AEON plans large expansion in Vietnam
AEON plans to expand its MaxValu chain stores in Vietnam over the next 4 years. Currently, there are 4 MaxValu stores operating in Hanoi but their numbers will grow to more than 100 by the end of 2025. The new stores will include a larger store format with over 500 sqm floor space. In addition, AEON Group's subsidiary, AEON Mall, aims to expand its network from six to 16 by 2025.
AEON Vietnam will focus on opening diverse retail models including shopping malls, department stores, supermarkets, convenience stores and specialised stores. It will help AEON strengthen its business position in the market where Masan Group, which operates WinMart and Central Group, which operates Big C, have been expanding their network.
Shoppers are slowly shifting to more modern formats due to hygiene concerns. Modern retailers apply a more rigorous approach to ensuring food safety across supply chain and quality checks on food sources, which is a growing concern amidst the pandemic. In addition, modern retail only contributes to 10% of grocery sales, so there is plenty of growth to be had. Vietnam also represents an attractive investment opportunity as the government shifts to ‘living with the virus safely’ rather than a ‘zero-covid’ approach. However, competition is keen. Local retailers like Masan Group, which operates WinMart, has also shared an aggressive expansion plan to have 20,000 franchised stores and add 10,000 outlets owned by the group by 2025, informs IGD Asia.
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