Large Format Food Retailers In Asia Set To Grow 3.3 Percent A Year
Thursday, August 30th, 2018 | 539 Views
Large Format Food Retailers In Asia Set To Grow 3.3 Percent A Year It has been forecast that Asia’s large format retailers will be set to expand by 2022. Supermarkets and hypermarkets in Vietnam, India and the Philippines will see double digit growth in the next five years.
In all countries except Vietnam, double digit growth is expected to be driven by domestic retailers. Indonesia is set to grow, steadily driven by domestic players. In Vietnam, foreign retailers are believed to be investing to gain leverage in the fast expanding market. Though it is dominated by traditional way of business, that is rapidly changing as modern retail picks up. Saigon Co.op is growing and will keep its leading position till 2022.
In Asia, there is a steady expansion in large format retailers, though they see heightened competition in developed markets. More convenience stores are opening close to residential areas and workplaces, offering good range and prices.
Online retailers are also not relenting on gaining new customers and investing their resources. While apart from going to new regions, large format stores are digitising physical stores to create a seamless shopping experience.
In order to stay relevant, large format retailers need to look at their physical stores and network expansion to keep abreast of their consumers.
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