Accelerating expansion in the wave of rural urbanization
In recent years, rural areas of Vietnam, where more than 60% of the population lives, have witnessed a strong transformation thanks to urbanization and changes in consumption habits.
The development of transport infrastructure and the popularity of e-commerce have prompted rural people to prioritize high-quality products and convenient services, instead of just shopping at traditional markets.
WCM has identified this opportunity, choosing rural areas as the focus of its expansion strategy to bring modern retail closer to 60 million consumers.
As of the end of April 2025, WCM operates 4,035 stores, of which 1,500 WinMart + Rural stores account for nearly 40% of the network. In April, WCM opened 68 new stores, including 46 WinMart+ Rural stores, maintaining an average speed of 2 stores/day. This result brings WCM closer to the target of 1,900 WinMart+ Rural stores, completing nearly 80% of the yearly plan.
According to information from the enterprise, the growth of above-the-shop (LFL) revenue of the Rural model reached 15% in April, continuing at 15.6% in the first quarter. This success comes from the optimal store model, focusing on essential products and reasonable prices, meeting the increasing demand of rural consumers.
Digital transformation drives growth
WinCommerce is not only expanding in quantity but also investing in technology to improve operational efficiency. This enterprise has successfully built an optimal store model, suitable for all regions in Vietnam, with EBITDA average store borders ~7%, achieving the lowest conversion rate of revenue in Southeast Asia. WCM owns the Winning Rural store model to conquer potential market share and continuously maintain double-digit LFL growth momentum.
Accordingly, technology continues to play a central role in the unit's journey of expanding scale. According to the board of directors, WCM has been implementing comprehensive digitalization, aiming to automate all processes in the 8,000 future store system - not only increasing efficiency, but also improving user experience and optimizing resources at the store. This is especially important in rural areas, where modern retail is still new but consumer demand is increasing rapidly.
The WiN Membership Program, with 11 million members, is an important bridge between WCM, consumers and brands. In the first quarter of 2025, 55% of WCM's revenue will come from WiN members, thanks to personalized promotional programs exclusively for customers. For example, campaigns such as Brand Week have boosted sales for the 2025 Lunar New Year by 36% over the same period.
In addition, WCM is testing a new version of the WiN Member program, integrating financial services and lifestyle, aiming at the goal of 50 million members, realizing the " Point of Life" strategy - turning each store into a center to meet all consumer needs.
WinCommerce aims to reach 4,500 stores by the end of 2025, equivalent to an average of ~2 new stores/day, of which 1,900 stores will be opened in rural areas. With a new opening rate of nearly 50 WinMart+ Rural stores/month, the company's goal of expanding scale in rural areas is within reach.
In addition, Masan's retail chain will pilot the WiN+ model, cooperating with traditional grocery stores to provide essential products and incentives. The WiN+ model completes WCM's multi-channel retail strategy, serving rural and semi-district areas lacking a modern retail system. This model helps increase market share, fill market gaps, and at the same time support WCM in realizing the goal of doubling market share in the $50 billion grocery market in Vietnam by 2029.
