Business

Convenience stores boom: "Game" of foreign businesses

As one of the fastest developing among Vietnam’s modern retail types, the revenue of convenience stores is forecast to increase by 226.4 billion USD, with a compound annual growth rate of over 13% from 2023 to 2028.

The rate of opening convenience stores and mini supermarkets in Vietnam has increased by up to 200% per year. (Photo: vnbusiness.vn)
The rate of opening convenience stores and mini supermarkets in Vietnam has increased by up to 200% per year. (Photo: vnbusiness.vn)

Hanoi (VNA) - GS25, a leading convenience store chain in the Republic of Korea operated by GS Retail, has simultaneously opened its six first stores in Hanoi, marking its move to expand northward after establishing a solid foothold in southern Vietnam.

Present in Vietnam since January 2018, it has to date run over 200 stores, mainly in the southern region such as Ho Chi Minh City, Can Tho, Binh Duong, Ba Ria-Vung Tau, Dong Nai and Tien Giang.

At the beginning of this year, 7-Eleven, the world's largest convenience store chain, hinted at its plan to launch in the capital city of Vietnam. From its first store opened in Vietnam in 2017, there are currently around 80 7-Eleven stores in the country.

If 7-Eleven is present in Hanoi, the convenience store market will be more vibrant than ever. The capital city’s market has been for years dominated by Circle K which has attracted a large number of young people thanks to its 24/7 business model.

As one of the fastest developing among Vietnam’s modern retail types, the revenue of convenience stores is forecast to increase by 226.4 billion USD, with a compound annual growth rate of over 13% from 2023 to 2028.

A representative from the Winmart supermarket chain said that it sets a target of upgrading its existing supermarkets and opening hundreds of new WinMart+/WiN stores in various provinces and cities, with focus on new urban areas and rural areas.

Economist Vu Vinh Phu, former Deputy Director of Hanoi’s Trade Department and former Chairman of the Hanoi Supermarket Association, said that in order to operate effectively in Vietnam, these brands should make thorough preparations in terms of locations, scales and personnel.

It is necessary to grasp the continuously changing consumption trends of consumers, particularly youths, he added./.

VNA
#GS25 #convenience store #7-Eleven #Hanoi #Vietnam
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