First, the convergence of formats between traditional and modern trade has resulted in the disproportionate growth of small modern formats. So what is driving this expansion? Two common themes have emerged across all markets.
The Philippines and Singapore are expected to grow less rapidly because the penetration of modern store formats in those markets is relatively higher. The top-line numbers are impressive: revenue growth among grocery retailers is projected to be 10 to 12 percent annually in Indonesia and Malaysia, with Vietnam and Thailand each growing around 7 percent annually in the next decade.
