Variety Stores in Vietnam

PROSPECTS

Japanese and South Korean brands popular in variety stores

In variety stores, Vietnamese consumers display a preference for Japanese or South Korean brands. Japanese variety store retailers such as Daiso and Komonoya were pioneers amongst international variety stores players in Vietnam.

Franchise model enables rapid expansion

Most leading variety store players operate with a franchise business model, which helps them to expand quickly throughout the country. Key players such as Miniso and Ilahui apply this model.

E-commerce has limited impact

E-commerce is having little impact on variety stores, as Vietnamese consumers continue to prefer to experience products first-hand before making a purchase. Most variety stores brands use websites and social media for brand development, generating consumer interest and building an emotional attachment with consumers in order to develop loyalty, rather than for e-commerce.

COMPETITIVE LANDSCAPE

Pioneering brand, Miniso, maintains leading position

Le Bao Minh Group’s Miniso brand maintained its leading position in variety stores at the end of the review period. The brand was at the forefront of the influx of Korean- and Japanese-style variety stores in Vietnam, followed by rivals with similar concepts, such as Minigood and Mumuso.

Lack of differentiation causes confusion amongst consumers

There are many similar variety stores in Vietnam, including Miniso, Mumuso, Minigood, and Yoyoso, amongst others. They are similar in terms of their white and red logos, white-washed store décor, product ranges, packaging designs, and price ranges.

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