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|Central Retail has strong expansion plans in Vietnam|
Thailand’s Central Retail plans to promote its presence in Vietnam to cover more than 90 per cent of cities and provinces in the next five years and mitigate the dependence on the parent company’s home market.
Vietnam has managed to exert control over the coronavirus pandemic early and suffered much fewer losses from the pandemic than other countries. This encourages Central Retail, a subsidiary of Thai retail giant Central Group, to further exploit the market's potential.
This retailer will be present in 55 of the 63 cities and provinces of the country (from the current 39). As part of this expansion plan, the retailer will launch six more GO! Mall trade centres and transform four Big C supermarkets into trade centres this year.
Central Retail operates 35 trade centres and 230 supermarkets and stores in the country, which contributed 20 per cent of Central Retail's 2019 total revenue and was the group's largest market after Thailand.
This expansion plan will strengthen its dominance in Vietnam where it already holds 57.6 per cent in the supermarket sector. According to a report released by consultant firm Deloitte Vietnam last week, there were 58 large supermarkets nationwide, with the clear winner being Thai giant Big C.
Following the giant are domestic players like Saigon Co.op and Bach Hoa Xanh with 43 and 14 per cent. The sector has been growing in the past years, and local players have been gaining popularity and profiting from the pandemic.
|The number of outlets, floor space, and sales growth at hypermarkets (2014-2019)|