On January 12, we visited four BHX stores under its biggest format (500+ sqm/store) in HCMC. This big format will play an important role for BHX in capturing demand in densely populated areas while also enhancing its average sales/store. Our key observations include: (1) BHX has opened large stores with selling areas reaching up to 900-1,000 sqm/store, including multistory stores that are intended to target central business district (CBD) areas; (2) BHX is piloting “baby milk and diaper corners”