This is the information that The Gioi Di Dong has just announced on the occasion of the opening of the 50th store with its partner Erajaya Digital in Indonesia. This shows that in just the last 3 months, the Erablue electronics chain has opened 34 new stores and expanded its coverage beyond the Jakarta capital area to neighboring provinces such as Bogor, Depok, Tangerang, Bekasi as well as online sales.
According to The Gioi Di Dong, this chain is having certain success when it has reached the break-even point at the store level (revenue is enough to cover store expenses such as staff, electricity, water, goods, etc.) after only 15 months of operation. Each Erablue store with an area of 250-300 m2 has an average revenue of 4.5 billion VND per month, while a store of 180-200 m2 has a revenue of 2.5 billion VND per month. This year, the chain is expected to increase the number of stores to 75 and break-even at the company level (outside revenue is enough to cover store expenses and the remaining revenue is used to pay the chain's operating department).
"With what is happening, we believe Erablue will soon achieve its goal. There is still a lot of room for Erablue to grow and Erablue will soon become the largest retailer in Indonesia," said Mr. Doan Van Hieu Em, CEO of Mobile World Joint Stock Company.
At the 2023 annual meeting, Mr. Nguyen Duc Tai, Chairman of Mobile World, said that the new service is the biggest difference that helps Erablue win the hearts of customers and is also the thing that the company is confident in defeating competitors in Indonesia.
Before Erablue was born, Indonesia only had a model of consulting and introducing products at stores, transporting and installing, so the process took many days. However, since The Gioi Di Dong brought the successful model in Vietnam, customers can order in the morning and have someone come to install in the afternoon.
In the long-term plan, Mr. Tai expects that in the next 5 years, the Erablue chain will have 500 stores in Indonesia, accounting for 20-40% of the market share, bringing in revenue of 2-4 billion USD per year, similar to the roadmap that Dien May Xanh achieved in Vietnam. In addition, he said that Mobile World will also consider the possibility of IPOing Erablue (initial public offering) here.
Previously, to focus on Erablue, Mobile World closed the Bluetronics chain in Cambodia. The company's management at that time said that there were two barriers that prevented this chain from expanding in Cambodia: the small market size and complicated tax policies.
According to statistics, the market for phones and electronics in Indonesia is about 14 billion USD. This figure is much larger than Cambodia and even double that of Vietnam.
Erablue opened its first store in November 2022. Despite difficulties in finding a location, the chain has grown rapidly with 50 stores in 15 months.
Thi Ha
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