Japanese footwear retailer ABC-Mart (TYO:2670) aims to increase overseas revenue to at least half of group sales as it expands across Southeast Asia, Nikkei Asia reported Friday, citing President Kiichiro Hattori.

Overseas revenue accounted for 28% of the company's 378.6 billion yen in sales for the fiscal year ended February, the report said.

Hattori said expanding outside Japan is necessary as the country's population continues to age and decline, according to Nikkei Asia.

ABC-Mart operates nearly 400 stores overseas, primarily in South Korea and Taiwan, and plans to compete with global footwear retailers including Foot Locker and JD Sports as it expands in the region, the report said.

Shares of ABC-Mart rose nearly 2% in recent trade.

(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)