Thailand’s Central Retail to double Vietnam stores in 4 years
In this article (4)
Thailand’s Central Retail plans to double more than the number of its stores in Vietnam from the current 340 to 710 by 2026 to capitalize on a growing market.
The main retail arm of Thai conglomerate Central Group will spend 30 billion baht (US$790 million) for the expansion, which it hopes will make it Vietnam’s biggest food and property retail platform.
“We always put ourselves in the center of consumers’ lives,” Olivier Langlet, CEO of Central Retail Vietnam, said.
The company eyes sales of 100 billion baht following the expansion, up from the current 38.6 billion baht, he added.
Central Retailed first came to Vietnam 10 years ago and now has ten retail brands, including Go! Mall, Nguyen Kim, SuperSports, and Top Market, which sell a range of products from food to electronics.
Other foreign retailers who have announced plans to expand in Vietnam include Japan’s Aeon and South Korea’s Lotte.
Aeon Mall, which has six outlets, plans to open 16 more, including three or four in Hanoi.
Questions & Answers
Q.What is the primary motivation for Central Retail's expansion in Vietnam?
What is the primary motivation for Central Retail's expansion in Vietnam?
The company aims to capitalise on a growing market in Vietnam. It hopes this expansion will establish it as Vietnam’s largest food and property retail platform, increasing its overall market presence and influence.
Q.What is Central Retail's financial target following this expansion plan?
What is Central Retail's financial target following this expansion plan?
Central Retail is targeting sales of 100 billion baht after the expansion. This represents a significant increase from their current sales figure of 38.6 billion baht, indicating strong growth expectations.
Q.Which foreign retailers are also planning to expand their operations in Vietnam?
Which foreign retailers are also planning to expand their operations in Vietnam?
Japan’s Aeon and South Korea’s Lotte have also announced expansion plans in Vietnam. Aeon Mall, for example, intends to open 16 additional outlets, including several in Hanoi, augmenting its existing six stores.
Reader pulse
Central Retail's Vietnam expansion:
15,998 votes so far