Not standing outside the bustling trend of opening points of sale in the market of foreign enterprises, domestic retail enterprises are also increasing their points of sale.
Domestic retail increases new points of sale
The domestic retail system is making efforts to increase new points of sale when on November 15, the Co.opXtra Ta Quang Buu supermarket located on the 2nd floor of the Central Premium shopping center (District 8, Ho Chi Minh City) officially opened. Co.opXtra Ta Quang Buu has an area of about 3,000m2, providing more than 30,000 quality essential items.
Previously, in mid-October, Saigon Co.op also opened Co.opXtra at Vincom Mega Mall Grand Park (Long Binh Ward, Thu Duc City). With a total business area of 3,500 m2 to 4,000 m2, the above supermarket has invested heavily in product structure, shopping space, and updated technology trends of modern retail, bringing interesting shopping and entertainment experiences to the city's residents.
Along with this point of sale, recently, retailer Satra also announced plans to open a third shopping mall in District 6. It is expected that the point of sale will have a construction floor area of nearly 30,000m², a scale of 6 floors above ground and 1 basement. The main product lines here include food, entertainment, fashion, accessories, jewelry, entertainment areas, multi-industry supermarkets... promising to attract a large number of young customers and families to visit and shop.
According to forecasts by market research firm Euromonitor, the value of Vietnam's grocery retail market will grow at a rate of 2.8% per year in the period 2023-2028. The size of Vietnam's modern retail market will increase to 20 billion USD in the next decade, creating many opportunities for businesses to expand operations and increase revenue.
Although the market size growth potential is low, according to a report by Rong Viet Securities, the wave of entry into the grocery retail market from both domestic and foreign grocery chains in recent years is still strong, with brands such as Go!, Aeon, BigC, Winmart, Bach Hoa Xanh.... This shows that Vietnam's grocery retail market is fertile ground for modern chains.
 |
| Domestic retail businesses increase sales points and implement many solutions to stimulate demand (Photo: Winmart) |
At the Gala for the 15th anniversary of the Industry and Trade sector implementing the Campaign for Vietnamese people to prioritize using Vietnamese goods recently organized by the Ministry of Industry and Trade, Ms. Nguyen Thi Phuong - General Director of WinCommerce shared that the company will accelerate the speed of opening stores in the second half of 2024 with about 100 new minimart stores per quarter, equivalent to opening an average of 1 store per day, aiming to have 4,000 stores by the end of this year.
WinCommerce chain currently aims to reach 10,000 stores by 2030. Thus, WinCommerce's new point of sale opening rate will reach 1,000 stores/year from now until 2030; thereby, expecting to become the retail unit with the largest coverage in Vietnam.
“In the coming time, WinCommerce will not only focus on large urban areas but also expand to rural areas, especially locations near residential areas,” Ms. Nguyen Thi Phuong shared.
Diverse solutions to attract customers
To attract customers, Vietnamese retail channels are implementing a series of attractive programs. For example, the program "Gratitude for millions of emotions" of the Ho Chi Minh City Union of Trading Cooperatives (Saigon Co.op) is being implemented with the theme "Fruit Week" with discounts of 20 - 25% for more than 100 tropical and imported fruit products. Along with that, a series of promotional programs for consumers, including: Super deals - Great weekend deals; Shopping Season; The higher the rank, the deeper the discount...
For Satra, this purely Vietnamese retail channel continues to affirm its position in the market with a diverse range of products and competitive prices. Units in the Satra retail system have coordinated with Binh Dien Market Management and Business Company, Vietnam Livestock Industry Corporation (Vissan)... to plan to prepare sources of vegetables, fruits, seafood and livestock meat... to ensure adequate supply of goods throughout the system; in which, Vissan plans to supply the market with nearly 930 tons of fresh food (an increase of 5% compared to the 2024 Giap Thin Lunar New Year) and about 3,700 tons of processed food (an increase of about 8% over the same period) to supply more than 120,000 points of sale nationwide.
According to the Domestic Market Department - Ministry of Industry and Trade, Vietnam's retail market still has a lot of room for development because modern retail channels only account for 25% of the market share, while this rate in Thailand is 48%, the Philippines is 75% and Singapore and many other developed countries are 80%.
The Vietnam Retailers Association stated that retail businesses are facing fierce competition to meet the consumer needs of people shopping at modern channels. Accordingly, specialized business models, determined by individual needs, have high growth rates. In addition, there are products that are currently increasing very high, especially essential consumer products, this is an opportunity not only for retail businesses but also for manufacturing and product supply businesses.
According to economist Ngo Tri Long, the domestic market is still asserting its position as an important component of macroeconomic growth. To create momentum for the domestic market, retail businesses need to innovate their business methods, creating differences in the service process, but still meeting consumer demands.
In particular, Vietnam has the strength to produce many products, from agricultural products to consumer goods. Therefore, manufacturing enterprises need to cooperate with distributors to bring quality products to the market at reasonable prices as quickly as possible, while having promotional and after-sales policies to retain buyers and create brand reputation.
Source: https://congthuong.vn/doanh-nghiep-ngoai-thi-nhau-mo-diem-ban-buc-tranh-thi-truong-ban-le-noi-cuoi-nam-2024-ra-sao-359313.html
Comment (0)