GS25: Changing the Game for Convenience Stores in Vietnam
South Korea's GS25 has become the biggest convenience store chain in Southern Vietnam, a huge achievement showing how fast the retail market is growing and how shoppers' habits are changing.
A Winning Formula for Foreign Investment
GS25, a partnership between GS Retail (Korea) and Son Kim Retail, combines top-notch Korean operations with ideas tailored for young Vietnamese shoppers. This creates a winning, lifestyle-focused CVS model.
Impressive Growth
- 2024 Revenue: Over 1,690 billion VND (+29.1% year-on-year)
- 2023 Revenue: Over 1,500 billion VND (+23% year-on-year)
- 2022 Revenue: Nearly 1,300 billion VND (+70% year-on-year)
- Over 317 stores nationwide, starting in Ho Chi Minh City in 2018
Vietnam's Retail Scene is Booming
Vietnam's retail market is expected to reach $276 billion in 2024 and grow to $488 billion by 2029 (12% annual growth). This is driven by young customers and the need for convenience. GS25's prices (22,000-99,000 VND) and store designs are just right.
How Vietnamese Gen Z Shops
- Estimated 40 million Gen Z shoppers
- Make up 60% of CVS traffic (Decision Lab)
- Love the Korean lifestyle, from beauty to food and hangout spots
More Than Just a Shop - A Lifestyle Hub
GS25 stores bring the Korean lifestyle to Vietnam, with study areas, beer counters, and Korean food corners. They also collaborate with brands like Heineken, Jinro, and Nongshim. With its "Night & Day" cafe concept, GS25 offers experiences, emotions, and a place to connect, not just transactions.
The CVS market in Vietnam is getting competitive, and GS25 is leading with customer experience and creative partnerships. Who will be the next to shake up the food and beverage retail scene?
```