Variety stores was among the hardest hit retailers in the Philippines in 2020. During strict lockdown periods, variety stores were not considered as essential, and they therefore underwent store closures for a significant period.
Most sales for variety stores tend to derive from the in-store channel due to the important the in-store experience has for consumers. However, with in-store outlets experiencing temporary closures during the pandemic, variety stores have had to adapt and introduce more formats of retailing.
Variety stores is a retailing category in which the in-store experience will continue being relevant and key driver of sales. This is because variety stores usually offer a wide assortment of items that consumers enjoy browsing and being entertained by when shopping.
The current retail value sales within variety stores are not set to recovery quickly in the forecast period. Given that growth has been negative for two years, the channel has a long way to go to recover to pre-pandemic levels of sales and is unlikely to do so within the forecast period.
In the forecast period, variety stores must continually introduce new products, style ranges, or other advantages to encourage consumers to choose to shop at their stores rather than at other retailers that offer same products. For example, small electronics and tech accessories are also available in electronics specialist retailers, so variety stores tend to offer quirky designs at affordable prices to entice consumers.
Although the success of variety stores in the review period encouraged a growing number of players to enter the category, this trend will slow in the forecast period. In terms of sites/outlets, variety stores is set to post much more gradual growth with key retailers likely put off expansion plans due to losses incurred under the pandemic years.
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Variety stores are chained or independent retail outlets with a primary focus on selling a range of merchandise across several categories. Variety stores are chained or independent retail outlets with a primary focus on selling a range of merchandise across several categories, although they may also sell grocery items. Includes fixed-price stores (e.g. dollar stores) and catalogue showrooms. Example brands include Dollar General, Woolworth (Germany), and Miniso.See All of Our Definitions
This report originates from Passport, our Variety Stores research and analysis database.
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