On 02 April 2019, VinCommerce, a member of Vingroup and the corporation managing VinMart & VinMart Plus, had announced to acquire 87 convenience stores of Shop&Go with a shock price of USD1, which has been a hot topic recently.
According to an announcement released by VinCommerce, this deal was derived directly from the proposal of Shop&Go chain owner, specifically, the owner actively proposed ceding their entire chain of 87 convenience stores for VinCommerce with that symbolic price. “Vietnam’s retail industry has a lot of potential to exploit but its competition is fierce, not as simple as our imaginations, so we decided to withdraw” – The Shop&Go representative said.
After completing this M&A, VinCommerce will continue to lead the retail industry by 108 Vinmart stores and about 1,900 convenience stores VinMart Plus nationwide.
The success of Vingroup’s subsidiary in acquiring a number of retail chains such as Vinatexmart, Oceanmart, Maximark, Fivimart and now Shop&Go could show their determination to develop a network to gain market share as their strategy.
- VDSC