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| VinGroup has acquired convenience store chain Shop&Go for $1. — VNS Photo |
HCM CITY — VinCommerce General Trading Services Joint Stock Company, a subsidiary of Vingroup, has bought convenience store chain Shop&Go for US$1.
In a media release, VinCommerce said Shop&Go made the initial approach and offered to sell.
Shop and Go JSC was established in 2005 and opened the first store in HCM City in 2006.
It currently has 70 stores in HCM City and 17 in Hà Nội.
The 24-hour stores sell consumer goods, fast food and beverages and offers amenities and services such as ATMs, mobile phone top-up cards, IDD cards, and others.
A Shop&Go spokesperson said: “We have invested intensively in Shop&Go but business results have not turned out as we expected.
“Việt Nam’s retail sector is promising but competition is much fiercer than we envisioned, so we have decided to withdraw from the market.”
VinCommerce said after the merger, Shop & Go’s infrastructure, staff and products would be changed to match its other retail chains, VinMart and VinMart+ networks.
It is expected the takeover will be completed in April.
VinCommerce already has 108 VinMart supermarkets and around 1,900 VinMart+ convenience stores.
It also owns online shopping website Adayroi. — VNS
Source: Vietnam News