Applying technology in the retail industry is the next step in its evolution and will enable the offering of new experiences for customers while, conversely, retailers that are sluggish to update and innovate face being left behind.
VOV.VN - Local retail businesses should focus on developing their own brands, improving the product quality and diversifying products in order to enhance their competitiveness in the domestic market.
The food processing and drinks industry has seen growth of 7 per cent in recent years, with more and more foreign investors deciding to pour money into the sector.
As a country with sizable agricultural and handicraft production, Vietnam has a lot of excellent regional products, specialities, and handicraft items of very high quality. However, these commodities only have access to small local markets and few opportunities to access large domestic and foreign distribution systems.
Retail companies are racing to expand but are challenged by high rental costs in major cities.
The trillion-dong street food market will sooner or later belong to foreign businesses if domestic firms do not make proper and professional investment, industry insiders have said.
Convenience stores and mini supermarkets have been witnessing a growth rate of 200% in the last three years.
With value of US$118 billion in 2016 and US$180 billion projected for 2020, Vietnam is listed among the world’s 30 most attractive retail markets.
Foreign investors are rushing to open convenience store chains in Vietnam, which is forecast to become the fastest-growing convenience store market in Asia by 2021.
Vietnam is forecast to be the fastest growing convenience store market in Asia by 2021, according to the Institute of Grocery Distribution (IGD).
While 7-Eleven expands its business in the Vietnamese retail market, Family Mart has decided to stop injecting more money into the chain in Vietnam because of losses.
Foreign retailers are showing huge appetite for a slice of the convenience store business pie in Vietnam as their investment spree will not be over anytime soon.
A recent survey by Nielsen, a market survey firm, found that with the increasingly faster pace of life and smaller scale of households, Vietnamese nowadays attach much importance to ‘convenience’ when choosing shops.
The Vietnamese retail market has seen some mergers and acquisitions (M&A) between foreign and Vietnamese enterprises, thanks to the huge development potential of the retail sector.
From 1st Dec 2015 to 15th Jan 2016, customers of Circle K convenience store chain will have the opportunity to win hundreds of thousands of attractive prizes when participating in the “Wishing, Buying, Winning” promotion campaign.
Domestic and foreign retailers are mulling over plans to develop a range of convenience store chains across Vietnam, in hopes of meeting rising consumer demand with this high-potential business model.
Vietnamese consumers are making their way from traditional markets into air-conditioned, brightly-lit convenience stores.
Retailers have been opening up more convenience stores to attract youth and students.
Vietnamese retailers have withdrawn from the convenience store market after a long period of incurring losses, leaving the market more open to foreign retailers, who have been expanding their chains.