Convenience stores of foreign companies have a pleasant shopping space, an eating area, and free internet access. Some have an entertainment area with bookshelves for children and adults. They have carefully studied market demand and local consumer habits. For example, 7Eleven spent a year studying market demand to provide the goods and foods preferred by Ho Chi Minh City shoppers. 7Eleven has produced 100 dishes adapted to local tastes and its shops are expected to become popular food venues for local residents.
Nguyen Bao Anh Thu, Director of Product Development of 7Eleven, said: "We are coming to Vietnam’s market later than many other big brands. We have tried to create its own trademark and different types of goods and services. We’ll offer the Vietnam market fresh processed food for daily meals.”
Popular foreign convenience shops in Ho Chi Minh City are B’s mart, Shop&Go, and Ministop. Two big Vietnamese names are Vinmart+, with 357 convenience shops, and Saigon Coop, with 180 shops. Vingroup plans to open around 30 supermarkets and up to 1,000 Vinmart+ convenience shops in 30 provinces and cities. Saigon Coop aims to open about 60 convenience shops per year. Vietnamese enterprises target housewives who control family spending. Do Quoc Huy, Marketing Director of SaiGon Coop, said they have taken advantage of their understanding of the market and local shopping habits.
“Saigon Coop convenience shops ensure product origins and certify quality. We offer our loyal customers bonuses and membership rights. We’ll design special products for convenience shops,” Huy said.
Convenience stores have gotten a good reception from the market, and now are the fastest growing retail segment, with double-digit growth. According to the Ministry of Industry and Trade, foreign companies have a 70 per cent market share of convenience stores, 17 per cent of malls and supermarkets, 15 per cent of minimarts, and 50 per cent of the online shopping channel. The Ministry advices domestic businesses to make full use of local advantages to reduce their prices and improve their quality in order to gain a bigger market share.