Similar to department stores, variety stores, which is another channel that mostly sells non-grocery products, was hit hard by the COVID-19 effects on trade in 2021. Due to national lockdown and ongoing social distancing, which led to outlets closing from June and reduced footfall respectively, variety stores experienced a sharp decline in current value sales.
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 in Vietnam.
Le Bao Minh Group’s Miniso brand maintained its leading position in variety stores in 2021. 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.
The variety stores channel is expected to begin to recover from 2022 as COVID-19 cases in Vietnam drop, which means further lockdowns appear unlikely. As such, Vietnamese consumers will be more confident to spend on non-grocery products than they were in 2021.
While e-commerce grew rapidly in 2020 and 2021 as consumers spent much more time at home and were unwilling to venture out to stores unless necessary, it still has little impact on variety stores. This is because Vietnamese consumers continue to prefer to experience variety store products first-hand before making a purchase.
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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Understand the latest market trends and future growth opportunities for the Variety Stores industry in Vietnam with research from Euromonitor International's team of in-country analysts – experts by industry and geographic specialisation.
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Variety stores are chained or independent retail outlets with a primary focus on selling a range of merchandise across several categories. Variety stores are chained or independent retail outlets with a primary focus on selling a range of merchandise across several categories, although they may also sell grocery items. Includes fixed-price stores (e.g. dollar stores) and catalogue showrooms. Example brands include Dollar General, Woolworth (Germany), and Miniso.See All of Our Definitions
This report originates from Passport, our Variety Stores research and analysis database.
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