CRC moving quickly into VN sport retail market

CRC aims to open 11 new stores in Vietnam this year.
 

Chief executive officer Tos Chirathivat said Vietnam represented a retail market with very high potential and, with a population of 90 million, considerable size. Sixty per cent of its population can be considered part of the younger generation, a group with significant purchasing power.

Urbanisation continues to be a big trend, with average income rising by more than 10 per cent a year. All these factors have led to positive changes to the spending pattern in Vietnam.
 

The Vietnamese economy is performing well, with average annual growth in gross domestic product of 7 per cent and consumer-spending growth at 20 per cent. The retail sector is growing by at least 19.5 per cent per year, surpassing US$95 billion (Bt3 trillion) with no sign of slowing down.
 

In addition, Vietnamese consumers tend to share many of their Thai counterparts’ traits, and the start of the Asean Economic Community is bound to modernise the Vietnamese lifestyle further – especially in developed urban areas with high concentration of purchasing power, he said.
 

In recognition of this potential, CRC is ready to continue its expansion efforts in Vietnam – starting with the speciality-store segment. The company has established CRC Sports (Vietnam) Joint Stock Company as a new subsidiary focused on the sport retail sector under the Supersports brand.
 

Vietnam’s first Supersports store was launched at Vincom Center Ba Trieu, Hanoi’s top high-end shopping plaza, on October 11 with 450 square metres of space. CRC Sports now plans to open an 800sqm flagship store at Vincom Mega Mall-Times City in Hanoi, as well as four more stores in Ho Chi Minh City, by the end of this year. The new stores will primarily be located in leading shopping plazas.
 

“The combined strength of Central Retail Corporation and our excellent partners will certainly establish us as the No 1 player in Vietnam’s sport retail sector,” Tos said.