A range of socioeconomic factors continues to influence strong growth in mixed retailers in Norway, where variety stores is the only channel tracked. The low price of oil continues to have negative effects on the Norwegian economy with unemployment reaching its highest point in 10 years in 2016. In addition, property prices are rising strongly which means that many people are being forced to use higher proportions of their incomes on their homes. Immigration in Norway continues to be steady, with those coming into the country generally having less money to spend on goods than the average Norwegian. In combination, all of these factors mean that the demand for low-priced everyday goods is increasing each year, a situation that is good news for stores like Nille and Europris which fulfil these needs well.
Europris AS was the dominant company in mixed retailers in 2016 with a total value share of 57% and sales of NOK3.7 billion. The retailer continued to grow strongly in 2016 with much of this being driven by 21 additional outlets, bringing its total nationwide coverage to 247 outlets. Europris continues to grow in popularity in Norway as it provides customers with a wide range of products in areas like home and interior, personal hygiene, pet care and others, at consistently low prices.
Mixed retailers is set to continue perform solidly over the forecast period with an expected CAGR of 2% at constant 2016 prices leading to total sales of NOK7.2 billion by 2021. This rate of growth is expected to be behind the CAGR of 6% recorded over the review period at constant 2016 prices. Growth is expected to slow down because of an expected upturn in the Norwegian economy in the early part of the forecast period. This will inevitably lead to a more confident attitude among consumers with many expected to be less keen to seek the value that retailers in this channel generally provide. Nonetheless, other factors like high property prices and immigration will ensure that growth remains solid throughout this period as the likely consumer base continues to expand.
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This industry report originates from Passport, our Retailing market research database.