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Sumitomo & BRG launch Fuji Mart

Released at: 19:19, 14/12/2018

Sumitomo & BRG launch Fuji Mart

Photo: Nikkei

First outlet to open in Hanoi before year's end with others to follow.

by Ngoc Lan

The Sumitomo Corporation has joined with its local partner the BRG Group to establish the Fuji Mart Vietnam Retail LLC and pursue the food retail business in Vietnam with the Fuji Mart chain.

Fuji Mart is expected to open one store in Hanoi before the end of the year and two more in the capital next year.

The plan is to determine the characteristics of the market and, if business is deemed to be viable, to push ahead with opening more stores.

Applying know-how garnered from Japanese-style supermarkets, in particular their strengths in freshness control and customer service, to the Vietnamese market, Fuji Mart aims to become an integral part of the local retail infrastructure, allowing consumers to enjoy peace of mind when purchasing safe perishables and other daily items.

In helping direct Fuji Mart’s operations, the Sumitomo Corporation will use the know-how in merchandising, store operations, and store layout/design it has acquired via its wealth of experience in operating retail outlets to lay the foundations for local people to shop comfortably and to contribute to Vietnam’s industrial development.

According to the latest report from Nielsen, Vietnam has a total of 600,000 retail points of sale, in which the modern retail channel has 1,200 points and holds a market share of 25 per cent, which is projected to increase to 45 per cent by 2020.

Vietnam has seen notable growth in its middle class over recent years as its population closes in on 100 million and, with real GDP climbing at a high rate, the domestic consumer market is forecast to expand rapidly.

The country’s traditional retail market remains centered on sales by small independent shops, but modern retail markets such as supermarkets and convenience stores have been gaining share in large cities such as Hanoi, Ho Chi Minh City, and Da Nang.

The future is expected to see living standards improve as the middle class grows and as food safety/security awareness drives further expansion by modern retail markets.

BRG and Sumitomo signed a cooperation agreement in 2016 to develop smart cities, high-tech agriculture, retail, and other sectors.

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