WinCommerce posts 32% revenue expansion at start of 2026, signaling new growth cycle

WinCommerce, the operator of the WinMart retail chain, reported strong business results in the first two months of 2026, indicating the start of a new growth phase following its restructuring efforts.

Revenue in January and February reached over VND7.87 trillion ($299 million)), up 32.2% year-on-year, significantly exceeding the company’s base-case growth target of 15-21% for 2026.

The performance suggests the retailer is entering a new growth cycle after completing operational optimization and restructuring.

Revenue rises 32.2% year-on-year

According to the company, the early-year results reflect the continuation of growth momentum from 2025, amid ample room for expansion in Vietnam’s modern retail market.

WinCommerce opened 145 new stores in the first two months, bringing its nationwide network to 4,737 outlets. Network expansion remains a key growth driver in 2026.

Notably, the rural WinMart+ model continued to post strong revenue growth, reflecting expanding consumption beyond major urban centers. The segment is expected to play a key role in the company’s expansion strategy.

The rural WinMart+ network, the largest segment with 2,063 stores, recorded revenue of over VND2.18 trillion ($83 million), up more than 63% year-on-year in the two months.

Urban WinMart+ stores generated over VND2.03 trillion ($77.3 million) in revenue, up 20.6% year-on-year, while WinMart supermarkets contributed VND2.18 trillion ($82.86 million), up nearly 21%. The WIN model posted revenue of nearly VND1.21 trillion ($45.9 million), up 13%.

With 32.2% revenue growth year-on-year and 145 new stores opened in the first two months, WinCommerce is ahead of its 2026 business plan in both revenue and network expansion.

Targets up to 1,500 new stores in 2026

For 2026, Masan Group’s retail segment targets net revenue growth of 15-21% year-on-year and aims to improve net profit margins to 1.8-3%.

To achieve this, the company plans to open between 1,000 and 1,500 new stores this year, further expanding the footprint of its WinMart and WinMart+/WiN formats nationwide.

Alongside expansion, WinCommerce aims to sustain like-for-like (LFL) sales growth across both minimart and supermarket formats, targeting high single-digit to mid double-digit growth through product assortment optimization, flexible pricing strategies, and continued digital transformation.

Improving sales productivity across existing stores is also a strategic priority, aimed at enhancing operational efficiency across the network.

The combination of store expansion, LFL growth, operational optimization, and private label development is expected to underpin the company’s new growth cycle.

As Vietnam’s retail market continues shifting from traditional to modern trade, WinCommerce is seen as well-positioned due to its extensive network and synergies within Masan’s consumer-retail ecosystem.

The strong start to 2026 indicates that the WinMart system is entering an acceleration phase, supporting positive prospects for the company’s sustainable growth strategy in the coming years.