More than 1,200 customers lined up to shop at the new H&M store in Da Nang during its official opening on November 28.
On 1,600 sq m at Vincom Plaza Ngo Quyen on Ngo Quyen Street in Son Tra district, this is H&M’s first store in the central city and its eighth in Vietnam.
Starting from VND99,000 ($4.27), the story aims to offer reasonably priced products for men, women and children.
Mr. Fredrik Famm, country manager of H&M Southeast Asia, said popular travel hotspot Da Nang was a market with good potential and they could open even more outlets in the central city.
“It is a major economic and tourism hub and is part of the vibrant and fast-growing retail market in the country,” he said. “Similar to Hanoi and Ho Chi Minh City, we have drawn up plans to open more H&M stores in Da Nang in the future.”
H&M was keeping its prices reasonable in order to develop sustainably in Vietnam, Famm said.
After the grand midday opening, the first 500 customers received a gift card valid on the day and at the store only worth VND100,000 ($4.3), a special “H&M Loves Da Nang” t-shirt, and a tote bag, while the following 500 in line walked away with a notebook, a tote-bag, and a t-shirt. Shoppers also entered a series of fun-filled lucky draws and games with shopping gift cards worth up to VND3 million ($129) up for grabs.
With three outlets in Hanoi and four in Ho Chi Minh City, H&M is now established in all three regions of the country, while its Spanish competitor Zara has only two in Hanoi and HCMC.
Since entering the country in 2017, H&M Vietnam has opened three stores in Hanoi and four in Ho Chi Minh City, posting record-breaking sales with each opening. Regarding expansion, Mr. Famm said store numbers remain low compared to other markets. “We therefore hope to keep expanding in Vietnam in the coming years and make H&M the fashion brand of choice for all shoppers in the country,” he said.
The expansion of H&M comes as major international brands set up shop in Vietnam to tap a rapidly growing fashion market.
Australian brand Cotton On opened its first store in HCMC earlier this month, while Japanese casual wear retailer Uniqlo announced it would open its first store in the country on December 6, also in HCMC.
The fashion garments industry, estimated at $5 billion in 2018, is expected to reach $7 billion by 2023, according to Vietnamese retail group Seedcom.
