Following a very strong performance during 2020, the rate of growth in convenience store retail current value sales accelerated slightly in 2021. During the COVID-19 lockdown in 2020, grocery retailers were allowed to remain open as they sell essentials.
Kiosky’s, the third-largest player in convenience stores during 2021, has been the performer in the category since the onset of the pandemic – more than doubling its retail value share since 2019. Its store network has been expanding rapidly, and most of its outlets are open 24-7.
Historically, convenience stores have been more expensive than supermarkets, but big retailers are penetrating this channel and opening modern, clean and functional outlets, with prices tending to be consistent with their larger-format stores. An example of this is AB Shop & Co.
The retail current value sales of convenience stores will continue to expand at a robust rate throughout the forecast period. An anticipated post-pandemic economic recovery and accelerating consumer lifestyles (as local consumers shop more frequently for groceries but basket size shrinks) will be important factors in this, with new players expected to enter, facilitating moderate growth in outlet numbers.
Although the overall selling space of convenience stores is expected to grow during the forecast period, the area per outlet will decline. Maintaining a small format is key to the channel’s success, as consumers can find what they want quickly and easily, therefore minimising the shopping time.
Convenience stores will increasingly offer e-commerce during the forecast period, continuing a trend that was initiated by the pandemic in 2020. Local consumers are gradually growing more comfortable ordering groceries online, and convenience stores that do not adapt to this trend will lose sales.
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Chained grocery retail outlets selling a wide range of groceries and fitting several of the following characteristics: Extended opening hours Selling area of less than 400 sq metres Located in residential neighbourhoods Handling two or more of the following product categories: audio-visual goods (for sale or rent), foodservice (prepared take-away, made-to-order, and hot foods), newspapers or magazines, cut flowers or pot plants, greetings cards, automotive accessories. Sales data excludes foodservice sales. Example brands include 7-Eleven, Spar. Note: The number of branches required to be termed chained varies from country to country but is usually ten or more. If a multinational is operating in the country, then this is included, even if there are fewer than ten outlets under the brand.See All of Our Definitions
This report originates from Passport, our Convenience Stores research and analysis database.
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