MYANMAR retailers are making strenuous efforts to keep abreast with a booming retail sector of ASEAN countries as the country is still lacking a vibrant retail landscape.
The Myanmar Retailers’ Association is on the move to promote the country’s retail market, with holding the Myanmar Retail Summit and Expo 2020 at the Myanmar Expo Hall of Fortune Plaza in Thakayta Township, Yangon, on 7 and 8 February.
The event was aimed for a better retailing environment with more market accesses for business development in Myanmar. The summit was held with over 150 booths, exhibiting and selling mobile and IT, home appliance, cosmetics, retail support, fashion, food, beverage, education service and other items at discount rates for the visitors.
Under the theme of Expo “Unleashing the Retail Potential”, about 20 experts shared their theoretical and practicalknowledge relating to the retail industry in analytical approach.
In his welcoming speech, Vice President of the Union of Myanmar Federation of Chambers of Commerce and Industry U Thein Han extended greetings, with his remarks on the changing trend of sale, food safety and consumer markets.
The speakers answered the questions raised by the attendees, with sharing their experiences, findings and researches on domestic and regional retail markets.
From home shops to franchise outlets, Myanmar retail sector still need to promote services and quality of products. These vendors must follow the rules, such as the International Organization for Standardization (ISO), to protect consumers from unsafe general consumer goods.
Otherwise, they need to sustain regional or national standards for the goods that do not have the applicable international safety norms.
Authorities are also responsible for conducting active post-market surveillance to reduce the impact of unsafe general consumer goods. If the consumer goods were found not meeting applicable safety stands, officials should stop the sale of these goods in the market.
Suppliers consumer goods, including manufacturers, importers, distributors, retailers and other traders, should promote the retail sector of Myanmar with selling only safe goods because selling unsafe goods may lost reputation of commodity brands and consumer confidence, incur the costs for after-sale problems and face legal disputes in some cases.
Expansion of retail market in ASEAN region is largely related with young and fast-growing population, emerging middle-class consumers and strong GDP growth of respective member countries. Other factors to develop retail sector include employment growth and urbanization in respective countries.
The four ASEAN biggest retail market nations in the region are Singapore, Indonesia, Malaysia and Thailand. These countries are at significantly different stages of development and are offering unique opportunities for retail investment.
Although Myanmar is a fledgling market for retail sector, the stakeholders are seriously working to develop the market.Learning lessons from developing countries and holding retail sector events could help improvement of the country’s retail market. However, it needs to take the detailed considerations in organizing the events to meet regional quality at least, in displaying the booths, services for visitors, stage designs, lighting and sound systems, as well as inviting good speakers to gain good impressions of local and foreign audience on the events.
The Myanmar Retailer Association’s President U Thurein Nyein said the Myanmar Retail Summit and Expo 2020 is an initial step towards holding larger events with the participations of retailers from regional countries in next five or six years, and during this period the association is expected to get experiences enough for holding regional level summits and expos.
By Ko Maung / Photos: Ye Htut Tin (NLM)
