Local retailers see their future in the news from developed markets The explosive power of e-commerce The US has seen a series of retail store chains close and go bankrupt, including Toys “R” US, Walgreens, Gymboree, and Walmart, among others. Most recently, Walgreens—the largest pharmaceutical store chain of the US—closed 600 stores due to the mushrooming e-commerce sites. Despite selling at higher prices than other stores, Walgreens was a favourite of customers due to its convenient locations and attractive promotion programmes. Vietnam’s e-commerce retail sales growth in 2016-20 is estimated at 20 per cent per year, and the country’s total retail e-commerce sales is expected to reach $10 billion by 2020. However, Walgreens still stands behind Toys “R” Us in the number of stores closed. Previously, Toys “R” Us, the iconic toys and games retail chain that ruled the market for generations, decided to either close or sell all of its stores in the US. According to the firm, in the age of internet retailing, it has been struggling with an antiquated sales model that could not keep up with Amazon and Walmart, and was burdened by $5 billion in debt from a leveraged buyout in 2005. Along with the… Read full this story
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