Is the golden age over?

Việt Nam•06/09/2023

During the recent September 2nd holiday, a group of friends from Dong Nai came to visit and expressed their desire to explore Phan Thiet market and buy some souvenirs. I took them for a walk around the market. Aside from the bustling food and fresh produce stalls, most of the other stalls were deserted and lacked customers.

My friends were surprised and asked me, "If vendors can't sell anything on holidays like this, what will it be like on regular days?" I asked back, "Do you like the feeling of shopping at the market?" My friend thought for a moment and said, "I love it because there's so much variety, but the Phan Thiet market is too hot, the space is cramped, the stalls are packed tightly together in the aisles, the goods aren't displayed as diversely as in shops, and the worst part is going upstairs..." Because of this, after walking a short distance, the whole group was sweating profusely, and they hadn't found anything they liked. In the end, my friends had to choose to shop at the supermarket, even though they really wanted to relive the feeling of going to the market like 10 years ago.

There are many other reasons why this traditional market was once an unmissable destination for both tourists and locals. However, in recent years, vendors have been complaining about sluggish business, with more sellers than buyers, and stalls gradually closing due to a lack of customers. Binh Thuan Newspaper has published numerous articles reflecting this situation, with many vendors complaining about the problems they face, forcing them to sell their stalls or change their business direction as customer traffic has decreased by 70-80%. So, has the golden age of traditional markets passed?

Many kiosks had to close down and put up signs saying they were selling their stalls.

According to a survey by the Ministry of Industry and Trade , 40% of goods still circulate through market networks, and this rate reaches as high as 70% in rural areas. Therefore, markets still hold a crucial position in the daily trading activities of Vietnamese people. A prime example is the traditional market in Phan Rí Cửa town (Tuy Phong district). Despite the presence of supermarkets and convenience stores, the market remains a vital lifeline not only for the local people but also for neighboring areas. The bustling activity continues daily in this market, even without a new building. Perhaps that's why, after a period of competing with the traditional market, convenience stores have had to give up!

To survive, small traders in the markets are forced to change!

So, does the story of traditional markets lacking customers and experiencing sluggish sales only apply to markets in large cities? Besides objective reasons such as the explosion of convenient online business methods, and the proliferation of stores and supermarkets in residential areas with spacious, clean environments and publicly displayed prices, one of the equally important reasons for the decline of traditional markets is the dilapidated or unsuitable infrastructure, inconsistent stall layouts, lack of price tags, and the continued practice of haggling. Therefore, to survive, traders in these markets are forced to adapt!

Transform traditional markets into a unique destination on your journey to explore Binh Thuan.

Gone are the days of opening stalls in the morning and waiting for customers; now, some small traders have to access the market through social media, livestreaming and posting product information on digital platforms. Simultaneously, to attract customers back to the market, not only the traders but also the local government and market management board need to unify their buying and selling methods and innovate their thinking. This means requiring price listing, making stalls more presentable, ensuring a pleasant experience for customers, avoiding haggling and inflated prices, and ensuring goods have clear origins. In particular, there should be stalls selling characteristic products of each locality, specialties of Binh Thuan, and various promotional programs to stimulate demand and increase the competitiveness of the traditional market compared to modern retail channels. Only by changing business methods to suit local conditions will customers seek out the market regardless of its location.

In recent years, provincial authorities have implemented numerous solutions to improve the efficiency of traditional markets. These include assigning districts to review their local market networks to ensure they align with shopping needs and are consistent with socio-economic development plans, urban planning, and land use planning. Based on this, inefficient markets can be repurposed, and markets can be modernized and socialized.

If each small business owner is willing to adapt and work with the market management board and relevant authorities to develop more proactive and intelligent sales methods, then transforming traditional markets into a unique destination in Binh Thuan's exploration and tourism journey will no longer be a distant dream.

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