes sustainability and customer-centric principles, having planted about 12.76 million trees as part of its environmental initiatives, and maintains a customer base with approximately 37.22 million AEON Credit Service card members.

Overview

Company profile

Aeon Co., Ltd. is a Japanese multinational retail holding company that oversees a diverse portfolio of operations, including hypermarkets, supermarkets, convenience stores, drugstores, shopping malls, and entertainment facilities across Asia. As a holding entity, it manages group subsidiaries focused on retail, financial services, and real estate development, emphasizing customer-centric innovation and community integration in its business model. The company's headquarters is located at 1-5-1 Nakase, Mihama-ku, Chiba-shi, Chiba 261-8515, Japan, functioning as the central hub that coordinates strategic oversight, supply chain logistics, and international expansion for its global network. Aeon traces its origins to a sundry goods store named Shinoharaya, established in 1758 in Yokkaichi, Mie Prefecture, by Sozaemon Okada, initially trading in kimono fabrics and accessories; it was formally incorporated as Okada-ya Gofukuten, a joint-stock company, on September 21, 1926. As of the fiscal year ended February 28, 2025, the Aeon Group employs approximately 620,000 people and operates 18,086 stores worldwide, reflecting its scale as one of Japan's largest retail conglomerates. Leadership at Aeon is headed by Motoya Okada, who has held executive roles since 2001, including as President of predecessor Jusco, and currently serves as Chairman and Representative Executive Officer since 2020.

Key statistics

Aeon operates a total of 18,086 stores worldwide as of the fiscal year ended February 28, 2025, encompassing a diverse range of formats including general merchandise stores (GMS), supermarkets, convenience stores, and shopping malls. Among these, the company manages 625 GMS outlets and 274 mall-type shopping centers across Japan and overseas. The Aeon Group employs approximately 620,000 full- and part-time workers globally as of the fiscal year ended February 28, 2025. As Japan's largest retail conglomerate by operating revenue, Aeon holds a leading market position with significant dominance in the general merchandise store (GMS) sector, supported by its extensive store network and comprehensive retail offerings. Aeon maintains operations in more than 10 countries, primarily across Asia including Japan, China, Malaysia, Vietnam, Thailand, Indonesia, and Cambodia, with the vast majority of its stores located in Japan. In a notable recent development, the company has expanded its supermarket presence in Indonesia, operating multiple stores as of 2025.

History

Early history

Aeon’s roots extend to 1758, when the first Sozaemon Okada founded Shinohara-ya in Yokkaichi, Mie Prefecture, Japan, as a trading business dealing in kimono fabrics and accessories. Under successive generations of the Okada family, the enterprise was renamed Okada-ya and evolved into a prominent retailer of kimonos and textiles, adhering to the family motto of providing value during economic downturns, such as discounting products after World War I. By the early 20th century, it had grown into a chain of stores focused on traditional Japanese clothing and related goods. On September 21, 1926, the sixth Sozaemon Okada restructured the business as a joint-stock company named Okada-ya Gofukuten Co., Ltd., with ¥250,000 in capital, marking its transition from a family-run operation to a modern corporate entity specializing in kimono fabrics. This incorporation enabled further expansion amid Japan's interwar economic challenges, solidifying its position in the textile retail sector. Following World War II, Okada-ya faced severe devastation but quickly recovered under the leadership of Takuya Okada, restarting operations in a single building with just five employees in the late 1940s. By the 1950s and 1960s, amid Japan's postwar economic miracle and rapid industrialization, the company expanded into general merchandise, growing to 14 stores in Mie Prefecture and diversifying beyond textiles to meet rising consumer demand for everyday goods. In the 1960s, Okada-ya began adopting supermarket concepts inspired by Western retail models, shifting toward self-service formats and broader product assortments to capitalize on urbanizing populations. This culminated in 1969 with the opening of a large-scale supermarket under the nascent Jusco banner, a significant step in modernizing the business. These developments paved the way for the formation of Jusco Co., Ltd.

Development as Jusco

In 1969, Okadaya, Futagi Co., Ltd., and Shiro Co., Ltd. formed a joint venture to establish Jusco Co., Ltd. as a cooperative purchasing organization with ¥150 million in paid-in capital, completing the merger in 1970 and forming a unified national supermarket network across Japan. This consolidation integrated regional operations, enabling centralized purchasing and standardized retail practices to compete in the post-war economic boom. Throughout the 1970s and 1980s, Jusco pursued aggressive domestic expansion by acquiring local chains and opening flagship superstores, such as its second major outlet in 1973 that offered a comprehensive range of clothing, food, and household items. The company adopted the hypermarket format in Japan, blending supermarket groceries with department store elements like apparel and home goods in large suburban facilities designed for one-stop shopping. By the late 1980s, Jusco had grown to operate around 170 directly managed superstores, strategically located in suburban areas to capitalize on increasing car ownership and family-oriented consumer trends. In 1997, amid Yaohan Group's international bankruptcy, Jusco acquired its Japanese operations for approximately ¥100 billion, integrating 36 stores and enhancing its competitive position in the fragmented retail market. This move not only expanded Jusco's footprint but also absorbed Yaohan's established customer base and supply chains, solidifying its status as one of Japan's top retailers by the early 2000s. The 1990s brought significant challenges for Jusco due to Japan's retail recession following the 1990 asset bubble collapse, which led to stagnant consumer spending and intensified competition from deregulation allowing foreign entrants. In response, Jusco implemented cost-cutting measures, including operational efficiencies and a shift toward diversified formats like fashion centers and convenience stores, while leveraging acquisitions to sustain growth without overextending new builds. These strategies helped mitigate the economic downturn's impact, maintaining profitability amid broader industry consolidation.

Transition to Aeon

In 1989, the Jusco Group adopted the name AEON to reflect its expanding operations and future vision. In 2001, the company officially changed its corporate name from JUSCO Co., Ltd. to AEON Co., Ltd., marking the beginning of a strategic rebranding effort to unify its identity under the Aeon banner. This transition involved a gradual rollout of the Aeon name across its operations, with the rebranding of all JUSCO and Saty stores in Japan completed by March 1, 2011, as part of a broader effort to streamline branding and enhance global recognition. By 2008, Aeon underwent a significant restructuring to adopt a pure holding company model, separating its oversight functions from day-to-day operations. Under this structure, Aeon Co., Ltd. serves as the parent entity, with specialized subsidiaries managing distinct retail segments such as supermarkets, department stores, and specialty shops, allowing for more focused management and operational efficiency. This shift facilitated greater agility in responding to market changes and supported the group's expansion strategies. The rebranding extended internationally, with the completion of Jusco store name changes in key markets by 2012; for example, in Malaysia, Aeon Co. (M) Bhd. initiated a nationwide rollout of the Aeon brand starting in early 2012, allocating resources to update signage and marketing materials over two years. In recent years, Aeon has continued its evolution through digital and consolidation initiatives. In July 2024, it expanded its partnership with Ocado Group to build a third customer fulfillment center in Kuki-Miyashiro, Saitama Prefecture, set to open in 2027, enhancing its online grocery capabilities and automated logistics in Japan. Looking toward further domestic consolidation, in April 2025, Aeon announced a capital and business alliance with Tsuruha Holdings Inc. and Welcia Holdings Co., Ltd., proposing a merger between Tsuruha and Welcia to create a leading pharmacy operator. This structure would enable Aeon to acquire a significant stake in the combined entity, with a planned tender offer in December 2025 to reach majority ownership, driven by the strategic rationale of bolstering its pharmacy and health retail presence amid Japan's aging population and rising demand for integrated healthcare services. Tsuruha shareholders approved the merger plan in May 2025 following a vote, despite some investor criticism regarding valuation, positioning the alliance as a key step in Aeon's diversification beyond traditional retail.

Domestic operations

Retail formats in Japan

Aeon operates a variety of retail formats in Japan, tailored to meet diverse consumer needs from everyday essentials to leisure experiences. Its General Merchandise Stores (GMS), branded as Aeon supermarkets, function as large hypermarkets that combine groceries, apparel, household goods, and electrical appliances under one roof, providing a one-stop shopping solution for families and urban dwellers. As of 2025, Aeon maintains hundreds of GMS locations across the country, emphasizing spacious layouts and wide product assortments to cater to bulk purchases and daily necessities. Complementing the GMS model, Aeon Mall represents a key retail format focused on integrated shopping centers that blend retail, dining, and entertainment to create family-oriented suburban destinations. These malls typically feature over 150 stores, including fashion outlets, supermarkets, food courts offering Japanese and international cuisine, and recreational facilities, fostering extended visits in community settings. With a strong emphasis on suburban development, Aeon operates 164 such malls in Japan as of October 2025, contributing to vibrant local economies through events and seasonal promotions. For smaller-scale daily needs, Aeon employs convenience-oriented formats like MaxValu stores, which serve as accessible supermarkets stocking fresh produce, prepared foods, and household items in neighborhood locations. MaxValu Express variants offer a more compact convenience store experience, ideal for quick grabs of bento meals, drinks, and snacks, with numerous branches nationwide supporting urban and rural accessibility. Similarly, the Welcia drugstore chain, integrated into Aeon's portfolio, specializes in health and beauty products, pharmaceuticals, and daily essentials, operating as Japan's leading drugstore network with approximately 2,700 stores as of mid-2025, prioritizing wellness services like consultations and over-the-counter remedies; the upcoming merger with Tsuruha Holdings will expand this to over 4,000 stores. Specialty formats enhance Aeon's ecosystem, including Aeon Cinema, which operates 96 theaters with 821 screens across Japan, delivering multiplex experiences with advanced features like IMAX and 4DX in mall-integrated venues to attract entertainment-seeking customers. Financial services are seamlessly integrated through Aeon Credit Service, enabling in-store credit card applications, point-based payments, and data-driven promotions that link shopping with affordable financing options for retail purchases. In response to Japan's 2025 minimum wage hikes, which elevated the national average to 1,121 yen per hour and impacted Aeon's 400,000 part-time workers, the company has accelerated efficiency measures to address labor shortages.

Major subsidiaries

Aeon Retail Co., Ltd. serves as the central entity for the Aeon Group's general merchandise store (GMS) and supermarket operations in Japan, managing a network of large-scale retail outlets that provide groceries, household goods, and daily essentials. Established in 2008, it operates flagship brands including Aeon and Aeon Style, focusing on delivering convenient shopping experiences through integrated store formats that emphasize fresh food and value-driven merchandise. This subsidiary plays a pivotal role in the group's domestic retail ecosystem by handling procurement, logistics, and customer service for core grocery segments. Aeon Mall Co., Ltd. is responsible for the development, operation, and management of shopping malls across Japan, acting as the Aeon Group's primary vehicle for commercial real estate and urban renewal initiatives. It designs and oversees large-scale retail complexes that integrate Aeon stores with diverse tenant offerings, entertainment facilities, and community spaces to foster long-term regional vitality. As of 2025, the company continues to expand its portfolio, emphasizing sustainable development and customer-centric mall experiences that support the broader retail strategy. Welcia Holdings Co., Ltd., a wholly owned subsidiary of Aeon since its integration, leads the group's pharmacy and drugstore operations, specializing in health, beauty, and pharmaceutical retail. It manages a extensive chain of stores under the Welcia brand, providing prescription services, over-the-counter medications, and wellness products to enhance everyday health management for customers. Through strategic acquisitions and operational synergies, Welcia has solidified its position as a key contributor to Aeon's diversification into healthcare retail. Aeon Credit Service Co., Ltd., operating under the Aeon Financial Service umbrella, functions as the financial arm of the group, offering credit cards, personal loans, and insurance products tailored to retail customers in Japan. It facilitates seamless payment solutions and financing options that integrate with Aeon's shopping ecosystem, such as rewards programs and installment plans for purchases. This subsidiary supports customer loyalty and revenue growth by providing accessible financial services linked directly to retail activities. In 2025, Aeon initiated plans to bolster its pharmacy network by integrating Tsuruha Holdings Inc. through a capital and business alliance with Welcia Holdings, aiming to form Japan's largest drugstore operator with over 4,000 stores. Under the agreement announced in April 2025, Welcia will become a wholly owned subsidiary of Tsuruha via a share exchange effective December 1, 2025, followed by Aeon's tender offer to make Tsuruha a consolidated subsidiary, expected to complete in January 2026 and enhancing scale in health retail and supply chain efficiencies. As of November 2025, the merger process is advancing, with Welcia's delisting scheduled for November 27, 2025.

International operations

Malaysia

Aeon entered the Malaysian market in 1985 with the opening of its first store, JUSCO Dayabumi, in Kuala Lumpur, marking the company's initial overseas expansion under the Jusco brand. This store introduced Japanese-style retailing to Malaysia, focusing on general merchandise and supermarkets tailored to urban consumers. By 2012, as part of the global rebranding effort, all Jusco outlets in Malaysia transitioned to the Aeon name, aligning with the parent company's unified identity. A significant milestone came in November 2012 when Aeon acquired the Malaysian operations of Carrefour for approximately 15.1 billion yen, incorporating 26 hypermarkets that were subsequently rebranded as Aeon Big, substantially enhancing Aeon's market share in the hypermarket segment. This acquisition expanded Aeon's footprint and diversified its offerings to include larger-format stores catering to bulk shopping needs. As of 2024, Aeon's portfolio in Malaysia includes 28 Aeon Malls, 35 Aeon Stores, and additional formats such as 6 Aeon MaxValu supermarkets, totaling over 100 retail outlets nationwide. Among these, Aeon Mall Bukit Tinggi in Bandar Bukit Tinggi, Selangor, stands as the largest, spanning significant retail space and serving as a major shopping destination in Southeast Asia. To adapt to Malaysia's multicultural and predominantly Muslim population, Aeon emphasizes halal-certified products across its private-label Topvalu line, with over 147 items approved by the Department of Islamic Development Malaysia (JAKIM), and has obtained company-wide halal certification for food safety compliance. Furthermore, through its subsidiary AEON Bank, launched in 2024 as Malaysia's first fully Shariah-compliant digital bank, Aeon integrates Islamic finance options such as personal financing-i, providing ethical banking solutions aligned with local religious principles. In recent years, Aeon has pursued growth through e-commerce initiatives, including the 2025 launch of AEON360, a joint venture with AEON Credit Service to create an integrated membership and data ecosystem that enhances online shopping and lifestyle services. This platform fosters partnerships, such as with foodpanda for digital financial access and delivery integrations, enabling tailored e-commerce experiences for Malaysian consumers amid rising online retail demand.

Vietnam

Aeon entered the Vietnamese market in 2014 by opening its first shopping mall, Aeon Mall Tan Phu Celadon, in Ho Chi Minh City. This marked the beginning of an aggressive expansion targeting Vietnam's growing urban middle class, with a focus on large-scale retail formats that integrate shopping, dining, and entertainment. As of late 2024, Aeon operates seven Aeon Malls across the country, including the landmark opening of Aeon Mall Hue on September 21, 2024, which became the first in central Vietnam and spans approximately 138,000 square meters. These malls primarily serve middle-class consumers in major cities, emphasizing community-oriented spaces that blend international and local elements. In 2025, Aeon plans to open four new shopping centers and three general merchandise stores (GMS), including sites in Long An, Tay Ninh, and other urban areas, bringing the total to eight malls by year-end. In August 2025, Aeon announced a bold strategy to triple its overall scale in Vietnam by 2030, aiming for around 16 malls and significantly expanded store networks through joint ventures with local partners like Viet Phat Investments. This expansion includes an additional $1.5 billion investment over the next decade to support 15 general merchandise stores, 45 medium and small supermarkets, and enhanced e-commerce integration. To align with Vietnamese shopping habits, Aeon has adapted its offerings by prioritizing fresh produce sections that compete directly with traditional wet markets, featuring locally sourced, VietGAP-certified fruits, vegetables, and seasonal groceries. Additionally, the malls incorporate affordable luxury elements, such as accessible international brands like Uniqlo and mid-tier fashion outlets, catering to the aspirational middle class without targeting high-end luxury segments. These strategies underscore Aeon's localization efforts, including private-label products developed with Vietnamese suppliers to ensure affordability and cultural relevance.

Cambodia

Aeon entered the Cambodian market in 2014 with the opening of AEON MALL Phnom Penh, its first shopping mall in the country, located in the capital city and marking the company's initial foray into urban retail development in Southeast Asia. This entry was part of Aeon's broader wave of expansion into the region following its rebranding from Jusco. The mall, spanning over 100,000 square meters, introduced a modern retail format to Cambodia, featuring a mix of international and local tenants to cater to the growing middle class and expatriate community. By 2023, Aeon had expanded to three malls in the Phnom Penh area, including AEON MALL Sen Sok City opened in May 2018 and AEON MALL Mean Chey launched in December 2022, reflecting a modest but steady growth strategy focused on the capital's urban districts rather than immediate provincial outreach. These developments emphasized enhancing local economic vitality through job creation and community engagement, with the third mall incorporating expanded facilities completed via a renewal project that finished in November 2023. No major new mall announcements occurred in 2024 or 2025, indicating a phase of consolidation amid ongoing operational adjustments. To adapt to Cambodia's tourism-driven economy, Aeon malls integrated affordable imported Japanese goods, such as snacks, beauty products, and household items, alongside spaces for local artisans and vendors selling Khmer handicrafts, silk, and souvenirs, fostering a blend that appeals to both domestic consumers and international visitors. This localization approach included dedicated shops like Amazing Cambodia and NyoNyum, which promote high-quality, handmade local products, supporting cultural preservation while leveraging Aeon's logistics infrastructure for efficient import distribution. Operating in a developing market, Aeon has navigated challenges including Cambodia's historical political instability and supply chain disruptions exacerbated by regional geopolitical tensions, such as border disputes affecting cross-border trade. To mitigate these, the company established a multifunctional logistics center in 2022 as a hub for ASEAN imports, enhancing resilience in product sourcing and distribution for its Cambodian operations.

China

Aeon entered the Mainland China market in 1996 through the establishment of Guangdong JUSCO Teem Stores Co., Ltd., a joint venture that opened the company's first store, Jusco Teem Plaza, in Guangzhou, Guangdong Province. This marked Aeon's initial foray into the country's retail sector, building on earlier explorations via its Hong Kong operations. Early expansions followed in the late 1990s and early 2000s, with additional stores in Shunde within Guangdong and large shopping malls in Beijing, extending Aeon's presence beyond southern China into the north. By the mid-2010s, Aeon had established four shopping malls in Beijing and Tianjin, with plans to reach around 20 locations by the end of the decade through further joint ventures. As of 2024, Aeon operates over 150 stores across Mainland China, including general merchandise stores, supermarkets, and shopping malls, concentrated primarily in southern regions like Guangdong (24 stores) and eastern areas such as Beijing (7 stores), Jiangsu (5 stores), Shandong (5 stores), and Hubei (4 stores). These operations are managed through various joint ventures, including AEON MALL (China) Business Management Co., Ltd., which oversees mall developments, and regional entities like AEON East China (Suzhou) Co., Ltd. To adapt to local consumer preferences, Aeon incorporates cultural elements such as promotions tied to Chinese New Year, featuring festive merchandise and discounts on traditional items, alongside integration with major e-commerce platforms like JD.com for online grocery sales. In the 2020s, Aeon has shifted focus toward tier-2 cities to target the growing middle class, opening facilities like the large AEON Mall in Wuhan, Hubei Province, in 2023, and planning further expansions in regions such as Hunan Province with AEON Mall Changsha Xingsha in 2024. This strategy emphasizes community-oriented malls in areas like Jiangsu and Hubei, where urbanization and rising incomes drive demand for integrated retail experiences. Aeon navigates China's regulatory landscape by adhering to foreign investment laws through joint venture structures, ensuring compliance with restrictions on wholly foreign-owned retail operations, while competing with local giants like Walmart China in the hypermarket and supermarket segments.

Hong Kong

AEON Stores (Hong Kong) Co., Limited was established in December 1985 as JUSCO Stores Hong Kong, marking the Aeon Group's entry into the region as a separate entity focused on local retail operations. The company opened its first flagship General Merchandise Store (GMS) at Kornhill in November 1987, introducing Japanese-style department store and supermarket concepts to the Hong Kong market. In February 1994, it listed on the Hong Kong Stock Exchange under stock code 984, enabling independent growth while maintaining ties to the broader Aeon Group strategy in Asia. By March 2013, AEON operated eight GMS stores across Hong Kong, with subsequent modest expansions bringing the total to ten GMS locations as of August 2025, alongside smaller formats like supermarkets and specialty outlets. These stores are strategically maintained in dense urban areas such as Kowloon Bay, Mong Kok, and Tseung Kwan O, serving high-population districts with everyday essentials and household goods. The operations emphasize sustained presence rather than rapid scaling, adapting to Hong Kong's compact geography and commuter lifestyle.) To align with local preferences in a sophisticated market, AEON has incorporated high-quality and premium product lines, including enhanced selections in apparel, electronics, and groceries to appeal to discerning urban shoppers. Many stores are integrated with or located adjacent to MTR stations, such as AEON STYLE Kornhill near Tai Koo station and AEON Whampoa near the MTR exit, facilitating convenient access for daily commuter shopping and boosting foot traffic in transit-oriented developments. This approach leverages Hong Kong's efficient public transport network to enhance accessibility without relying on large suburban sites. Hong Kong's retail landscape presents significant challenges for AEON, including persistently high rental costs in prime urban locations, which strain profitability amid economic volatility. The company also faces stiff competition from upscale luxury malls like Harbour City and IFC Mall, which attract affluent consumers with exclusive brands and experiential offerings in a saturated, mature market. These pressures have contributed to revenue declines and operational losses in recent years, prompting strategic adjustments. Since 2020, AEON Hong Kong has prioritized operational efficiency over major expansions, with limited new GMS openings amid pandemic recovery and market headwinds, focusing instead on merchandise optimization, private label growth, and cost controls to stabilize performance. Recent initiatives, such as the January 2025 opening of AEON STYLE Kai Tak, represent targeted enhancements rather than broad growth, underscoring a conservative approach in a challenging environment.

Taiwan

Aeon entered the Taiwan market in 2003 through its subsidiary Taiwan Aeon Stores Co., Ltd., opening its first hypermarket, Jusco Xinzhu Store, in Hsinchu City to target consumers in northern Taiwan. This marked the company's initial foray into the region, focusing on suburban locations to offer a wide range of general merchandise and groceries in a format adapted from its Japanese operations. The expansion was modest, with a second store opening in New Taipei City in December 2005. However, Aeon's presence remained limited, and by 2007, the stores had closed due to competitive pressures in the local retail landscape. As of 2025, Aeon maintains no active hypermarket operations in Taiwan, with the company shifting its regional focus to other East Asian markets.

Thailand

Aeon entered the Thai retail market in December 1985 through its then-named Jusco brand, opening the company's first overseas store beyond Malaysia and Singapore on the outskirts of Bangkok to capitalize on suburban growth potential. This initial foray targeted general merchandise and supermarket needs in a rapidly urbanizing environment, but faced challenges from local market dynamics, leading to a strategic pivot away from the larger Jusco hypermarket format. By the early 2000s, Aeon had closed all Jusco-branded stores in Thailand, reorienting its presence toward the MaxValu brand to operate smaller supermarkets geared toward urban convenience shopping. This shift emphasized compact formats like MaxValu Tanjai mini-supermarkets, better suited to dense city areas and daily essentials rather than expansive hypermarkets. The rebranding aligned with Aeon's global strategy to adapt to competitive pressures in saturated markets, where large-format stores struggled against established local players. As of 2024, Aeon's operations in Thailand remain limited to approximately 33 MaxValu outlets, primarily concentrated in Bangkok and surrounding areas such as Nonthaburi and Pathum Thani. These stores prioritize fresh, high-quality Thai produce, alongside reasonable pricing and safe, convenient shopping experiences to appeal to local consumers seeking quick daily provisions. Integrations with quick-service options, including ready-to-eat meals and partnered food services, further enhance their urban convenience focus. Despite ambitious expansion plans—such as targeting 500 stores by the mid-2010s—Aeon's growth in Thailand has been minimal due to intense competition from local and international chains like Tesco Lotus (now Tesco) and a saturated retail landscape. This has resulted in scaled-back operations, including the closure of up to 20 mini-supermarkets in 2020, positioning Thailand as a lower-priority market compared to other Southeast Asian expansions.

Indonesia

Aeon entered the Indonesian market in 2015, opening its first store as AEON Mall BSD City in Tangerang, a suburban area southwest of Jakarta. This 177,000-square-meter facility, developed in partnership with local real estate firm Sinar Mas Land, featured 280 specialty stores, a large supermarket, and extensive dining options, marking Aeon's initial foray into the country's growing retail sector. By 2025, Aeon had expanded to 12 supermarkets, concentrated primarily in the Greater Jakarta metropolitan area, including locations in BSD City, Jakarta Garden City, Sentul City, Tanjung Barat, Alam Sutera, Kota Wisata, Deltamas, and Citra Raya. This growth reflects a deliberate focus on suburban developments since the 2010s, with the company opening its 11th supermarket in Paris Van Java, Bandung, in June 2025. To align with local market dynamics, Aeon has emphasized halal-compliant offerings, with many in-mall tenants and products certified by Indonesian authorities to cater to the Muslim-majority population. The company has also integrated with prominent e-commerce platforms, operating official stores on Shopee to blend physical retail with online sales and reach broader consumers. Additionally, Aeon's malls are strategically positioned adjacent to affordable housing and residential projects, such as Sky House near BSD City, enhancing accessibility for middle- and lower-income families in expanding suburbs. Aeon's strategy in Indonesia relies on joint ventures with local partners like Sinar Mas Land to comply with foreign investment regulations and incorporate cultural preferences, such as community-oriented layouts and localized tenant mixes. This approach has facilitated steady growth amid regulatory hurdles for foreign retailers. Building on this momentum, Aeon plans further penetration across Java island post-2025, with ongoing developments aimed at additional suburban sites to capitalize on the region's urbanization and rising consumer spending.

Financial performance

Aeon Co., Ltd.'s fiscal year ends on the last day of February, aligning with the Japanese retail calendar and enabling consistent tracking of seasonal consumer patterns. This structure has facilitated the company's long-term financial planning amid economic fluctuations. Throughout the 2010s and into the early 2020s, Aeon exhibited steady revenue growth primarily led by its domestic operations, with consolidated net sales reaching ¥7,253,529 million in FY2016. By FY2024, net sales had climbed to ¥10,134,876 million, reflecting a compound annual growth rate of approximately 4% over the period, supported by expansion in store formats and e-commerce integration. Operating profit trends have mirrored this expansion, with increases attributed to operational cost efficiencies and the proliferation of private-label products under the TOPVALU brand, which enhanced margins through higher-value sales and supply chain optimizations. For instance, operating profit rose from ¥150,500 million in FY2020 to a peak of ¥250,800 million in FY2023, before a slight dip to ¥237,700 million in FY2024 due to transitional expenses. These gains were bolstered by targeted inventory management and digital transformation initiatives that reduced overheads by streamlining logistics. Key drivers of Aeon's financial performance include the dominance of its domestic supermarket and general merchandise store segments, which have consistently accounted for approximately 48% of total revenue, driven by resilient consumer demand in Japan for everyday essentials. The international segment has also contributed to growth, with overseas operations expanding their revenue share through multi-format stores in Asia—for example, reaching about 15% of total revenue by FY2023—though precise historical ratios vary; by the early 2020s, international activities represented a growing portion amid regional economic recovery. This diversification has helped mitigate domestic market saturation. The company faced notable challenges during the 1990s Japanese recession, known as the "Lost Decade," when deflationary pressures and regulatory changes in the retail sector constrained expansion and profitability, prompting Aeon to focus on cost controls and selective mergers. In the 2020s, inflation has exerted pressure on margins, with rising labor costs—estimated at ¥65 billion in FY2024 alone—and supply chain disruptions eroding some gains despite revenue resilience. Overall, Aeon's financial trajectory post-COVID-19 has shown robustness, with revenue rebounding through adaptive strategies like enhanced online sales and store renovations.

Recent fiscal results

In the first half of fiscal year 2025 (ended August 31, 2025), Aeon Co., Ltd. achieved record operating revenue of ¥5,189.97 billion, marking a 3.8% increase year-over-year, alongside operating profit of ¥118.13 billion, up 19.8% from the prior period. These results were primarily driven by the expansion of private brands such as TOPVALU BESTPRICE, which enhanced gross margin sales in the general merchandise store (GMS) segment, and efficiency improvements through digital transformation (DX) initiatives that boosted labor productivity in GMS and supermarket operations. The 2025 minimum wage hike, effective from October 1, 2025, introduced additional labor costs for Aeon's approximately 400,000 part-time workers across its domestic operations. To mitigate these pressures, the company implemented automation measures, including self-checkout registers and labor hour optimizations, which helped productivity gains outpace the roughly 6-7% wage increases for part-timers. The capital and business alliance with Tsuruha Holdings, finalized in April 2025 alongside Welcia Holdings, is poised to strengthen Aeon's pharmacy revenue streams through integrated dispensing and retail synergies, targeting combined annual sales of ¥3 trillion by 2032. This partnership builds on Aeon's existing pharmacy network and is expected to contribute to long-term growth in healthcare-related segments without immediate material impacts on the FY2025 interim results. International operations bolstered segment profits, with Aeon Vietnam Co., Ltd. reporting sales growth of 25% year-over-year, fueled by new store openings and robust consumer demand, while Indonesia's expansion added to overall Asia-Pacific contributions through increased supermarket and mall revenues. Looking ahead, Aeon maintains its full-year FY2025 projections of operating revenue at ¥10.5 trillion (up 3.6% year-over-year) and net profit attributable to owners at ¥40 billion (up 47.2%), supported by the momentum from Q2 performance and ongoing strategic efficiencies.

Sustainability and CSR

Environmental initiatives

Aeon has committed to achieving net-zero greenhouse gas emissions across its operations by 2050 as part of its Decarbonization Vision 2050, with a long-term target of zero total CO₂ emissions from stores by 2040 (revised in 2021) and interim targets including sourcing renewable energy for at least 50% of its operations by 2030. This framework emphasizes transitioning to renewable sources and efficiency measures to align with global climate goals. In support of these objectives, Aeon entered a partnership with JERA Group in September 2025 to supply surplus power from rooftop solar installations to its stores in Japan's Chubu region, delivering approximately 467,000 kWh of renewable electricity annually and reducing CO2 emissions by 197 tonnes. Similarly, in October 2025, Aeon signed a comprehensive power purchase agreement (PPA) with Marubeni Power Retail for up to 200 MW of off-site solar power generated from reused panels, with supplies commencing in fiscal year 2026 to electrify its malls and supermarkets nationwide by fiscal year 2028. These collaborations advance Aeon's decarbonization by integrating clean energy into its retail infrastructure. Aeon addresses waste reduction through plastic-free initiatives, including the promotion of reusable and biomass-based packaging materials to minimize single-use plastics in shopping bags and product containers across its stores. The company also implements food waste recycling programs, targeting zero food waste through partnerships with NGOs and industry groups to repurpose unsold items and establish resource recycling models at store level. At the store level, Aeon incorporates energy-efficient technologies in new builds and retrofits, such as LED lighting systems that reduce electricity consumption by up to 50% compared to traditional fixtures and high-efficiency refrigeration units designed to lower energy use in cooling operations. These measures contribute to overall operational sustainability without significantly impacting short-term financial performance.

Community engagement

Aeon engages in global food donation programs through partnerships with non-governmental organizations (NGOs) to distribute surplus food, reducing waste and supporting vulnerable communities in Japan and across Asia. In Japan, the company collaborates with Second Harvest Japan, the country's first food bank, to redirect unsold or surplus items from stores to those in need, having initiated surplus food production and donation efforts as early as 2009. In Hong Kong, Aeon has donated surplus stock to the Food Resources Recycling Centre since 2013, enabling redistribution to charities serving low-income families. Similar initiatives in Thailand involve cooperation with local food banks under national policies to rescue and donate excess produce from suppliers and stores. During the COVID-19 pandemic, Aeon Mall extended support in Hokkaido, Japan, by creating sales channels for surplus local foods through special stores and online platforms in partnership with organizations like Sousei Marche. The company supports education through scholarships and store-based literacy programs, particularly in international markets such as Vietnam and Malaysia, fostering youth development and community skills. The Aeon Scholarship Program, managed by the AEON 1% Club Foundation, has provided financial aid to over 8,000 university students from Asian countries since 2006 (as of 2023), including recipients in Vietnam and Malaysia aimed at nurturing future leaders. In Malaysia, the Malaysian AEON Foundation offers scholarships and educational workshops, having supported 562 students studying abroad in Japan by 2021, alongside financial literacy initiatives like the Young Financial Savvy Programme reaching hundreds of students annually. In Vietnam, Aeon implements store-based programs such as the Sustainability Squad, where students participate in on-site tours and activities at Aeon Mall locations to learn about sustainable development goals, engaging school groups since 2024. Aeon has been active in disaster relief, with notable responses to the 2011 Great East Japan Earthquake and ongoing resilience training across its operations. Following the Tohoku disaster, the company contributed to reconstruction by planting 316,419 trees, exceeding the 300,000-tree goal by 2021, and mobilizing 138,000 employee volunteers for recovery efforts. In partnership with Tohoku University’s International Research Institute of Disaster Science since 2021, Aeon provides training programs and uses its stores as emergency bases. To build long-term preparedness, Aeon conducts group-wide earthquake and fire prevention drills twice annually since fiscal year 2011, involving all stores and facilities in Japan and select Asian locations. Diversity efforts at Aeon emphasize promoting women in leadership and inclusive hiring practices across its approximately 620,000 employees worldwide (as of February 2025). The company established a Diversity & Inclusion Promotion Office in 2013, targeting 50% female managers by fiscal year 2025, with around 9,000 women currently in managerial roles and specialized training programs to support their advancement. Inclusive hiring includes active recruitment of mid-career workers, foreign nationals in 14 countries, and people with disabilities, achieving a 2.85% disability employment rate and employing over 6,300 individuals with disabilities as of recent reports. These initiatives extend to part-time and overseas staff, promoting global exchanges with goals like 1,500 personnel transfers by 2020. In 2025, Aeon expanded community health initiatives linked to its pharmacy operations, enhancing access to wellness services in local communities. Through its Health & Wellness Business segment, which includes drugstores and dispensing pharmacies, the company integrated preventive health programs such as fitness studios and health consultations in mall locations, building on prior efforts to support employee and community well-being. In March 2025, AEON was certified as a White 500 Corporation for Excellent Health Management, recognizing its efforts in employee and community wellness. These expansions tie into broader CSR goals, offering services like chronic disease management in Japan and Asia to promote healthier lifestyles.

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  131. https://aeonfoundation.my/our-mission/
  132. https://www.aeongroupmalaysia.com/university-students-from-nine-asian-countries-to-learn-about-biodiversity-through-fieldwork/
  133. https://corp.aeon.com.vn/en/education/aeon-vietnam-launched-the-sustainability-squad-program/
  134. https://www.irwebcasting.com/20210125/2/1045f40096/media/210125_aeon_en03.pdf
  135. https://www.aeon.info/ef/en/pdf/news/gaiyosho_2024_en.pdf
  136. https://www.aeon.info/export/sites/default/common/images/en/environment/report/e_2016pdf/full/11.pdf
  137. https://www.aeon.info/en/diversity/
  138. https://www.aeon.info/wp-content/uploads/en/ir/CG-Report_eng_current.pdf
  139. https://www.aeon.info/wp-content/uploads/2025/03/20250310RE_1.pdf
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