Sales growth accelerated dramatically in variety stores in 2016 as current value growth of 11% was recorded, up from 6% in 2015. This strong performance was mainly the result of the expansion strategy of relatively new player Komonoya, which is regularly opening new outlets in shopping centres in Vietnam. In fact, during the first two years of the chain’s operation, Komonoya opened 11 stores. This success shows that the momentum in mixed retailers is shifting away from department stores and towards variety stores. This is due to department stores in Vietnam having already reached to maturity and offering less inconvenience than variety stores.
With opening one outlet in the Binh Tan district in July 2016, Aeon Vietnam Co Ltd maintained its leading position in mixed retailers in 2016 with a value share of 48%. Within three years of entering Vietnam, the company has been able to generate impressive sales performances thanks to its trusted brand and its ability to distinguish itself from its competitors and earn the loyalty of Vietnamese consumers. In fact, in addition to offering a wide range products targeting middle-income and high-income consumers, Aeon shopping centres also provide low-cost consumer foodservice options in food courts, as well as catering to more sophisticated consumers with various local cuisines.
Mixed retailers is set to continue growing over the forecast period, with a value CAGR of 31% expected in constant 2016 terms. This is set to be a remarkable improvement on the 23% value CAGR recorded in the channel in constant 2016 prices over the review period. This strong performance is set to be the result of the contribution of foreign players in the channel, including Aeon and Robins. Due to the more intense competition which now prevails in the channel, key players are expected to launch various marketing and promotional activities together with diversifying their product ranges with a wider variety brands at more price pints an and effort to further stimulate consumer demand, especially among low-income consumers.
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This industry report originates from Passport, our Retailing market research database.