Masan has been continuously opening multi-experience stores CVLife to integrate more services from its latest acquired startup Mobicast. At CVLife stores, customers can buy necessities at WinMart+, make financial transactions at Techcombank, buy medicine and functional foods at Phano, enjoy famous Phuc Long tea and coffee, and soon use Mobicast’s digital services.
CVLife - the new minimarket model with integrated multi-experience services launched by Masan.
As the fourth wave of the COVID-19 pandemic is being well controlled, many localities across the country have returned to the "new normal". This is a favourable condition for Masan to accelerate the development of the "Point of Life" platform as announced at the 2021 general meeting of shareholders. New stores are opened under the name WinMart+. Masan will rename other VinMart/VinMart+ outlets in the coming time.
In June, the first CVLife store was opened in Hanoi integrating WinMart+, Techcombank, and Phuc Long. About four months later, on October 16, the second CVLife store was opened at Cityland Go Vap Residential Area. This is also the first CVLife store in Ho Chi Minh City and the southern region.
Under the plan, Masan will open one more CVLife store in October at Thanh Xuan Complex in Hanoi. In addition to WinMart+, Techcombank, and Phuc Long, the newly opened CVLife stores will be integrated with Phano pharmacy and soon Mobicast’s digital service. CVLife is the first and only store model in Vietnam to date that integrates "5 in 1" utility.
Hong Hanh, a resident in Go Vap district was surprised and excited with the new retail experience at CVLife. She said that integrated stores will help customers save a lot of time. Customers no longer need to buy essentials, make financial transactions, buy medicine and drinks in different places like before. They can now access all of these services at the same place.
“The store is not large but everything is arranged systematically. Today, I can open a Visa card at Techcombank and buy food for my family at the same time. This model is very suitable for urban life when I am always short on time,” Hanh said.
CVLife store also allows Masan to expand its customer base in different groups and ages. While WinMart+ customers are mainly housewives, the other services like Techcombank, Phuc Long, Phano, and Mobicast are for all ages and genders, especially young customers who are willing to experiment with new consumer trends.
The CVLife store provides myriad services under one roof.
At the 2021 general meeting of shareholders in April, Danny Le, CEO of Masan Group said that the group will not stop at the retail model of providing necessities. Masan's vision is to build a "Point Of Life" platform that meets the needs of necessities, finance, healthcare, digital services, education, and entertainment, among others. These services account for 80 per cent of consumer budgets. This will be the offline-to-online platform that help customers enjoy the same outstanding experience whether sitting at home or shopping in stores.
According to Danny Le, modern retail is the new trend and future of the retail industry in Vietnam. With a large scale and close co-operation with hundreds of thousands of traditional retailers across the country, Masan will promote this trend, bringing the most benefits to consumers.
In the next five years, Masan will own an efficient model serving 30-50 million consumers with a network of 10,000 self-operated stores and 20,000 franchised outlets in partnership with groceries. This will help consumers save 5-10 per cent on essential goods while producers and farmers can increase profits by 5-10 per cent. Retail franchise partners will also increase profits by 5-10 per cent compared with their current performance.
Vietnam is currently the country with the fastest urbanisation rate in Southeast Asia, with a population of nearly 100 million people, the development potential of the retail market is huge. In recent years, Vietnam has continuously witnessed the entry of foreign retail businesses, along with the "rise" of Vietnamese businesses. Masan's participation in this market has formed a leading consumer-retail group in Vietnam, tilting the balance slightly in favour of Vietnamese enterprises.
With CVLife stores, Masan continues to expand cooperation with leading Vietnamese businesses in different fields to maximise benefits for consumers. This will also help Vietnamese businesses and manufacturers access more customers and improve their competitiveness at home.
Vietnam is currently the country with the fastest urbanisation rate in Southeast Asia. With a population of nearly 100 million people, the development potential of the retail market is huge. In recent years, Vietnam has continuously witnessed the arrival of foreign retailers and the rise of Vietnamese businesses. Masan has stepped up M&A activities to become the leading consumer and retail group in Vietnam to increase the role of Vietnamese retailers in the competition.
Source: Vietnam Investment Review