\nEdaily’s reporter Kim Jeong-yu reported that GS Retail (007070) announced on the 22nd that the GS25 convenience store they opened in Hanoi, Vietnam, has surpassed an average daily sales of 5 million won (Korean currency). In Vietnam, GS25 opened six stores simultaneously in Hanoi on the 14th of last month. After becoming the number one convenience store brand in the southern region of Vietnam, centered around Ho Chi Minh City, they are now using Hanoi as a bridgehead to advance into northern Vietnam.
The six stores in Hanoi are currently recording an average daily sales of 5 million won, and at the initial opening, daily sales even exceeded 10 million won. This is 2.5 times the average daily sales of convenience stores in Korea. Approximately 1,000 customers visit these six stores daily on average, with a cumulative total of 300,000 visitors. The top-selling products are dominated by GS25’s private brand (PB) products and Korean brand products, with Korean foods such as tteokbokki and gimbap receiving a particularly enthusiastic response.
The localization strategy, which involved revising products using more authentic Korean recipes, seems to have been effective. To support the reorganization, GS25 dispatched specialized product planners (MD) and food development researchers from the headquarters in Korea to apply Korean recipes directly.
The GS25 stores in Vietnam range from 115㎡ (35 pyeong) to as large as 540㎡ (164 pyeong), constituting large-sized convenience stores. They emphasized specialized concepts for each store, such as libraries, specialized areas for ramen and alcoholic beverages, and reinforced fresh food sections, aiming to differentiate themselves from other convenience store brands.
Starting from the 22nd, GS25 plans to gradually open new stores in Hanoi. By the end of this month, the number of stores will be increased by seven more to a total of 13 in Hanoi, as part of a broader expansion strategy focused on northern Vietnam. GS25 aims to expand the total number of stores in Vietnam to 500 within the year.
Jung Chae-oh, head of GS Retail’s Overseas Business Team, stated, “With GS25’s successful entry into Hanoi, the capital of Vietnam and a strategic point in northern Vietnam, we have laid the foundation to become the unchallenged number one convenience store brand in Vietnam.” He added, “We will rapidly expand as a global convenience store brand by increasing market share in existing countries and exploring new overseas markets.”