Vietnamese retails are heading to launch retail chain stores in the country to increase the popularity and sales of their products. Similar projects have also been taken up to supermarkets in other countries as well.
Retail industry in Vietnam is heading for a “retail chain store” system as this form of retail store operation is going to take up heat in the years to come according to interpretations made by the trade ministry of Vietnam. With Vietnam planning to take up the retail store chain system, it is preparing its weapons to deal with the world retail competitors, as per the news published on Nhan Dan.
Several enterprises are preparing to start their own retail chain store system under the franchise model, including the Hoang Corp. with 24-Seven system, Pham Trang Co. Ltd with Small Mart 24h/7 system, and the G7 Trade & Service Joint Stock Co. with G7 Mart system.
Malaysian retail store Parkson inaugurated its first shopping mall in Ho Chi Minh City. This company has plans in the pipeline to start similar stores in Vietnam. Retail Company’s like Big C, Metro Cash and Parkson are committed to open standardized stores in big cities in the country.
Vietnam is being focused as the target to build up retail chain stores due to various factors like steady economic growth, increasing number of people belonging to the middle class with higher disposable incomes, increasing business opportunities and a stable political environment.
The demand of domestic consumers affects the success of these supermarkets. The prime reason for their popularity among the people is its ambience, quality of products and various other factors that suit the needs of the consumers. The icing on the cake comes from the fact that approximately 60% of the Vietnamese population is youth population which affects the sales and popularity of these stores.
As per RNCOS report "Vietnam Retail Industry Analysis" “The main reason why retail store operators want to sell their products in a supermarket is that goods are sold in bulk in supermarkets and thus it results in a higher profits. The items sold in these stores are displayed in an attractive manner to lure the customers into buying these goods. The increasing recognition of these stores, number of retailers are attracted into starting similar ventures.
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