The retail current value sales of convenience stores rebounded during 2021. As restrictions related to COVID-19 were eased, convenience stores reverted to their normal opening hours.
The economic shock of the pandemic hit First Choice Retailing’s Best Choice convenience store particularly hard. Its prices are relatively high, and it was already struggling to stay afloat prior to the onset of COVID-19 due to this lack of competitiveness.
In 2021, Addide slowed the expansion of its Addide Supermarket, instead focusing on its developing e-commerce site and services, and leveraging social media to build traffic to its existing stores. Apart from click and collect services and promotions, to entice consumers, the company also offered free shipping on the first order placed on its e-commerce channel.
Prior to the COVID-19 pandemic, convenience stores such as Addide had plans to expand to other cities, but the pandemic altered the course of things. However, with the gradual recovery of the economy, Addide is expected to resume its initial plans, and in so doing, will contribute to the growth of the convenience stores channel over the forecast period.
Retail current value sales in the convenience stores channel is supported by the fact that most convenience stores are in residential areas, making them easier for consumers to access than modern grocery retail outlets located in urban centres. However, over the forecast period, the sales channel is likely to experience more competition from other sales channels, such as supermarkets, which have been looking at neighbourhood stores in the outskirts of the main cities as viable growth opportunities.
The Nigerian government is seeking to increase the level of tax compliance among traditional grocery retailers, many of which continue to operate informally. If this campaign is successful, it will force traditional grocery retailers to increase their prices.
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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 DefinitionsThis report originates from Passport, our Convenience Stores research and analysis database.
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