Retail chain GS25 posts $7M loss last year

By Tat Dat April 9, 2023 | 09:02 pm PT

A customer makes payment at a GS25 store. Photo courtesy of GS25 Vietnam

CVS Holdings, the operator of GS25 Vietnam retail chain, reported a loss of over VND167 billion (US$7.12 million) for 2022, 9% higher than the previous year.

It had over VND400 billion in debts, including a bond issuance worth VND106 billion.

GS25 is a South Korean brand that launched in Vietnam as a franchise in 2019 with a target of 300 convenience stores by 2022 and 1,000 by 2029.

But so far it only has 209 stores in Ho Chi Minh City and neighboring provinces compared to 423 its competitor Circle K has.

It has however surpassed other chains such as FamilyMart (147 stores) and Ministop (145).

As of August last year Vietnam had around 1,000 convenience stores, most of them foreign-owned or set up by joint ventures with foreign companies, according to market research company Q&Me.

In 2021 they had sales of VND8 trillion, according to market research firm Euromonitor.