Central Retail Vietnam revenues surpass US$1.1 billion after rapid expansion
Thai retail conglomerate Central Group plans to cover 90 per cent of Vietnam’s provinces within five years via subsidiary Central Retail.
Central launched in Vietnam in 2012, initially with fashion merchandising before taking stakes in local electrical appliance chain Nguyen Kim (which it now owns 81.5 per cent of) and Lanchi Mart supermarket in 2015.
As of last month, Central Retail Vietnam operates 35 malls (most anchored by Big C hypermarkets) and 230 stores across 39 out of the nation’s 63 provinces. It is the largest multinational retail company operating in Vietnam with a customer base of about 12 million and revenues of US$1.17 billion last year. The country already accounts for about 20 per cent of the parent company’s sales.
The company’s new Go! brand already encompasses 32 hypermarkets (Hyper Go!) and seven supermarkets (Super Go!). Six more Go! hypermarkets are scheduled for Tra Vinh, Quang Ngai, Buon Ma Thuot, Ben Tre, Ba Ria, and Thai Nguyen, while four more Big C stores will soon be rebranded to Go!”
Central Retail Vietnam CEO Philippe Jean Broianigo, pictured below, says Central Retail will continue to focus on growth via outlet expansion.
The company is bullish about its prospects in Vietnam which recorded 3.82-per-cent economic growth in the first quarter of this year despite a four week shutdown of most retail from late March. No community transmission of Covid-19 has been recorded since April 16.
The plan includes technology and omnichannel platform developments and achieving business synergies with leading partners such as Grab and GrabMart to launch delivery services for customers.
“Central Retail will have a full multi-format platform that can seamlessly reach customers via offline and online channels,” said Broianigo.
Central Retail CEO Yol Phokasub, pictured below, said the company is “constantly seeking expansion” and will continue to invest in Vietnam because it foresees the size of the potential.
“By staying true to our vision, we will drive the country’s prosperity simultaneously with improving the quality of life of Vietnamese people.”