Masan Group’s Meat Deli brand is sold at a VinMart supermarket in Hà Nội. — Photo Vinmart HÀ NỘI — After purchasing the retail chain from Vingroup’s VinCommerce earlier this month, Masan Group plans to close hundreds of ineffective VinMart and VinMart + stores. A representative from Masan told Việt Nam News: “We will open between 300 and 500 new Vinmart supermarkets and Vinmart+ convenience stores this year.” She also said the group would review and close down ineffective stores. So far, they have pinpointed about ten VinMart supermarkets and about 300 VinMart + stores which have struggled to turn a profit. “Instead of expanding the number of stores, Masan aims to boost its presence by improving the business efficiency of existing locations,” said the Masan representative. By the end of 2019, VinCommerce operated more than 3,000 VinMart and VinMart + stores all over Việt Nam. It reported an increase of 67 per cent in sales, reaching VNĐ26 trillion (US$1.12 billion) but also saw losses of VNĐ2.1 trillion in EBITDA (earnings before interest, taxes and depreciation). Reviewing its operation, Masan Group saw the performance of the retail chain, especially VinMart +, in Hà Nội was significantly better than in other cities. By… Read full this story
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