Retailers enduring mixed bag of results 08:00 | 17/03/2021
While a number of brands are fading away in the Vietnamese retail landscape, others have stepped up their game to expand their market share.
Despite last yearâs woes, retailers are pressing on with plans to grab more market share. Photo: Le Toan
After 22 years of operating in Vietnam, in early March, leading Thai retail group Central Retail officially announced the removal of the Big C brand, renaming its stores to GO! or Tops Market, which it uses across Thailand.
âThis is part of our rebranding plan,â confirmed a representative.
Five years ago, Central Group forked out more than $1 billion for the Big C chain. However, despite accelerating growth in the retail market, Central Retailâs performance in the country began to slip after the deal. Most of the key branches in big cities reported a decrease or no growth in revenue.
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Cancer Screening Mobile Coach in Stamford April 15 wzozfm.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from wzozfm.com Daily Mail and Mail on Sunday newspapers.
Thursday, 09:49, 11/03/2021
Catching up with new retail trends to bring a new shopping experience to customers will help Vietnamese retailers seize the lion’s share of the market, especially after a number of foreign players have shut up their shops, according to insiders.
Domestic retail market heating up
An expanding middle class and higher incomes will see Vietnam’s retail and services revenue rise 1.6-fold against 2020 to US$350 billion by 2025. The country’s retail market is therefore thought to have become an attractive destination for foreign investors.
Posting solid growth of 6.8% last year amid COVID-19, the local market has considerable potential but is marked by fierce competition that requires companies develop sensible retail sales models to win customers.
Radical changes needed for local retailers to thrive: Insiders | Business en.vietnamplus.vn - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from en.vietnamplus.vn Daily Mail and Mail on Sunday newspapers.