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Vinatexmart opens new market, fashion store
Vinatex Fashion, the owner of the Vinatexmart retail chain under Vietnam National Garment and Textile Group (Vinatex), on Saturday opened its first market in Binh Duong Province and a new fashion store in HCMC.
The new market is located at My Phuoc Town in the southern province’s Ben Cat District. The My Phuoc 2 market covering 2,000 square meters sells seafood, meats, flowers, fruits, consumers’ goods, electrical goods, clothes, and miscellaneous goods. The company has plans to open a supermarket at the market.
On the same day, the company also opened its new fashion store at 440 No Trang Long Street in HCMC’s Binh Thanh District. The company has invested over VND5 billion in the Vinatex Binh Minh store, which stocks more than 10,000 items with 99 per cent supplied by local companies.
The market and new store is part of Vinatex Fashion’s strategy to develop its supermarket chain. The company recently announced a VND370 billion plan to set up over 30 new stores this year.
Deputy director Tran Thanh Nhan said that among these outlets, there would be 20 large-scale supermarkets while the rest would be small shops and stores selling fashion products.
In addition to big cities such as Hanoi and HCMC, Vinatexmart will shift investments to populated provinces, Nhan said. The firm aims to expand its business network nationwide, targeting 200 stores by 2015 compared to the current number of 65 in 26 provinces.
Vinatexmart last year saw its revenue rise by nearly 30 per cent and targets an even faster growth rate of 35 per cent this year, with the garment sector accounting for 45 per cent of total revenue.
As a subsidiary of Vinatex, the core business of the Vinatexmart chain is fashion products. The chain sells products of over 300 garment firms among a total of 1,050 suppliers of Vinatexmart
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