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A Go! hypermarket by Central Retail in Vietnam. Photo by Thanh Tan |
This marks a 0.9% rise compared to the company’s revenue in the same period last year. This figure represents earnings from Central Retail’s principal business sectors in Vietnam, excluding real estate operations related to leasing spaces in supermarkets.
According to the company’s Q3 financial statement, its revenue in Vietnam dipped 2% compared to the same period last year, a decline attributed to sluggish consumer demand influenced by stagnant purchasing power and flooding in the northern regions.
Central Retail noted that household consumption in Vietnam has remained steady, with consumers maintaining a cautious spending approach amid the challenging global economic climate.
In comparison to other players in the market, Central Retail’s performance trailed Vietnam’s Bach Hoa Xanh grocery chain, which recorded a revenue of VND30.300 trillion in the first nine months, but surpassed Masan’s WinCommerce chain, which earned VND24.404 trillion in the same timeframe.
The food sector was Central Retail’s most lucrative, generating VND24.115 trillion, marking a 4.2% increase. The retailer’s food sector stores – including GO! hypermarkets, Tops market supermarkets, Lan Chi Mart supermarkets, and mini go! stores – expanded from 76 to 83 outlets over the past year.
However, the technology and home appliances sector, represented by the Nguyen Kim supermarket chain, experienced a decline, earning VND3.452 trillion, down 17%. This sector also saw a reduction in the number of stores from 53 to 49 over the past year.
The fashion sector, including the Supersports brand, contributed VND60.4 billion to the revenue, approximately 15% less than the previous year.
As of now, Central Retail operates 41 GO! hypermarkets, with the latest, Go! Bac Lieu in the Mekong Delta region inaugurated in October following an investment of VND432 billion.
Central Retail plans to open new outlets in Ninh Thuan in central Vietnam by the end of this year, with further expansions planned for Hung Yen and Yen Bai in northern Vietnam.
