WinMart+ chain accelerates expansion into rural areas

At the end of the 2025 fiscal year, WinCommerce (WCM), the operator of the WinMart/WinMart+ chain, announced a report updating business performance, with growth indicators in revenue and points of sale exceeding planned targets.

2025 marked the strongest pace of new store openings since Masan Group took over the retail chain in 2019, signifying a shift in market share acquisition strategy, especially in rural areas.

According to the updated report in December, WCM posted a total net revenue of VND39 trillion ($1.48 billion) in 2025, up more than 18 per cent on-year. This result surpassed the revenue growth target of 8–12 per cent set at the beginning of the year.

The growth momentum remained stable until the last month of the year. In December alone, WCM recorded a revenue of VND3.56 trillion ($135.53 million), a 19 per cent increase on-year.

In 2025, the company not only scaled up operation, but also improved the operational efficiency of existing stores. Like-for-like revenue growth across the entire system climbed 9 per cent against 2024.

In terms of network scale, 2025 saw a surge in new store openings. WCM opened a total of 764 new stores, far exceeding its target range of 400–700 stores under both base and high-growth scenarios.

In December, the chain opened 161 new stores. This was the highest number of new store openings in a single month ever recorded. On average, a new store opened every 5 hours. As of the end of 2025, WCM operates 4,592 stores nationwide.

Data analysing the structure of new store openings reveals a shift in geography and store model. There are 602 WinMart+ Rural stores out of 764 stores opened in 2025, accounting for nearly 80 per cent of the total new store openings.

Geographically, northern and central Vietnam were the two key focus areas for WCM’s expansion strategy.

The north recorded 409 new stores, while central Vietnam added 341 stores. Together, the two regions make up for 98 per cent of all new store openings during the 2025 fiscal year.

This strategic shift is underpinned by the significant potential of rural markets. According to data from the National Statistics Office and reports from the fast-moving consumer goods industry, over 61 per cent of Vietnamese population lives in rural areas. The rural retail market is estimated to be worth approximately $50 billion. However, modern, professional retailers have yet to establish a strong footprint.

WCM's rural store model is designed with low investment costs, a product portfolio focusing on essential goods, and competitive pricing to suit the income levels of residents.

In practice, average daily revenue per rural WinMart+ store has improved from VND12.9 million ($490) to VND15 million ($570), based on data recorded in early 2025.

Efficiency and profitability

A highlight of the 2025 report is the quality of new store openings. Rather than pursuing scale alone, WCM reported that more than 90 per cent of new stores in 2025 surpassed breakeven of earnings before interest, taxes, depreciation, and amortisation at store level. This shows that network expansion is accompanied by financial efficiency, avoiding eroding profits from new, unprofitable points of sale.

A key factor supporting expansion into remote areas is logistics capability. Supra's internal logistics system (launched in 2022), with its dry and cold storage clusters, has helped WCM reduce transportation costs by approximately 11 per cent for both general and fresh produce.

Previously, 2024 marked a significant milestone when WCM achieved positive after-tax profit for the first time after restructuring, laying the financial groundwork for a large-scale expansion in 2025.

The rapid penetration of modern retail channels into rural areas is taking place as traditional channels, such as wet markets and small grocery shops, face growing challenges around food safety and customer experience.

Rural markets are witnessing the emergence of modern grocery stores operated by young shop owners. This group possesses a dynamic business mindset, applies technology, and has a deep understanding of local consumer habits.

According to Kantar Worldpanel Vietnam, traditional grocery stores still account for a large share of rural retail sales –approximately 72 per cent in 2024 – but this share is gradually declining as mini-supermarkets and convenience stores gain traction.

Industry experts believe that in the 2024–2026 period, modern retail chains such as WinMart focus on capturing market share in rural areas before the market becomes saturated.

In 2026, the retailer aims to open 1,000-1,500 new outlets, averaging four new stores opened daily.

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