It’s Slurpee Time: 7-Eleven Arrives in Vietnam
Get ready to get your hands on a Slurpee and another option for a quick lunchtime or late night snack as Japan’s biggest convenience store chain 7-Eleven confirmed on Wednesday that it will open its first outlet in Ho Chi Minh City on June 15.
Located in the Saigon Trade Center Tower in District 1, the outlet is a franchise agreement between the Japan-based Seven & i Holdings and Seven System Vietnam Joint Stock Company, a new firm founded by a Vietnamese restaurant chain.
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Like many other convenience stores operating in Vietnam, the 7-Eleven outlet will offer essential products with a focus on young and average-income customers and a menu of up to 100 dishes suitable for office workers looking for a quick lunch.
7-Eleven currently has more than 62,000 stores worldwide and Vietnam is its 19th market.
Convenience stores are still a generally new concept in Vietnam and mostly target to the younger demographic, which makes up half of the country’s total population. With different operators setting up business here over the last few years, 7-Eleven’s arrival adds on to a fast-saturating market.
Vietnam’s trade ministry has projected the convenience store market could be worth US$179 billion by 2020, a jump of 52 percent from last year, with foreign operators already holding 70 percent of the market share.
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However, this news comes just a week after Seven & i Holdings’ biggest rival, FamilyMart announced that they would cut back on investments in several countries including Vietnam due to losses so it remains to be seen if 7-Eleven will succeed here.
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