Auchan leaves the Vietnamese market due to challenging conditions
Auchan decided to exit the Vietnamese market and is ready to sell its stores due to challenging conditions. This move is part of the company's Renaissance action plan to put a greater focus on generating profits. The same action plan has lead to an agreement signed with Conad, the Italian co-operative retail group, who will buy most of its estates in Italy, according to IGD Asia.
In Vietnam, Auchan holds 18 stores generating a revenue of $50.4 million. Its presence is almost invisible compared with the local competition.
Retailers in Vietnam are investing heavily to grow their network. Domestic retailers like Saigon Co.op and VinMart, for example, are developing rapidly. Saigon Co.op targets to grow its stores from 650 to 1,000 stores by the end of this year. VinMart’s goal is to have 4,000 stores by 2020 from about 2,000 currently.
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