Masan bets on one-stop stores to compete with rivals
Masan Group which started out making instant noodles now has stores to sell them, along with a host of other goods and services to become Vietnam’s top retailer. The group’s expansion continued in September, when Masan opened the first of the all-in-one stores known as “minimalls” under its Win brand. The minimalls feature cafes, pharmacies and ATMs run by Masan Group companies, whose investors include top Chinese e-commerce player Alibaba Group Holdings and South Korean conglomerate, SK Group. In the pipeline are plans to open 100 Win minimalls nationwide. It is not the only company chasing Vietnam’s growing middle class. Thai and Japanese players are among the rivals moving in, with deregulation opening the doors to more competition.