The low-cost market segment is a strategy for luxury brands to offset revenue decreases and diversify sources of revenue. Ong Bau, a coffee chain established by a group of businessmen, had opened 100 shops in 15 cities and provinces as of early July. The three founders of the chain said they have 600 applications for franchising and hope to have 10,000 shops by 2022. At Highlands Coffee, Guta Café, My Life Coffee, Coffee House and Passio, a similar cup of coffee is sold at VND29,000-39,000. According to Euromonitor, tea and coffee chains in Vietnam have revenue of $1 billion a year, but mid- and high-end chains only make up 15-20 percent. According to Euromonitor, tea and coffee chains in Vietnam have revenue of $1 billion a year, but mid- and high-end chains only make up 15-20 percent. The remaining is reserved for many different service providers, from street vendors to coffee booths to cafés on pavements. Le Ha More coffee chains open in Vietnam after Covid-19 Investors have rushed to open coffee shops as retail premises rent has become very reasonable and the market is returning to a “new normal” status. Restaurants, coffee chains in Vietnam switch to selling online… Read full this story
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