The Post-Black Friday Slump: Retailers Fear a Sales Drought

To boost business performance, small businesses need to make significant changes, such as serving customers with greater dedication, offering more promotions and discounts, and maintaining a clean trading space…

The shopping market has just gone through a lackluster Black Friday. Large shopping centers in Ho Chi Minh City such as Vincom Dong Khoi (District 1), Van Hanh Mall (District 10), and Giga Mall (Thu Duc City) were only crowded for a while on the evening of November 29, while most of the other time, they were as deserted as usual.

Watching the passing cars…

The situation is even more gloomy for external retailers, especially traditional markets such as Ben Thanh (District 1), An Dong (District 5), and Binh Tay (District 6), despite the ubiquitous banners offering huge discounts and promotions.

Ms. Thu Minh, manager of a large fashion stall in Thu Duc Market, said that the slump has lasted from the end of last year until now. There are fewer and fewer customers coming to the market to shop for clothes, shoes, bags, or wallets.

“Now, a walk around the market will give you an estimate of the number of customers and the business of the stalls. My stall is right in the center, but I can only watch the passing cars, with no customers in sight. Normally, by this time, 2-3 years ago, we would have started taking orders and stocking up for Tet, but now, we just sit and play on our phones all day. I don’t know what will happen by the time Tet arrives,” Ms. Minh lamented.

Not far away, Ms. Thu Van, a trader in household appliances, said that customers come to the market mainly to buy food and vegetables for cooking. They are very selective and rarely purchase non-essential items.

Many grocery store owners worry that year-end and Tet holiday sales may be affected as many people have already bought what they need during the Black Friday and 11-11 sales on e-commerce platforms.

According to Mr. Nguyen Phong, owner of a grocery store in Thu Duc City, products such as laundry detergent, soft drinks, shampoo, and milk are being sold at very low prices on e-commerce platforms, with additional benefits such as free shipping and flexible return policies, so many people are stocking up for Tet.

Small businesses need to adapt

According to the latest report by NielsenIQ Vietnam, the frequency of online shopping among consumers has doubled compared to 2023. Specifically, on average, each person shops online almost 4 times a month and spends more than 8 hours a week shopping online, nearly double the frequency of supermarket visits.

Although online shopping is becoming more popular, retail experts believe that mega-sales events like Black Friday will not significantly affect the business of small businesses during Tet. Retail expert Nguyen Quang Thai believes that during Tet, people still prefer to shop in person to immerse themselves in the festive atmosphere. This is a long-standing habit in the year-end consumer culture.

According to Mr. Thai, grocery stores and small businesses selling food products do not need to worry too much about a lack of customers. Instead, they should focus on balancing their inventory, especially items for the Tet holiday, such as spices, soft drinks, instant food, and canned goods.

For small businesses in traditional markets, the slump in sales has been ongoing for several years, mainly due to changing consumer habits, uncompetitive prices, and a lack of improvement in service quality. To support small businesses in increasing their revenue, especially in industries with growth potential, Mr. Thai suggested that market managers need to improve the shopping experience for customers. This includes maintaining a clean, airy, and odor-free market environment; organizing stalls in a logical and easily searchable manner to facilitate convenient shopping for customers.

In addition, markets should proactively implement consumption stimulus programs such as offering discounts of 5-10%, introducing unique new products, or organizing night markets to attract interest. At the same time, they should coordinate with related units to promote the market on social media platforms to attract not only local residents but also shoppers from other areas, not only during Tet but also on regular days.

“Small businesses need to serve customers with dedication to make the market the preferred choice, creating a mutually beneficial relationship that increases revenue for small businesses and improves the experience for customers,” the expert emphasized.

A test for businesses

For many businesses, the recent Black Friday event was a test to gauge market demand, popular product categories, and basket values to adjust their priority product offerings and promotional programs for Tet accordingly.

In an interview with the Nguoi Lao Dong newspaper, representatives of some shopping centers, supermarkets, and brands declined to disclose their business results for the Black Friday super-promotion event. However, they said that after this opening event, year-end stimulus programs would be rolled out more intensively, with a wider range of product categories and more diverse promotional forms to encourage consumers to spend more.

Mr. Regis Delesque, Chief Operating Officer of MM Mega Market Vietnam, opined that price stability is currently the top concern for most Vietnamese consumers. Therefore, price stabilization is essential and influences the purchasing decisions of both individual and business customers.

“We have strengthened our strategy of buying more to get lower prices through our 2024 Customer Day event. This event allows customers from hotels, restaurants, and businesses to meet with our sales team to discuss the best discounts for advance orders. This also helps retailers predict and prepare optimal inventory levels,” said Mr. Regis Delesque.

Similarly, to offer stable prices and attractive promotions to consumers in the last months of the year, Saigon Co.op has been implementing its Tet inventory plan since the middle of 2024. In addition to the price stabilization program, Co.opmart and Co.opXtra have also been offering continuous Tet promotions for 59 days, with massive discounts on 3,500 items, helping consumers save money when welcoming the new spring.

Mr. Nguyen Ngoc Thang, Deputy General Director of Saigon Co.op, shared: “Saigon Co.op expects a 5% increase in sales during the 2025 Tet holiday compared to the previous year. With 800 existing sales points nationwide and continuing to expand, Saigon Co.op has an additional foundation to guarantee the output for cooperatives, farms, and gardens, thereby ensuring stable prices for all commodities during Tet.”

From a management perspective, Ho Chi Minh City’s Department of Industry and Trade has requested that market stabilization enterprises proactively source and supply sufficient quantities, exceeding the registered volume in all situations… The Department of Industry and Trade has requested that market stabilization enterprises coordinate with shopping centers, supermarkets, and stores to intensify promotions and discounts before, during, and after Tet, especially during the days leading up to Tet, so that people can enjoy the holiday and shop; prioritizing promotions for essential commodities.

In addition, the city’s industry and trade management agency also requested the People’s Committees of districts, Thu Duc City, and related units to direct and closely monitor market developments, commodity prices, and essential food and foodstuffs. At the same time, they should plan to ensure the supply of goods to meet the Tet consumption needs of the people in the locality; report periodically and unexpectedly to the Department of Industry and Trade and the Department of Finance and propose handling measures when there are signs of goods scarcity.