Masan modern grocery stores account for 50% of Vietnam network: chairman
Masan Group, one of Vietnam’s leading multi-sector corporations, plans to open 80-120 Win stores in the last months of the year.
Masan's WIN store network is a mini-mall concept that combines WinMart (grocery), Techcombank (financial services), Phuc Long (tea and coffee), Dr. WIN (health and well-being), and Reddi (telecom).
“We have delivered on our Point of Life innovation with 30 Win stores rolled out in the third quarter and are confident that the Win concept is a winning, scalable model,” group chairman Nguyen Dang Quang said in a release on the private group's January-September business results.
“Our modern grocery stores now account for 50% of the nationwide network and we are constantly innovating to give consumers what they want,” he added.
Inside a Win store of Masan Group. Photo courtesy of Masan.
The WIN store network generated around 20% revenue per square meter uplift during its pilot phase in Q3 compared to pre-conversion, mainly driven by increased traffic, Masan said.
As a result, WIN stores also return better store economics of 5.1% store EBIT (earnings before interest and taxes) margin, a 0.6% increase versus pre-conversion.
The group noted that its WINLife’s payment services are offering more to customers in its Point of Life retail strategy. After undergoing a swift in-store eKYC (Electronic Know Your Customer) process to open a bank account with Techcombank, customers who pay for products and services within WIN stores using Techcombank’s new cashless and TPay cardless payment solutions have received an additional 2% promotion on their shopping bills.
Ho Chi Minh City-based Masan Group's January-September core profit after tax soared by 39.5% year-on-year to VND2,105 billion ($84.74 million), according to the release.
Its ecosystem includes integrated retail, agriculture, mining, consumer goods, banking, and finance.
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