Japanese convenience chain Circle K plans to open more than 500 stores in Malaysia over the next five years.

The chain, together with its joint venture partner Mofaz Group of Companies, plans to invest up to 500 million ringgit ($156.4 million) to support its expansion plan for Malaysia.

“Our short-term target is to achieve more than 100 stores within the 13th month of operation. Within the fifth year of operations, we hope to achieve our medium-term target of more than 500 stores across the nation,” said Mofaz Group and Circle K Malaysia president Mohamed Fauzy Abdul Hamid.

The JV has recently opened its flagship store at Skypark Terminal in the Sultan Aziz Shah Airport.

Circle K is increasing its presence overseas to offset sluggish growth in Japan where the birth rate is slowing.

The convenience chain has also presence in China, Indonesia and Vietnam.