On Christmas Day, 1996, a newsstand called Magbit was opened in 1 Utama. Established by entrepreneur Dang Tai Luk, the business focused on print media retail. Shortly afterwards, the evolution of the brand started when a branch was opened in Mid Valley Megamall under the myNEWS.com name.
Dang said, “We created Mynews as a brand to elevate the brand in line with the contemporary newsstand concept. The .com was added to ride on the e-commerce wave at the time.”
EVOLUTION OF THE BRAND
Today, Mynews has transformed itself into Malaysia’s number 2 convenience store chain. The company is opening 10 stores a month nationwide—sometimes up to 3 stores a day. Mynews issued its IPO in 2016, and recently celebrated opening its 500th store this year, while revamping the way convenience stores in Malaysia are run.
“If you look at Japan, Taiwan, Hong Kong, and even in this region, all the convenience store brands are from Japan,” said Dang. “In Japan, 7-Eleven, Family Mart, and Lawson’s operate a total of 60,000 stores. And their product is amazing. Their food is of high quality, and sometimes better than that from a restaurant. So we have to follow the leaders, follow the best in the industry.”
This story is from the October 2019 edition of SME Magazine Singapore.
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This story is from the October 2019 edition of SME Magazine Singapore.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.
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