Convenience store operators are focusing on adjusting their offer to meet the needs of adults following home-based working arrangements. To curb the spread of COVID-19, the local government sought to limit the number of employees in the workplace, resulting in only 50% of employees present at any given time.
There was a marked increase in the number of convenience stores in 2020, with another outlet entering in 2021. There are two types of convenience stores in Singapore.
Stamp systems are commonplace in Cheers and 7-Eleven. Upon collecting a certain number of stamps, a consumer can exchange these stamps for themed merchandise or soft toys.
In order to maintain a stable consumer base, convenience store players have strived towards building brand loyalty among their customers. With its household shopping-orientated offerings, the partnership between U Stars with FavePay has a defined value proposition for repeated loyal consumers.
Convenience is no longer advantageous as these stores compete with various formats on third party e-commerce and delivery platforms. Exclusive product offerings will play a part in driving footfall to convenience stores, with emerging consumer lifestyle trends favouring major chains 7-Eleven and Cheers.
Convenience stores can potentially benefit from the prolonged flexible working arrangements over the forecast period. Singapore entered 2021 with fewer restrictions as the pandemic was deemed to be under control; however, in the second half of the year, the city-state suffered increasing numbers of daily cases, which led to non-essential business offices being closed in September.
Convenience store chains offer credibility, as it is unlikely that a consumer would purchase a counterfeit item from a major chain. Convenience stores can explore partnerships with mid-market brands to sell their products on a consignment basis.
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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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