Despite being considered essential and allowed to operate during the lockdown period, convenience stores will continue to decline in current value terms, albeit at a lesser rate than in 2020. Most of the decline can be attributed to the fact that many players did not fully operate all their stores during the lockdowns, with some even stopping operations for nearly half their convenience stores.
In terms of number of sites and selling space, the category will not see growth in 2021. Despite convenience stores previously being one of the fastest growing categories (in terms of both value sales and outlet numbers), the significant effect of store closures and lack of foot traffic hampered players’ expansion plans.
Something of an anomaly, Alfamart managed to record growth amidst the pandemic. This is because the brand continued with its expansion plans (where conditions allowed), despite severe business and movement restrictions.
Convenience stores is on track for a quick recovery in the forecast period. Expansion is set to continue in terms of number of sites and selling space in the forecast period.
Some permanent changes in consumer behaviour may cause convenience stores to readjust their offerings to aid recovery in the forecast period. For example, during pre-lockdown years, most convenience stores focused on their ready-to-eat product portfolios as they observed more consumers dining in convenience stores.
In the forecast period, consumers will continue expecting services that simplify and streamline the purchasing process. Many convenience store players have already accelerated the adoption of digital payments and online deliveries (mostly for ready-to-eat food) and are thus an accessible channel for this method of payment going forwards.
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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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