Vietnam boasts a huge potential for the development of convenienceshopping outlets, market research company Nielsen Vietnam said in itsreport released during a roundtable in Hanoi on May 29.
Nielsen Vietnam elaborated that 57 percent of the country’s populationis under the age of 35, monthly per capita income is on the rise and upto 73 percent of consumers are willing to pay for high-quality servicesand products.
The average number of customers perconvenience store in Vietnam is 69,000, dwarfing the figures in nearbyThailand (5,556), Malaysia (7,040), and Singapore (7,300), the firmfound.
Nguyen Huong Quynh from Nielsen Vietnam saidthe aforementioned figures show that there is still a huge potential forconvenience stores and mini supermarket chains to develop in theSoutheast Asian nation.
She added that although theprices at these facilities can be 10-20 percent higher than intraditional markets or hypermarkets, the chains offer consumersconvenience and a wide range of high quality goods.
While the operation of trade centres and hypermarkets has proved to beless efficient than expected, the emergence of mini supermarkets andconvenience stores is a new consumption trend, Chairwoman of theAssociation of Vietnam Retailers Dinh Thi My Loan said.
These facilities are also so successful because of their flexibleopening times and careful attention to minimising price differenceswithin the market. She recognised Vietnamese companies’ efforts toopen convenience stores and mini supermarkets, such as the Coop Food andSatrafood stores run by the Saigon Union of Trading Cooperatives(Saigon Coop), to win consumers’ trust.
Participantsin the roundtable pointed out the major challenges faced by domesticfirms, such as the lack of funding and retail space, and insufficientmanagement experience.
They suggested localbusinesses support families that run small groceries stores and existingmini super markets by expanding retail space and training personnel, aswell as cooperating with each other to enlarge their networks.-VNA
Nielsen Vietnam elaborated that 57 percent of the country’s populationis under the age of 35, monthly per capita income is on the rise and upto 73 percent of consumers are willing to pay for high-quality servicesand products.
The average number of customers perconvenience store in Vietnam is 69,000, dwarfing the figures in nearbyThailand (5,556), Malaysia (7,040), and Singapore (7,300), the firmfound.
Nguyen Huong Quynh from Nielsen Vietnam saidthe aforementioned figures show that there is still a huge potential forconvenience stores and mini supermarket chains to develop in theSoutheast Asian nation.
She added that although theprices at these facilities can be 10-20 percent higher than intraditional markets or hypermarkets, the chains offer consumersconvenience and a wide range of high quality goods.
While the operation of trade centres and hypermarkets has proved to beless efficient than expected, the emergence of mini supermarkets andconvenience stores is a new consumption trend, Chairwoman of theAssociation of Vietnam Retailers Dinh Thi My Loan said.
These facilities are also so successful because of their flexibleopening times and careful attention to minimising price differenceswithin the market. She recognised Vietnamese companies’ efforts toopen convenience stores and mini supermarkets, such as the Coop Food andSatrafood stores run by the Saigon Union of Trading Cooperatives(Saigon Coop), to win consumers’ trust.
Participantsin the roundtable pointed out the major challenges faced by domesticfirms, such as the lack of funding and retail space, and insufficientmanagement experience.
They suggested localbusinesses support families that run small groceries stores and existingmini super markets by expanding retail space and training personnel, aswell as cooperating with each other to enlarge their networks.-VNA
